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Day Trading?
How do you start and how much does it cost?
4 Answers
- Anonymous1 decade agoFavorite Answer
I am in business of trading currencies (forex trading), so I believe I can help you. First, you have to learn as much as you can about trading.
Any trading is risky business, but you can make money if you trade smart. You don't need much money to start trading currencies. Some forex brokers will allow you to enter market with $50, or even less.
While the size of investment dictates the size of possible profit, I would advise AGAINST investing large amounts of money and AGAINST trading with a leverage. You should invest only what you can afford to lose.
Some forex brokers offer leverage of 50:1, 100:1, 300:1, even more. If a leverage is 100:1, it means that if you invest $50, broker will allow you to trade with $5000. Trading with leverage can get you great profits, but it can also whipe your investment clean before you even know it. You should always get familiar with margin agreement of any broker you choose to deal with.
ALWAYS trade with leverage 1:1 (only your invested money) and NEVER go beyond 10:1. People who make money on forex are doing it this way. Greed can be your downfall.
Hope this helps!
Regards,
Source(s): Forex Trading course that can help you learn forex: http://www.forex-trading-secrets.net/fm/ Some more information about currency trading: http://www.forex-trading-secrets.net/ - 1 decade ago
cost- at least $2,500
this is because when u have 2500 or more, ur broker will allow you to borrow on margin, which means to double ur money as a loan.
starting- choose a company and get a company with live stock quotes
day traders sell and buy stock alot
i recommend http://www.sogoinvest.com/
if you do 15+ stock trades a month(most day traders do 15+ in a day) you get $1 stock trades and free live stock quotes
- 7 years ago
A way to practice is trading GHS for bitcoins. This past sunday was very volatile and I increased my holdings over 15% in an hour. https://cex.io/r/0/MidnightSun/0/
- Anonymous1 decade ago
risky, unless you know what you are doing.