A day trader is, in every sense of the word, a short term investor or a speculator. Most of the times, he trades on market momentum, disregarding the fundamentals of the stock he is buying or selling.
His trades normally have a short lifespan, with almost all of his positions closed out by the end of the trading day. To get started on online day trading, these are the things that you should know.
Choosing An Online Broker.
Brokerage commission is not the only criterion in choosing an online broker. Make sure you choose one with a robust trading platform that can execute your trades promptly. http://Etrade.com and Scottrade are the premium brokers that offer superfast trade turnaround, and they have very attractive commission rates for hyperactive traders. But if you have to choose a low-cost broker, http://FirstTrade.com and http://AFTrader.com are the few low-cost brokers that offer decent trade turnaround.
Trading Plan
Before starting any trade, it is essential to put in place a trading plan, and follow this plan religiously. A trading plan sets out different criteria and parameters which dictate how trading decisions should me made in all...
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