Welcome to Day Trading
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Day trading used to be the preserve of financial firms and professionals and some savvy private investors and speculators, but in recent years has become notoriously common amongst casual traders taking advantage of new facilities offered via the Internet. While day trading is neither illegal nor is it unethical, it can be highly risky. If you are a trend trader, you like to define a trend and then find a way in.
Day trading is a high risk game as it is very speculative in nature. Accessibility to the data is a unique and important tool in your trading arsenal. Day traders are able to capture some of the spread through buying access to Direct-Access Broker systems, rather than by trading through retail brokers.
Day-trading is a job, and your paycheck is determined by your ability. Traders who are in the habit of being tentative or indecisive will never become successful at day trading. You need to master the psychology of day trading.
A novice day trader should normally have day trading capital of at least $20,000 to start, so this is not a business to undertake lightly. Behind all of the possible financial rewards of day trading lies the potential for financial disaster. Be aware that day trading does not offer the protection of an advisor who can tell you whether a particular investment is suitable to your financial goals.
You’ll need to ascertain for yourself whether you are comfortable with the levels of risk inherent in daytrading.. Day traders typically hold stocks anywhere from only a few seconds to several hours but they never keep stocks overnight. For the sophisticated investor day trading may be safe since such investors know what they are doing and are willing to absorb the risk of losing money. In addition to real time quotes, day trading requires a high speed computer connection and a reliable online order execution service.
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