Learning Day Trading - Day trading?

Day trading?

Let's say I'm a decently smart guy with a business degree and beginner level understanding of economics and I want to learn to day trade aside from what I already do. I don't care to "get rich overnight", assuming I was seriously dedicated, what would it take to be able to make some residual income day trading. Where would you start, I'm not afraid of a little hard work.

Public Comments

Well, the key to any investing is research, research and more research. If you are looking at short term investing, be advised that any short term gains (stocks held less than 1 year) are taxed at 38%. This really cuts into any gains. Of course, if you plan on doing a lot of trading, you will want an online, low commission broker, many like scottrade and etrade offer $7 per transaction. And only invest an amount of money you feel you can LOSE. Stocks go up as well as down, and even well established, mainstay companys like Delta Airlines, Kmart and Greyhound Bus lines have all declared bankruptcy in the past. Good luck
I have done all sorts of trading in the past 18 years, and I can tell you , if you day trade enough, you will lose money. The most successful traders are the ones who don't make many trades. Day trading is pretty much the same as taking the Patriots to cover the spread. Accept the Patriots would pay off better. Think long-term. Your first option should be to fund fully a retirement account. If you do this, and you have extra cash, then one of the best things you can do is open a DRIP Plan. Go to : low-cost-stock-recommendations .com Click on the "DRIP's" Button on the Navigation Bar These powerful investment plans are seldom talked about because brokers make very little money when they suggest them. Yet, they have proven to be one of the best, if not the best, long-term strategy on Wall Street. They are perfect for small investors, as well as big investors. They are safe and allow you to not care about whether the market is going up or down. They are a must for any serious investor. If you decide you are interested in DRIP Plans, click on the advertisement on the same page "$4 to purchase stocks". This will answer your next question, which is, How do I get started? and what is the least expensive way to get started? I strongly recommend looking into it. They are great plans. Good Luck
If I had the guts I'd be trying for tax free gains on financial spread betting. Maybe you can't do this in America because the gambling lobby has a hold on your politicians. http://www.igindex.com
http://commonsensetrading.googlepages.com All your answers are right there. It's cool you have a business degree and all, but actually that's not going to help you.
1.Open an on line trading account. E*trade has minimum of 1000$, however it requires 25 000$ to day trade. You are considered a day trader if you make 4 or more day trades in 5 consecutive trading days. You don't need it in the beginning. 2. Read the financial news every day. Start reading at least 1 hour before market open. You can read it on Yahoo finance. Focus on really good news, and really bad ones. Learn to spot those. Choose your stock before market open. Type the ticker on yahoo finance and look at the historical prices and charts for the last year. Check financials, insider trading, and institutional ownership. 3.Start trading on paper (pretend to buy and sell) small stocks under 5$, just to get the feel of it. Expensive stocks don't jump high in one day, like small ones can. Choose a moment to buy and sell. Keep records of your results and mistakes, and why you made them. Read yahoo message boards on chosen stocks to see what other people think. The best news are FDA approvals, big contracts, acquisitions/mergers, and good financial reports. You can also short a stock (than you gain on the stocks decline), you buy it on bad news, but you can only trade that on margin, which I don't recommend in the beginning. Do this on paper at least 2 months before you start with real money. That is a must.
I can assist you! We are alike. Let me know and I can give you some information. I want to put some work into this as well. Nothing in life is "overnight" although it would be nice if it was. E-mail me and I can give you this wonderful resource.
I think day trading sucks dogs balls for quarters.