How To Day Trade Online?
Day trading online is easy, but day trading profitably requires a lot of skills
, patient and disciplines. Here are some tips to get you started.Before you can day trade online, you need to open an account with a stock broker. Scottrade is a pretty discount online stock broker that you can use. They charge $7 for each transaction and their charting platform is decent.
After you open a stock broker account, you can deposit money and start trading. Many stock market beginners get so excited when they look at the stock tickers and end up losing money. The first thing you must do is not to have too much emotion when you trade stocks. When you lose money, take it calmly and dont get too excited when you do make money. Physiology is the key for your success in day trading online.
Next, you will to grab a book on technical analysis. Technical analysis is very important when it comes to day trading because you can actually predict the stock price movement in the short term. Of course it is not 100% accurate or else a monkey can make money in the stock market. However, it does give you hints on when to buy and what to buy. Day traders on Wall Street use technical analysis to trade stocks and make millions.
Day trading online requires you to buy and sell stocks in a short period of time, therefore you must have a list of different stocks on your watchlist so you can decide what to buy. It is advisable for you to get this list at the end of the trading day prior to the next trading day. This way, you already know what stocks to watch everyday when the stock market opens. This list should compose of through research so that you dont just randomly add stocks to your stock watchlist. You should look their weekly and daily chart and make sure the overall trend is up, so that you can buy during intraday. You can also short stocks. In that case, the weekly and daily chart should be down in order for you to short a stock during intraday.
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