Day Trading Stocks ‘ A Few Pointers To Help You Get On The Way
Many people dream of becoming full-time traders. Most of them start off with day trading stocks. While it is certainly true that you can make good money doing this, it is also imperative that you first get to know the underlying principles of the stock market before starting your trading career.
Your very first move should be to open a demonstration account at one of the numerous brokers providing this service. You do not need to make any investment to open such an account. Once the account is active, you can start making simulated trades. You would therefore not be using real money, but in every other respect the trading environment would be ‘real’. This is an excellent way to learn.
Since you would most likely use the same company when you are ready to start trading live, you should make sure from the beginning that you are happy with what they provide. An important aspect is that their trading commissions should be reasonable. Especially when you are doing day trading, your profit margins will be quite low and you can’t afford to pay huge commissions to your broker.
Something else that is also quite important, is that they should have an online trading platform. For a day trader this is vastly superior to a system where you will have to phone the broker every time you want to make a trade or exit a trade. Things move fast in day trading ‘ sometimes you would want to enter into a trade or exit one within a few seconds. Having to wait for an available broker first might well cost you a lot of money.
A company that provides you with free trading tips, SENS notices and live prices would be an excellent choice. Delayed prices are good enough if you want to do swing trading, but for day trading live prices are an absolute must.
Day trading stocks can be a lucrative part-time or full-time career. Do you homework well, start with a demo account, learn what you have to learn, and soon you can be a successful trader.
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An Introduction to Swing Trading