I already invest in IRA's and 401K, but I would like to get into something a little more could you say competitive. I want to get involved in some day trading. I would just like to know the easiest and best way to get started.
my advice is go to www.babypips.com
Daytrading has the extreme tax hazard of the higher short term capital gains tax, and 80% of daytraders lose money. it is not pretty.
I have my IRA at Scottrade, and can trade stocks in it at $7 per limit trade, and I don't have to worry about any tax issues because it is in an IRA.
I hold all my stocks over 1 year as a matter of principal. if the stock is not worth holding for at least a year, I figure it is not worth buying. But that is my opinion. after I buy it, I wait until it goes up at least 25%, then I sell a covered call on it so it will sell a year later, almost guaranteeing at 50% gain.
Good luck to you.
Day trading on margin (the only way to do it) breaks the average day trader in 2 1/2 years. I chatted with one day trader that spent $64,000 is buy/sell fees in one year (2004) and broke even. I bought and held in (2004) and my stocks (mostly ETFs) went up 32%.
Day trading is dead. The day trading was the way to go before 2000 when the market only went up. Now the market is in a narrow trading range and day trading is not profitable. Read "Rule #1" by Phil Town for today's way to trade in the current market.
My advice: Don't start.
I would like to get into some day trading, any advice on the best place to start online.?
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