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?

Check out our Money Mondays Episode #7 to dive deep into this subject and learn how to start actually trading and making a reliable income.

 

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See you soon!