Learning Day Trading

What is the best site to register for Day Trading?

I really want to start Day Trading, but there are so many different sites that I am not sure which one to pick. I am starting with little money becuase i just want to get a feel for it first. I don't want to pay a lot of extra fees. Also how does the capital gain taxes work for day trading and is it possible to make $50-60 a day doing this? Thanks

Public Comments

1. Can you make $50-$60 day, yes. In order to pull this, you'd need to make a $10,000 investment and gain 1% ($100) after trading fees and taxes, you'd end up with ~$70. If you are day trading, you'll more than likely need to start with at least $5,000 in a margin account and make a least $5,000 trades. You may need more along the lines of $20,000 so that you can make multiple trades/day. Day trading isn't for the weak of heart, I'd recommend having at least 6 months of cash saved up that you won't be investing before entering the day trading world. Also, check out hedgestop.com and investopedia.com , they let you open up fake portfolio's so that you can test your theories without having to risk real money. Good Luck!
2. firsttrade.com is the cheapest. 6.95 theres really no reason to pay more somewhere else. you are taxed at your regular income tax for securities kept less than a year. The only way to make money doing that is to have a lot of money (to purchase the greatest amount of shares) and a lot of research. It is possible, but you have to be committed to it. It's just as easy to lose money. I tried it and I found most of the stock really didn't fluctuate that much over the course of a day. You have those stocks that make the news because they jumped 10 percent, but those are few and far between. Many days, there were only increases or decreases of a fraction of a percent. You have to be prepared to buy hundreds or thousands of shares to really see a profit. if you got it though, and youre willing to do the research, it is possible.
3. The best site to get a feel for stock trading is http://www.top10traders.com It's a free site that let's you play with play money. Good luck !
4. I have to say scottrade really is the best deal. Its $7.00 for any share over $1. Even if you buy penny stocks, you'll still make a decent profit if you research it well. As far as the other site mentioned above at 6.95 its not a bad deal either, but make sure you read commission charge and miscellaneous fee details before signing an account. Another huge factor was the fact that Scottrade advises you to begin with $500 deposit, but its not a requirement. I started with much less than that. Sites such as etrade and fidelity become a real pain, as some require 1000 for initial deposit. The day trader idea is absolutely true, if you need more information on how to buy stocks just feel free to email me, I have some excellent tricks for beginners. Good luck.
5. www.icicidirect.com