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How to become a Day Trader?

Lend your expertise: what does it take to become a Day Trader?

Note: We've seen a lot of interest in this career, so we're looking for guidance from our community of professionals.

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Fred’s Answer

I would strongly recommend against it. You are effectively gambling on something where you cannot predict the outcome. It is very easy to lose all your money, and once it's gone, you cannot get it back. Even losing a little makes it harder to recover.

If you are crazy enough to pursue this, then you need to get a VERY high speed connection to the market prices. Most free services give delayed quotes. By the time you see a price, it has changed, possibly a lot. The more up to date your info is, the larger your advantage. Milliseconds can make a difference.

If you are interested in this, I suggest you read the book "Flash Boys", by Michael Lewis. It talks about how high speed traders use automation to make dozens of trades every second to take advantage of the tiniest of market fluctuations. If you are trying to beat these folk by manually buying and selling, you have literally ZERO chance.
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