Look, there are a ton of sites on teaching people how to start day trading online. In my career, I've met with various investors/traders, read countless finance books, textbooks, throughout almost a decade of trading/investing. I even took the trip down to Omaha to meet Warren Buffett himself! (Obviously he was drinking a Coke per usual).
I paid big money to develop my skills. As Buffett says - the best investment is one in yourself. I've read tons and took many courses to learn from an exceptional investing/trading school with awesome mentors. I got the proper education along the way but looking back, no one ever talks about how to ACTUALLY get started.
What do I mean?
When it came down to it, at the start I had no idea who is the best online broker to go with?
What is the best day trading system to use? I wanted to trade not only stocks, but options and futures...what trading platform should I use?
Let me tell you - after endless hours of researching, this got really confusing really fast. So many choices and then all of a sudden new things came into play and there were hundreds of reviews of brokers and platforms and data feeds and various combinations and execution and ....Huh????
Let's step back. Before even starting trading - there are key questions you need to answer and you need a plan! If you want to make money you have to take this seriously.
Do you think Warren Buffett just haphazardly buys stocks on a whim? He has rules and analyzes things carefully. You must have rules as well, but based on your trading style you will have to develop your own specialized game plan. My goal is to prep you for this before you lose money when starting online day trading or investing!
For day trading online, finding the right broker is invaluable. Some might be charging you excessive commissions, cheat you out of money through slippage, charge you for hidden fees or unnecessary data feeds.
I want to bring to your attention certain things I have learned over the years so at least you’re on a more even playing field.
Are you ready? View my Online Broker Summary Table to get started!
Perhaps this is your first decision as to what broker to be with. Or perhaps, you have a broker you like but you want to venture into another asset class that only specific brokers offer. My goal is for you to cut your search time in gathering all of the information out there, and to be able to make an informed decision.
While choosing a broker, I realized I must also research a day trading software that is supported by the broker of my choice.
Some platforms are provided by the broker while others are a third party software that you must buy or lease in order to use with your broker’s live data feed. At first one might wonder why spend $1,000 on a platform when a broker can provide you with a free one? Well depending on what your goals are, you might find its worth spending that money.
I provide such explanations and helpful tips in my Trading System overview to guide you through the process.
Choosing a platform can be a lengthy process. It was for me as I was looking for very specific offerings and services for online day trading. It can be tough with all the information scattered over the internet with millions of reviews but no true summarized and informative comparison.
Day trading online can be overwhelming at first as there are so many dimensions to this topic. If you find that you need more clarification or I have not touched on a specific topic – please contact me and I would be happy to provide you more info. I might even end up adding this information to the site for everyone to learn from!