I realize that day trading is really risky, esp. since I have no experience, but I've been reading, and the fact that all your money is out of the market at the end of the day is really appealing. I just want to see if anyone has had any successed or failures with day trading, and their opinions on it. Also any advice on investing/trading would be very much appreciated.
Thanks!
btw I'm only 16 and all I have is $1000.
hmm… guess I didn't read far enough into my books. thanks, though!
Thanks!
btw I'm only 16 and all I have is $1000.
hmm… guess I didn't read far enough into my books. thanks, though!
There are two factors that will prevent you becoming a daytrader at this point.
1. As another stated, you can't open an account at 16.
2. As soon as you are labeled a pattern day trader, you will be required to have a margin account and maintain a minimum balance of $25,000.00. (Four or more day trades within five consecutive business days earns that label.)
1. As another stated, you can't open an account at 16.
2. As soon as you are labeled a pattern day trader, you will be required to have a margin account and maintain a minimum balance of $25,000.00. (Four or more day trades within five consecutive business days earns that label.)
Continue to study and save your money. You should also open a practice account. Then when you are old enough to open an account, start with regular investing, not day trading.
If you want to pursue day trading, wait until after you obtain some experience investing with real money at risk.
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