In this week’s episode of Money Mondays, we are going to teach you everything you need to know in order to start day trading. We broke down in 2 steps and created a handy guideline you can follow when setting up your business.When getting started as a daytrader there are several steps that are required before you can actively trade. We will be listing these details below in order of importance.
Step 1: Equipment and Internet
Dependable Trading Computer
- Laptop/Desktop
- Adequate Ram
- Fast Hard Drive
- Monitors
- Can use 1 (laptop)
- Multiple is preferred (easy to process data)
Good Internet Connection
- Hard line is best for connectivity
- Wireless can be used with caution
- Avoid public networks if possible (Starbucks etc.)
Must have risk capital
- $10k minimum (depending on the market your trading)
Step 2: Selecting A Broker & Platform
Brokers
- Commissions
- Location
- Funding requirements
- Required trading volume
- Margin rates
- Tradable Markets/Asset Classes
- Customer service
Market Data
- Direct access
- Unbundled tick data
- Live data feed (Real Time/Tick Level)
- Avoid delayed data
Trading Platform
- Computer application
- Web based
Vendors/System/Compatibility
- Does your educators/systems work on your trading platforms?
