posted
Hey i'm new to the stock market and i'm just starting out. 20 years old. I wanted to make trades during the day during my free time. I've done research and am ready to wait for my moment to jump in. I was told though that if i made more then 4 trades in a 5 day period i would be marked as a day trader and would need 25,000 in the bank. Kids don't have that kind of money so i was just asking what u think or know and any tips yous may have for me..
posted
Start off slow, take a few long positions, build up your cash, get educated on the market. Have patience, don't get greedy and eventually you will have 25K. DO YOUR OWN DD! Most important IMHO
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Read books and learn as much as possible.. take stock tips from others with a grain of salt... take them into consideration but do your own DD on them before you decide to enter a position from someone elses recommendation.. your better off Swingtrading (buying, holding and selling stock in periods between 2 and 5 days)... below are book suggestions... plus a free chart site and chart software... recommended brokers etc...
Books:
A Beginner's Guide to Short Term Trading by Toni Turner www.toniturner.com
posted
I started with $2000 and have done some daytrading. Not sure what will happen if I ever hit 4 daytrades in one 5-day period, but as I understand that limit only applies to traders using margin money.
If you don't tap the margin, does that rule apply to your account?
-------------------- May your trading build your character as well as your portfolio.
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