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Also any advice in general? With the mkt's ups & downs, It seems like a golden opportunity to buy low and sell when it goes up past your expense to buy those stocks.But where do I buy cheap?Or is this too risky?

2007-08-17 06:01:02 · 5 answers · asked by runnerup12003 1 in Business & Finance Investing

5 answers

Forget day trading. In the old days (2001), when spreads on stocks were 1/8 and 1/4 of a point, it was possible for minble traders to profit from normal intraday swings in stocks. Now that spreads are $.01, those opportunities are gone unless you are a true gifted professional. Given the wording of your question, my guess is you are not.

2007-08-17 08:54:59 · answer #1 · answered by DAN H 2 · 0 0

www.interactivebrokers.com caters to day traders. Most stock trades are $1 and they have lots of tools for following the market and entering orders fast. zecco.com will let you trade for free but I don't know about their interface.

If you're not experienced or filthy rich, this is a tough time to start day trading because big fast losses will scare most people into a panic. It is easy to buy a stock and take a quick profit when it goes up 25 cents, but what do you do if the stock shows a loss? What do you do if all five of your stocks are down 10 minutes or 1 hour after you've bought them?That's what kills the vast majority of short-term traders. The few that are consistent winners have nerves of steel, good money management practices, some sort of system or systems to guide their trading, and burning passion to follow a market, or more than one. And most of them suffered through years of losses or at least mediocre results.

If you have what it takes, this is the climate a lot of day traders like, but if you don't have what it takes, the pros will probably take your money unless you happen to get lucky on a trade or two and then quit while you're ahead.

2007-08-17 14:38:46 · answer #2 · answered by Houyhnhnm 6 · 0 0

There are many websites in the internet that charges very low fees. Ameritrade is just one of them. Preferred Trade is another. It also depends on what you're trading. The cost is different if you trade options compared to stocks. Futures versus currency. In reality, although costs is considered, making the correct trades is more important. Don't pinch your pennies to lose your dollars. Good luck.

2007-08-17 14:08:23 · answer #3 · answered by Fred 4 · 0 0

Bank of america gives free trades if you keep $25000 in your accounts. Why pay for trades?

2007-08-17 13:28:45 · answer #4 · answered by snwbm 4 · 1 0

You need at least $25,000.00 USD to do that and at those levels it really does not matter if you pay $10.00 or $7.00 for a trade.

Zecco is FREE by the way.

2007-08-17 20:20:31 · answer #5 · answered by Anonymous · 0 1

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