Important Things at Day-trading Platforms
In addition to understanding regulations and picking a strategy, it’s important to look for an online broker with detailed trading tools. Day trading requires a lot of quick decisions, so you don’t want to be hampered by lackluster online tools or a slow internet connection or any other tech issue. Depending on the online platform you use to trade, you may be subject to commissions on those trades. According to The Motley Fool, which used TD Ameritrade as an example, trading 30 times a day across 250 trading days would lead to over $50,000 in commissions in a year.
Depending on the platform you use, you might need to earn thousands of dollars in profit to break even on your day trading. Research is tremendously important when selecting what platform you’re going to use to day trade. These are a few of the top day trading platforms we found in our research:
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Platforms vary, and there are plenty of other options that draw good reviews and have strong reputations. When selecting an online trading platform, it’s important to seek out customer reviews and find a well-respected company that aligns with your needs.
“When I started day trading back in 1998, I was a total gunslinger, averaging 550 trades per day,” said Merlin Rothfeld, investment strategist and instructor at Online Trading Academy. “This caused me to be reckless in my trade selection and execution – not to mention that my broker was making a killing off the commissions I was paying on all those trades. Over the years, I have come to realize just how big an expense commissions are for the average day trader. For this reason, I recommend that every day trader set a maximum number of trades to take in a day. Think of it like having a six-shooter: You only have six bullets in your gun, so you better make them count. This helped me really focus on finding and executing the best trades.