Day Trading Online

by Manny Backus, Day Trading Strategy Expert

Day trading would not be possible today without the internet.  Instant executions, data, and news are essential.  During the pre-internet years, very few people day traded.  Only a select few that were true insiders were able to do it.  Today, however, there has been an explosion of internet activity in day trading, and anyone with an effective .  Web sites continue to retain and maintain online customers who day trade.  Here are some sites that are well-known to the day trader and are utilized frequently.

The top ten websites who are most popular with day traders are: sharebuilder.com, fidelity.com, e*trade.com, ameritrade.com, schwab.com, scottrade.com, tdwaterhouse.com, datek.com, csfbdirect.com, and ml.com.   

How do you measure one against the other?  Research, research, research.  If you ask the same questions of all, you may receive different answers.  For example, how much to they charge per trade, what is their commission rate per stock, are any additional fees incurred, do you have the ability to check your cash balance in real time, do they offer tools and resources in the form of software, do they hook you up with a personal broker if asked, do they offer the latest information and news on market trends, chart analysis, local and international news, do they offer account protection, do they offer Level I and Level II quotes, and what is the cost of opening an initial account. Once you compare and contrast each company, you will undoubtedly choose the right one for you. 

Here is some additional advice from the Securities and Exchange Commission: “Like all broker-dealers, day trading firms must register with the SEC and the states in which they do business. Confirm registration by calling your state securities regulator and at the same time ask if the firm has a record of problems with regulators or their customers. You can find the telephone number for your state securities regulator in the government section of your phone book or by calling the North American Securities Administrators Association at (202) 737-0900.  NASAA also provides this information on its website at www.nasaa.org/QuickLinks/ContactYourRegulator.cfm.”

If you are new to day trading, find out whether there is a seminar on day trading, an instructor teaching a class, or an author of a publication about day trading.  Visit your local library and take out as many books on day trading and the stock market as you can.  Visit your local bookstore to check on the latest books written by professional day traders wherein valuable advice is offered.

With so much information available online, it is a good idea to take your time in researching all of the data.  Ask many questions, speak to brokers, talk to day trading professionals and determine if day trading is something you wish to venture into part time or full time.

Become as knowledgeable about the subject of day trading as you can so that when you come up against a problem, you will know where to turn for advice.  Day trading may be popular, but it is also risky.  Unless you know how to read data, charts, and analysis – it is not something you just jump into.  While you may be enticed by several websites offering “free” stocks or tips, use your sound judgment before conducting any transaction online. 
Day trading is exciting and can be rewarding.  However, as with any new venture you need to know the facts, decide how much you are willing to lose, and enter into this endeavor with a clear mind and a sense of purpose and commitment.  Ensure you save enough money to cover your bills and the care of your family.  Set a course and stick to it, without preconceptions of what you stand to gain, but a more realistic view of what you stand to lose.  In this way, you will be guarded against haphazardly buying any stock the first time you yield a profit.  More importantly, know yourself and your threshold. Then and only then should you embark on becoming an online day trader.

Join a daytrading club with a proven track record and you could start making money as early as tomorrow morning. Sign up below to get more information:

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