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  • What Is Day Trading

    Day Trading or Daytrading involves buying and selling issues(stocks, forex, crypto, etc.) within a single day.



    History of Day Trading

    Day Trading hasn't always been a "thing". Day trading exploded in popularity in the 1990s because of two factors. The internet AND discount brokers. Before the internet, a trader or investor had to call a broker over the phone to place trades but that process was too slow for real day trading. By the time you were able to get through to your broker, the stock could have moved away from your intended sell price. Discount brokers played a significant role in increasing the popularity of day trading because before them you couldn't afford to be in and out of stocks all day long. Commission rates were sometimes $50-100 dollars to buy/sell. If you already have to cover at least $100 per trade to break even then how could you ever make any money-making multiple day trades per session? You couldn't

    Once the internet came on the scene and traders could trade from anywhere with fairly low commission rates the world never looked back. Today day trading has grown by leaps and bounds and is a lot more sophisticated with program trading, high-speed order fulfillment, etc.

    These days the term day trading has grown to include almost everything other than long-term investing. Some people would consider swing trading and position trading to be day trading.


    Challenges

    Day trading is probably the most difficult form of trading to learn. Fortunately, the internet is jammed packed full of resources from books, courses, and videos.

    The amount of money required to be a true day trader can be the biggest hurdle most new traders face. In order to freely go in and out of stocks without getting flagged by your broker you will need around $25,000 cash in your account. Forex day trading is a good option for people who don't have a large amount of cash to invest initially.



    What you'll need
    • Education
    • Equipment - you will need a computer, not a mobile phone but an actual laptop or desktop computer
    • High-speed internet - having a high-speed internet connection is just one more tool to give yourself an advantage. You absolutely need to be able to quickly get in and out of positions that you're in when you want to get out.




    Learning to day trade

    Below are three of the best books to read if you want to start learning to day trade.


    How To Day Trade For A Living
    Day Trading For Dummies
    A beginner's guide to day trading online

    Conclusion

    Day trading is challenging and by no means a get rich quick scheme. 90% of people who attempt to make money from trading fail at it. If you feel like you are prepared to take on the challenge of making money in the markets then by all means give it a go! Wall Street Forum is here to guide you to success. Join the forum for FREE and start chatting with other members!

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    "Step into the arena and hold on to your hat. Don't get discouraged if you don't make 8 trillion dollars in your first month. Trading is not a get rich quick scheme. Realize that trading is a skill and just like any other skill it takes time to learn. Have convictions in your decisions in life and trading. Ignore the comments and "advice" of those that have never traded a day in their life."


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