With the vast majority of trading done online, day traders are working more and more with many different markets and types of financial products at high speed. In fact, the days of the Wall Street market scene are falling away, as more of the trading is being done on a huge computer network. NASDAQ is completely electronic now, while the NYSE only does a portion of its activities online. The world is moving far too fast for the traders to remain competitive if they are not able to move as fast as the slowest computer- the traders that can adapt will succeed, the ones who cannot will retire, hopefully with a nice nest egg. Tech Blog
Day traders have a reputation, even among other financial professionals of the rebel, the cowboy or the renegade. While it is true that many day traders do not do as much actual research before they buy a stock, they must still know enough about a stock’s performance or expected performance to make a profit or they will not last long.For every failed day trader, there are countless others ready to saddle up and take the chance to make their fortune and their names on the back of a few quick, but good trades.
Whether taking on day trading as a hobby or a career change, there are many things to be aware of, including what you think makes your personality suited for this change. The casual trader should know just as much as the professional about types of trades, trading and the markets themselves. No matter who you are or how many trades you make per day, you should know what the risks involved are and the easiest way to get started. And the one constant thing, across the board, for both the casual and the professional trader is the ease that you can make these trades now- with the computers and computer software, literally anyone can become a day trader with little problem and a minimal (cash) investment.
Having an updated computer system makes sense if you are going to be using it to make a living, but also to keep your software up to speed. It would be useless to download state of the art software on a computer that moves too slowly to make much use of it. Don’t waste time on the top of the line computer, with solidly recommended software if you are going to limp along with dial up. Your best bet? A well made laptop computer, good software and a Wi-Fi connection so that you can keep up with your trades anywhere that you want to go.
Computing did not breed the day trader, but it has made it not only more common, but far more lucrative. Because you can make countless, simultaneous trades from a single computer screen. Increasing your chances of making a profit quickly.