There is something about the notion of day trading that is bound to appeal to us all. Whether one is interested in the financial markets or not, the thought of a single individual somehow managing themselves in such a complicated, dense economic landscape, is really to be admired.
And technology has made such a position much easier. In the days of yore, one was tethered to the whims and ideologies produced through monolithic financial institutions.
Investing was a slow process, filled with tedious consultations, condemning you to numerous visits to musty chambers presided over by aging fellows uncannily resembling Charles Montgomery Burns.
I joke, of course, but the point is that electronic trading has democratized the process of investing. What’s more, it really downs two birds with one stone: not only can we see significant capital gains with wise investments, but it can be an immersive hobby. Who would not love to earn cash while involved in an activity they think of as fun?
But it takes more than raw intuition to turn a hunch into a solid stock pick, one that is not going to suddenly bottom out but continue to bloom and prosper. This article intends to steer the prospective day trader in the right direction by illustrating how to best shape your knowledge, and thus your success.
A good place to start is TopStepTrader. It is an accessible platform for aspiring day traders who may not have a significant pile of capital to get started. And their system is quite novel: one starts with what is a “simulated” account, but if you perform well, the reward is a fully funded day trading account.
This may sound intimidating, but think about it – it also makes things safer for the novice. And combined with digital tools like Trading View and Options Strategies Insider, the risks are minimized further.
For example, maybe you are not quite ready for this sort of thing, you make a couple rookie mistakes, and, well, so be it: it’s only a simulation. But if you do have a hidden knack for trading, an entire world is opened up.
Founded by Michael Patak in 2012, the company was recently named one of America’s 5,000 fastest growing companies, and not without good reason.
Breaking down TopStepTrader’s notable features:
- A no-fee trading platform: while TopStepTrader supports 13 different platforms, their beginner model, TSTrader, has no fees and packs all the essential features you will need as a budding day trader.
- Education and coaching: this is a perk for both beginner and grizzled vet alike. While not all the coaching from the experts at TopStepTrader is free, some of it is. Offered are things like virtual trading classes, and lessons on trader psychology.
- Community help: one of the best things about TopStepTrader is that you become embroiled in a thriving community. You feel a part of something, and the interactive chat room is always jumping.
- Membership options: membership options are staggered, meaning that if you are only interested in testing the waters, you can pay a mere $150 per month for $30k buying power. They also offer a 14-day free trial that requires no payment data to unlock.
In light of TopStepTrader’s monthly fees, it is best to know a little of what one is doing before taking the plunge. This is only reasonable, but as is the case with any vast, open-ended topic, where can we start our research? How do we become savvy enough?
A service like TradingView offers great synergy when coupled with day trading ventures. TradingView provides users with real-time charts that illustrate the curve of the market and particular stocks. This gives one an insider’s view of emerging markets to help you make sound stock picks.
Breaking down TradingView’s notable features:
- HTML5 charts: TradingView’s software allows you to create your own HTML5 charts for tracking preferred stocks.
- Stock alerts: this provides the user with real-time stock alerts, of which there are twelve different criteria.
- Community: like all good stock services, this is an important feature. This thriving community is a space to ask questions, share results, and learn more. The folks who use TradingView seem to genuinely want to help one another.
Option Strategies Insider: Another Way of Learning
Just like TradingView, Option Strategies Insider is a service that you can potentially combine with your main trading pursuits.
Option trading gives one the right, but not the obligation, of buying or selling a set amount of some underlying asset at a predetermined price. This makes option trading a bit of a bet, as it speculates rather an asset will go up or down in price. In addition, they can sometimes be used as an effective hedge against a market or sector that is tumbling.
Important features of Option Strategies Insider
- Education: as a member of Option Strategies Insider, you gain access to a plethora of education material. These range from options trading videos to a virtual library, from webinars to a robust options trading dictionary.
- Trading Tools: Option Strategies Insider notification plugins, a nifty short put calculator, and most importantly, a stock price alert function.
- Trade Alerts: the experts at Option Strategies Insider provide you with about one trade alert per week, and they are the fruit of educated research and fine intuition.
- Free option: there are three membership tiers, but the ‘free’ option still provides one with a lot of helpful material and technologies. Most of the educational material is available to those on a ‘free’ membership – a real perk.
The Bottom Line
Combing these three services can turn even the most novice of investors into someone with the knowledge and know-how to start accumulating money in this increasingly ambiguous, digital world.
Day trading has never been more fun, and it’s never been easier. My advice is to make your dreams a reality starting today.