Are you a beginner in day trading, eager to dive in but overwhelmed by the countless trading platforms out there?
We’ve tailored this article to cover the best day trading platforms for beginners like you. With our carefully researched and handpicked platforms, you can confidently take your first steps into trading, knowing you’re equipped with the tools and resources to thrive.
We’ve considered factors such as ease of use, educational content, and affordability to ensure that you’ll have a seamless and enjoyable experience while learning the ropes of day trading.
Don’t let the vast ocean of trading platforms intimidate you; embark on your day trading journey with our top recommendations and unlock your potential as a successful day trader.
Recommended Trading Platform For Beginners
Established in 1991, TradeStation caters to day traders of all skill levels. Created by the Cruz brothers, EasyLanguage is a coding language designed for non-experts, allowing any user to craft a trading strategy.
With direct-market access, TradeStation provides swift order execution, averaging under 0.04 seconds for rapid entries and exits. The platform offers valuable educational resources for beginners and is compatible with TradingView, a popular charting software among day traders.
Additionally, TradeStation users enjoy a slight discount on options trades, with a $0.60 per contract fee compared to the standard $0.65.
Initially targeting money managers and professional brokers, TradeView has successfully adapted to accommodate novice day traders with the necessary tools and resources.
Like Edgewonk, TraderVue is an excellent trading journaling software, particularly beneficial for beginners to monitor their trades and optimize their strategies.
Launched in 2011, TraderVue now serves over 100,000 traders thanks to its outstanding analytical tools. Its software helps traders evaluate and enhance their skills objectively, minimizing the impact of emotions on trading decisions.
TraderVue offers numerous features, like some of the best indicators for day trading, auto-importing trades from your preferred broker, and tagging and filtering options for organizing trades.
As you dive into day trading, it’s crucial to evaluate your strategies constantly. Are they effective? Are you making profits? Should you tweak them or explore an entirely new approach?
Luckily, there are fantastic tools designed to help you do just that. For those just starting day trading, Edgewonk might be an excellent choice. Edgewonk, a digital trading journal, was established in 2012 by Rolf Schlotmann and Moritz Czubatinski to give traders the education, resources, and tools necessary for successful day trading.
Edgewonk’s trading journal software empowers traders to examine their performance and make informed, data-driven decisions. With numerous impressive features, Edgewonk can help novice day traders up their game.
Education is vital in many aspects of life, and day trading is no exception. While self-learning is an option, you can gain valuable insights from a top-notch educational platform like Tradenet.
Tradenet offers a comprehensive day trading platform with educational resources to help beginners advance their skills and grasp various trading strategies.
What sets Tradenet apart is its ability to cater to different learning levels, from basic concepts to advanced topics. It provides “self-study” and individual courses, one-on-one coaching, and a community chat room.
Altogether, these resources can help novice day traders expand their knowledge and become more confident in their trading strategies.
Even the most talented beginner day traders can face limitations due to insufficient capital. Luckily, funded trading platforms, or prop firms, come to the rescue.
TopStepTrader is among the leading funded trader programs, providing funded accounts to traders from all corners of the globe. It’s been a triumph for numerous traders, with more than $2 million in profits withdrawn in 2020 alone.
While some prop firms might have a shady reputation, TopStepTrader holds an impressive 4.5/5 rating on Trustpilot, based on over 1,500 reviews. This assures you that you’re dealing with a trustworthy service.
You must demonstrate your ability to generate consistent profits as a day trader. Depending on your skill level, this might mean investing time in educating yourself and mastering effective trading strategies first.
6. Humbled Trader
Humbled Trader focuses on assisting novice day traders in achieving consistent profits.
Instead of promoting the enticing but unrealistic “get rich quick” approach found on many websites, Humbled Trader is supported by Shay Huang, a popular YouTuber with impressive day trading accomplishments.
When you’re a part of this platform, you’ll immediately gain access to their extensive trading course, the Humbled Trader Academy, and other resources.
The course, featuring over 12 hours of video content, covers everything a beginner day trader needs to know.
Additionally, you’ll find live streams, live chats, coaching sessions, webinars, a chat room, a Discord channel, and a daily stock watchlist. In sum, Humbled Trader provides valuable resources for those just starting day trading.
While there may be more affordable options, this educational platform is an excellent investment for anyone aspiring to become a full-time day trader.
You should read our post on scalping vs day trading if you like the idea of buying and holding compared to actively trading every day.
Are These Trading Platforms Right for You?
As a beginner in day trading, selecting a platform that aligns with your needs and preferences is essential. When choosing a broker, educational platform, or other services, consider the key factors mentioned in this article.
Generally, novice day traders should opt for platforms that provide tangible benefits, such as exceptional broker features or a well-rounded educational program.
This choice will pave the way to investment expertise, enabling you to make smarter, more informed, and ultimately, more successful trades.