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How to Get Started with Day Trading: A Beginner's Guide.

Day trading can be intimidating and time-consuming if you don’t know where to start. This beginner’s guide on how to day trade stocks will give you the tips and tricks you need to get started, from learning the language of the market to selecting the right stockbroker to set up your first portfolio. Follow these easy tips and you’ll be well on your way to making that fortune in no time!

 

What is day trading?

Before diving into day trading, it’s important to understand what exactly day trading is. Most people picture a day trader as someone glued to their computer screen all day—and while that may be true, it doesn’t paint an accurate picture of what’s involved in successful day trading.

Simply put, a day trader takes positions on stocks that they think will move within the same trading session—and those trades have time frames ranging from seconds to several hours. In other words, day traders are not looking for stocks that will gain value over long periods of time;

instead, they are looking for fast-moving opportunities that can turn a profit within one business day.

 

What skills do you need?

You don’t need a college degree or any specific skills to get started trading. What you do need is a good foundation in personal finance, an understanding of key financial terms, and a high tolerance for . If you have that, then you’re ready to trade away!

 Just remember that day trading should never be used as a primary source of income, so don’t quit your day job (unless you have something else lined up). Instead, use it as a way to augment your current salary. For example,

 if you earn $50,000 per year from your 9-to-5 gig, then try to make $5,000 per month through day trading. That’s about 20% of your take-home pay—enough to cover some bills and build out a safety net in case things go south.

 

Where do you start?

If you’re just getting started in day trading, chances are you haven’t developed a strategy and a set of rules yet. (Believe it or not, there is more than one way to make money).

 The first step toward trading success is picking a direction—then setting a schedule and sticking to it. Before you trade your first share, put together an introductory plan that explains when you’ll get up in the morning, what your objectives are for each day and which markets or stocks you want to watch.

 For example, if Monday is going to be your stop loss day—the time when losses dictate that trades are closed and losses cut off—make sure it really will be.

 

How much capital do you need?

Most day traders get started on a limited budget, so it’s important to find a broker that offers low commissions and fees. For U.S.-based investors, options include E*TRADE, Ally Invest, and Robinhood. Many foreign stock exchanges offer much lower transaction fees than U.S. exchanges.

 Even if you don’t qualify for commission-free trades, you can buy stocks for about $4 a piece on some European exchanges using companies based in Amsterdam (such as Plus500) or Ireland (such as E*TRADE).

 You'll pay a small fee every time you buy or sell an individual share—typically around 5¢—but you'll earn $1+ per share on each one eventually once they've made money through dividends and splits.

 Management

To understand and effectively manage, it’s first important to define what exactly is. Simply put, a is uncertainty that may or may not occur in business; while you can’t completely eliminate it, your company should be proactive in identifying and minimizing them.

 Once you've identified your, it’s important that you develop strategies for overcoming them as well as safeguards in case they do occur. The final step is monitoring your progress and making adjustments along the way.

One of the most effective ways to do so is by creating a comprehensive management plan. The purpose of such a plan is to outline how you will identify, assess, mitigate and monitor potential  that could impact your business operations. The steps below outline how to create such a plan

 

What are your options?

Before you start day trading, it’s important to understand what your options are:

 Are you going to trade stock of individual companies or indexes?

 If it’s individual stocks, are you trading Nasdaq or NYSE securities?

 Do you plan on placing your trades over-the-counter (OTC) or on an exchange?

 If it’s an index, do you plan on getting in and out quickly, or staying invested for several days or weeks at a time?

 The answers to these questions will help you find a platform that works best for your trading style. We recommend starting off with an OTC platform like *Tradestation* and then transitioning into exchanges like *NASDAQ* once comfortable.

 

Tools and software needed.

Day trading requires very few materials, but there are a few things you will need. First, you’ll need a trading platform.

 Trading platforms can vary widely in cost and sophistication, so depending on your level of interest and expertise you may choose anything from a simple spreadsheet to an all-inclusive program.

You will also want a day trading charting program like candlestick charts or regular bar charts that show price action over time as well as other technical indicators like moving averages and volumes. You’ll probably want some basic education materials like books or video training series as well.

 

Conclusion

Getting started day trading may seem scary at first, but it is a great way to get into a career in finance. Start small, learn as much as you can, and set realistic goals; before you know it, you’ll be making a killing!

 Always remember that comes with a reward. If you are willing to take on more, there will be greater potential for higher returns. In order to make it big in any field of finance, you have to take and be willing to lose money.

 If you want guaranteed returns, go invest your money in a savings account or something similar; don’t try to trade your way out of debt.