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Looking Into Day Trading?

Day TradingIn the mid-1990s, I was a day trader. By that I mean I used an online brokerage account to buy rolling stocks, covered calls, naked puts, and a few other elementary techniques with my new-fangled internet brokerage account.

After a few months I had some fabulous successes and some dismal failures. I made some money overall, but certainly not enough to write home about.

Stock trading is tougher than it looks. It requires knowledge of markets, research into specific industries and companies, understanding stock price patterns, and general familiarity with trading practices.

While the day trading bubble burst over a decade ago, it can still be a lucrative business — if you actually know what you’re doing. If you’re considering getting into online trading, be sure you do your homework. Your pre-trading education should include:

  • How markets work
  • What trading techniques are available and the risk involved in each
  • Company/industry research
  • Which online broker firms are reputable
  • Virtual trading practice

Don’t just gamble your money away. Learn how to really use the markets as an investment.

{ 3 comments… add one }
  • DiNaRa September 29, 2011, 8:01 am

    This is a tough job, especially in my country where the finance situation is horrible and I don’t think you can earn any money at all when the currency rates are so unstable and many big companies go bankrupts.

  • Anna September 29, 2011, 2:21 pm

    I have never understood what they do there. Do they really make our lives better and more profitable?

  • Joe Smith November 21, 2011, 10:06 am

    I totally agree. Thanks for the post.

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