I really want to start Day Trading, but there are so many different sites that I am not sure which one to pick. I am starting with little money becuase i just want to get a feel for it first. I don't want to pay a lot of extra fees. Also how does the capital gain taxes work for day trading and is it possible to make $50-60 a day doing this? Thanks
Can you make $50-$60 day, yes. In order to pull this, you'd need to make a $10,000 investment and gain 1% ($100) after trading fees and taxes, you'd end up with ~$70. If you are day trading, you'll more than likely need to start with at least $5,000 in a margin account and make a least $5,000 trades. You may need more along the lines of $20,000 so that you can make multiple trades/day.
Day trading isn't for the weak of heart, I'd recommend having at least 6 months of cash saved up that you won't be investing before entering the day trading world. Also, check out hedgestop.com and investopedia.com , they let you open up fake portfolio's so that you can test your theories without having to risk real money.
Good Luck!
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