If you want the best day trading tips, my advice is not to do it at all. If you have plenty of money, then you are sufficiently stable and can make your own choices. But day trading in this day and age is a lot more difficult. You need the best software, and to be truthful, the best traders are likely out there using bots running on algorithms. If you think you can keep up with a bot, go for it.
Stocks move quickly these days, and that appears to show opportunity. However, it’s not easy day trading for a profit. Unless you’re in the top 1 percent, you get milked for your money trying to trade quickly. I’ll give you a scenario. You buy into this one stock thinking you’re going to make a profit. You’re fine holding onto it when it doesn’t rise immediately.
All of the sudden, you’re not day trading the stock, and you’re focused on swing trading. Then you realize that you can tell in your gut that the stock is being manipulated downward. It will eventually rise if that manipulation holds true, but you are being milked for your money. Someone out there has more time and more money on their hands.
Listen, day trading is just not easy. It’s fun, and it can be profitable. While my advice is not to do it, your choice is yours. Just don’t get a big head thinking that you’re going to run the market. Even with great software and even with a lot of money, you have to remember that there are big traders at play out there. They are the ones that really control the market environment.
Even as a day trader, you’re really going along for the ride. Therefore, what I recommend is working your way up the ladder with investing. You have a lot of things to focus on in this life first, ahead of how well you build up your finances. If you are to that point, then congratulations.
But I can say with near certainty that the majority of people who actively seek out day trading opportunities are nowhere near that point in their lives. In fact, by the time they get there, they might just realize that day trading is for the birds. Why gamble when you can invest? That’s just my two cents, but if you’re going to day trade, do it carefully.