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What is the best way to learn day trading?
How did you learn? Does it require college or some other type of secondary education? How long does it take to learn and be successful?
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2 answers
Updated
Vamshee’s Answer
I don't personally encourage day trading as a profession. I suggest you become a Investment Banker or Join a brokerage firm or ETF companies to work in manage and investing the funds for customers.
Investing is good to learn for all, so one can invest money wisely for future or retirement or reach financial freedom for retirement.
To Practice or learn trading one can start with 'Paper trading' lot of brokerage companies offer the paper trading using which one can practice the trading skills and be successful at investing.
These are the few you can consider to practice paper trading.
E*TRADE: E*TRADE Paper Trading
TD Ameritrade: TD Ameritrade paperMoney Virtual Stock Market Simulator
Interactive Brokers: Interactive Brokers Paper Trading Account
TradeStation: TradeStation Simulated Trading
Webull: Webull Paper Account
An individual must be at least 18 to open their own brokerage account and buy stocks.
To be a day trader, one has to maintain min 25K balance in the account and need to satisfy the brokerage providers requirements.
To become a successful trader or to become a investment banker or start career in trading, you can consider the following.
Good at Maths, Statistics, Economics and Finance.
Earn a bachelor's degree in accounting, Finance or Business
Earning master's degree gets you a Mid/Senior Level Jobs
Hope this helps!
Investing is good to learn for all, so one can invest money wisely for future or retirement or reach financial freedom for retirement.
To Practice or learn trading one can start with 'Paper trading' lot of brokerage companies offer the paper trading using which one can practice the trading skills and be successful at investing.
These are the few you can consider to practice paper trading.
E*TRADE: E*TRADE Paper Trading
TD Ameritrade: TD Ameritrade paperMoney Virtual Stock Market Simulator
Interactive Brokers: Interactive Brokers Paper Trading Account
TradeStation: TradeStation Simulated Trading
Webull: Webull Paper Account
An individual must be at least 18 to open their own brokerage account and buy stocks.
To be a day trader, one has to maintain min 25K balance in the account and need to satisfy the brokerage providers requirements.
To become a successful trader or to become a investment banker or start career in trading, you can consider the following.
Good at Maths, Statistics, Economics and Finance.
Earn a bachelor's degree in accounting, Finance or Business
Earning master's degree gets you a Mid/Senior Level Jobs
Hope this helps!
Updated
Nick’s Answer
Day trading is a very attractive job these days, particularly due to the new, very accessible apps that exist that allow non-institutional investors to enter into the field. It has a potential for high profits and can offer exciting career paths, but like every decision in life, there are pros and cons!
I think the primary benefits are the potential to make a high profit. Being good at the job can allow traders to capitalize on short-term market fluctuations, turning substantial profits in a short period. In addition, you can do this from anywhere you want, as long as you have an internet connection that can connect you to your trading entity. It can also feel pretty exciting to win big one day by making quick decisions that worked well in your favor!
With all of these in mind, there is high reward, but also high risk. The same amount that you can earn in one day can also be the same amount you lose in one day. Imagine you made a $100 on one trade, and then lost it all on the next trade. You are starting completely from scratch, even though you won big on your first one. The pressure to make quick, high-stakes decisions can truly be mentally exhausting. In addition, you need to constantly be doing research, analysis, and due diligence on markets. You don't want to miss the next big trade.
My final thoughts are, there is high-risk and high-reward in day-trading, but there are also other less high-risk jobs out there. Those interested in finance can also look to corporate finance, accounting, financial planning, risk management, and other jobs that come with much more job security and less emotional stress. Make sure you to think through all the pros and cons, and if after thinking about it feel like you still want to pursue it, start talking to people who day-trade themselves!
I think the primary benefits are the potential to make a high profit. Being good at the job can allow traders to capitalize on short-term market fluctuations, turning substantial profits in a short period. In addition, you can do this from anywhere you want, as long as you have an internet connection that can connect you to your trading entity. It can also feel pretty exciting to win big one day by making quick decisions that worked well in your favor!
With all of these in mind, there is high reward, but also high risk. The same amount that you can earn in one day can also be the same amount you lose in one day. Imagine you made a $100 on one trade, and then lost it all on the next trade. You are starting completely from scratch, even though you won big on your first one. The pressure to make quick, high-stakes decisions can truly be mentally exhausting. In addition, you need to constantly be doing research, analysis, and due diligence on markets. You don't want to miss the next big trade.
My final thoughts are, there is high-risk and high-reward in day-trading, but there are also other less high-risk jobs out there. Those interested in finance can also look to corporate finance, accounting, financial planning, risk management, and other jobs that come with much more job security and less emotional stress. Make sure you to think through all the pros and cons, and if after thinking about it feel like you still want to pursue it, start talking to people who day-trade themselves!