I would like to get into some day trading, any advice on the best place to start online.?
I already invest in IRA’s and 401K, but I would like to get into something a little more could you say competitive. I want to get involved in some day trading. I would just like to know the easiest and best way to get started.
May 21st, 2010 at 3:32 pm
my advice is go to http://www.babypips.com
May 21st, 2010 at 4:05 pm
Day trading is dead. The day trading was the way to go before 2000 when the market only went up. Now the market is in a narrow trading range and day trading is not profitable. Read “Rule #1″ by Phil Town for today’s way to trade in the current market.
May 21st, 2010 at 4:35 pm
Daytrading has the extreme tax hazard of the higher short term capital gains tax, and 80% of daytraders lose money. It is not pretty.
I have my IRA at Scottrade, and can trade stocks in it at $7 per limit trade, and I don’t have to worry about any tax issues because it is in an IRA.
I hold all my stocks over 1 year as a matter of principal. If the stock is not worth holding for at least a year, I figure it is not worth buying. But that is my opinion. After I buy it, I wait until it goes up at least 25%, then I sell a covered call on it so it will sell a year later, almost guaranteeing at 50% gain.
Good luck to you.
May 21st, 2010 at 4:36 pm
Day trading on margin (the only way to do it) breaks the average day trader in 2 1/2 years. I chatted with one day trader that spent $64,000 is buy/sell fees in one year (2004) and broke even. I bought and held in (2004) and my stocks (mostly ETFs) went up 32%.
May 21st, 2010 at 5:32 pm
My advice: Don’t start.
May 21st, 2010 at 6:18 pm
Try the stock trading simulator and great resources at
http://simulator.investopedia.com/home.aspx
About.com: ‘Becoming a Day Trader’
http://daytrading.about.com/cs/education...
About.com: ‘Day Trading’
http://daytrading.about.com/#b
AskMen.com: ‘How To Become A Day Trader’
http://www.askmen.com/money/investing_10...
Day Trading World:
http://www.daytradingworld.com/...
Daytrader’s Bulletin:
http://www.daytradersbulletin.com/...