If you’re dreaming of working from home and you think you have a knack for investing, day trading may be for you. How do you become a day trader, though? Read on to find out.
1. Get a high speed WiFi connection. Day trading is a fast paced field and you’ll need to make decisions and trades quickly. If your Internet is slow, you’ll wind up missing out on a lot of opportunities.
2. Choose a stock broker with a reliable website. The interface you use to keep track of the stock market and to make trades will be your broker’s, so make sure they have a website that works well. You’ll also want to ensure that they have good analytics tools.
3. Decide how much you want to spend on your broker. Brokers charge fees, but while some may charge a lot, the services they offer may be well worth it.
4. Research everything you can about stocks and trading. From the buzz words to best practices, you’ll want to know as much as you possibly can before diving in.
5. Regularly read the financial section of the paper. This will keep you up to date on the market and trends. Not only will it help you to make good trading decisions, but you’ll also sound knowledgeable as you connect with more and more people in your field.
6. Build a strategy by pulling various methods from ready made plans – you can find a ton online and in books.
7. Try out your plan for a month without actually investing. Calculate how much you’d make if you had invested. Assess what you did wrong, what you did right, and then tweak the plan as needed. Test it out as many times as you need to before investing any real money.
8. Choose a specific market for investing your money. Beginners tend to do better when they invest in their home country. The more experienced you get, the more you can branch out into international stocks.
10. Only invest when you have some money to lose. Day trading isn’t a get rich quick scheme and it’s incredibly risky – until you have a system down pat, don’t invest any money that you couldn’t live without.
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