2006-08-24 08:07:30 · 11 answers · asked by Michael D 1 in Business & Finance ➔ Investing
Do you know how to make a million dollars day trading? Start with 10 million!
2006-08-24 08:21:23 · answer #1 · answered by Manny 6 · 1⤊ 0⤋
1
2016-12-24 22:56:17 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Statistically 75% day traders looses money. There was a time not too long ago when you could not go wrong buying any stock. But those were the good old days. That however gave some day traders a false sense of confidence that they have a talent to pick the the winning stocks. It is the bulls and bears that controls the market.
At to days market one needs to have his fingure ready on the 'sell' button. Market is quite unstable now, and that gives the big players more leverage to manipulate "short" the stock price.
So, little guys can never win in day trading mode. If you find a good stock, you need to buy and hold for a while. That also can give you heartburn, but you have a better chance of making some money this way
2006-08-24 11:35:54 · answer #3 · answered by John D 2 · 0⤊ 0⤋
It depends on what you are day trading and if you have a plan. You would be surprised at how many people jump in to trading and have no idea what they are doing. If you talking about trading stocks – sorry cant help ya. But if you are talking about commodities I can help you there. Most people you are successful in day trading (few and far in between) have a system. You can find all kinds of them online, and most firms have brokers that have publish iced track records. But only do it if the money you put into the account you would be ok flushing it down the toilet. So it isn’t going to hurt your back account if you lose the money. Most people do that and build their account up and than trade the profits so it is something to think about, talk to a broker.
2006-08-24 15:47:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Day trading is a good idea if you are great at day trading and have adequate funds. You should try your hand at paper trading first to get a feel for it. Try optionxpress.com, it has a great paper trading platform that is free, and it uses real time market data.
2006-08-24 09:42:07 · answer #5 · answered by B. T 2 · 0⤊ 0⤋
Do you have a reliable backtested strategy? Can you afford the setup (including computers and data subscriptions)? Do you have enough money at the bank (other than capital you are going to use for trading) to cover your living expenses for the duration of the longest drawdown in your trading strategy backtest? If you answered yes to all of these questions, you may give it a try.
2006-08-24 10:20:09 · answer #6 · answered by NC 7 · 0⤊ 0⤋
Only if you want to be poor and homeless. Day trading is not a great way to make money in the long term.
2006-08-24 08:13:09 · answer #7 · answered by personal_finance_101 3 · 0⤊ 0⤋
Only if you have the resources which imho are:
1. Enormous amount of fund
2. Super computers that are able to keep up with market data every second of the day.
3. Intuition and gut feelings
4. A lot of luck
2006-08-24 09:15:44 · answer #8 · answered by rmarjadi 3 · 0⤊ 0⤋
If you are wanting to commit suicide....all that pressure, all day everyday, with all your money on the line, quite often ends in suicide! Better to stick with a longer term strategy and you can still make an excellent living doing that. Good luck!
2006-08-24 09:17:19 · answer #9 · answered by jazzzame 4 · 0⤊ 0⤋
Probably not. But if you've shown consistently positive results day trading as a hobby then you might consider it.
2006-08-24 08:43:47 · answer #10 · answered by ProfessorOddlot 4 · 0⤊ 0⤋