For Newcomers
This is a post basically about a link, but first a couple of warnings,…
Day trading is where you sit in front of a computer all day and buy and sell stocks as they go up and down.
Don’t do it on UK stocks on the Inv platform because each time you buy you’ll have 0.5% Stamp Duty Reserve Tax to pay.
If you use CFD you don’t pay the tax because you aren’t buying the shares but an ETF, also you can “short” the stock so you can profit when the price goes down. If you want to trade US stocks make sure you have the right version of how to set up and use a US$ account. Don’t believe the bot. It lied to me and cost me money.
If you just “have a go” there’s a huge likelihood you will lose money immediately. Use the Practice platforms first for at least several hours. Click everything - to see what happens. There is no adequate Instruction source. The design layout and functionality of the T212 platform is awkward and slow to use for day trading. It has features which are likely to catch you out and cost you a lot of money.
Right, having got that out of the way,
back to the point of this post: there’s a lot of homework you have to do, and a particular set of knowledge and technique you need to be able to use which isn’t the same as when investing for your retirement.
There’s a Youtube streaming /live show each day you can use at Day Trade The World to see what pro’s do. (Note that the platform they have is much more suitable - they will be doing many trades you can’t. Their spreads are narrower, as well - often around half, sometimes a third.)
For the homework aspect, there’s lot of useful info in an interview they do with a new intern called Adam. It’s part of one of the live days’ broadcasts and this link works, to take you to the right place . How long it’ll work, I don’t know., they may not leave them all up. It’s half an hour or so.
The ‘cover’ illustration is a bit of a surprise, it just happens to be on a day when Nonfarm Payroll data came out.
