Day Trading

You answered your question yourself, isn't it. Buying a stock is not a lottery ticket, it is part ownership in the business. If the business does well over the long term, so will the stocks performance. I am sure you have lots of examples in front of you -companies like ITC, HDFC, Ranbaxy, Infosys, and many more that have been doing well for decades, so have their stocks, if you held on to them.

Dada, its time you read a real Investing book, Try One up on Wall Street by Peter Lynch, to start with. You will forget about wasting time in evolving trading strategies, and invest the time and effort in picking real good stocks, as Peter Lynch practically shows you how to. (There are better books to start with, but I am guessing you will enjoy the anecdotal style adopted by Peter Lynch more than the slightly more academic but nevertheless excellent reads like The Intelligent Investor by Benjamin Graham)

If you want to build long term wealth, change tack NOW. Or else, if you have enough money to fritter away, keep trying at the 1: 99 odds!

Regarding taxes, in the US, if you make $60000 daytrading, you will pay short term capital gains. On the other hand, if you lose a net of $60000, you can only write off $3000 per year, until the $60000 is written off (about 20 years).
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An important aspect of day trading is to have a set investing plan. Day traders don't always make a profit on each trade they do during the day but if they keep to their plan (if it’s a good plan) they will be more likely make a profit for the day.

The barriers to becoming a day trader are experience and cash. You need both to succeed in the stock market.

They impact the market in a few ways. First they add volume to the market. They also can increase the speed of spikes. When a day trader sees his stocks tanking he will sell them. This will drive down the price more. Conversely if he sees a stock that is starting to rock he will buy. This will increase the value of that stock.

It all depends on the security traded. If you are trading LEH for instance (usually .01 spread), market orders are sufficient for quick entry/exits. But for something like POT (which has spreads of up to .40 at times), limits are a much better method to reduce slippage.

Most day traders that I know always limit however. But they "limit through". Limiting through means they are limiting through the market, which will usually give them the same result as a market order, but helps in one particular area: "the bad print". Sometimes if you go market, you may receive a bit out of the spread, especially if you route through ECNs (and even NYSE at times). But if you limit through, you might catch an ECN for a good fill (sometimes better than the best bid/offer). By limiting through, you also limit the price at which you want (so don't overpay and such).

Also, if you don't know what limiting through is…..if the market is say 29.10 x 29.12 …and you want to buy….you limit buy at something like 29.15. This way, the worst fill you could receive is 29.15. I've seen some terrible prints before, so I definitely suggest doing this.

Thin issues are most prone for the bad print, but even thick issues are a problem at times. With LEH yesterday, I see a print of 13.98 when the market was 13.84 x 13.85 (because of a bad market print). With POT a few days ago, I say a print of 219.55 when the market was 218.95 x 219.10.

As for sources, check with your brokerage. Many of them make learning tools available to their clients.

Best of success.

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