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I have been trading on simulation trade websites for about 20 days and I could make about %7.5 benefit just by doing a day trade (following the trends and buying/selling fast).
Is that enough to open an account and start the real work?
My original work is with computers so I always have access to internet during the work… I was thinking if I open an account and start with maybe $5k day trading.
1-Do I have to pay some monthly fees for the account that I open or I wont have any expenses if I dont trade?

Any more info would be appreciated :)
I have been trading IT stocks mostly (AAPL, msft, goog,…)

Day trading


Based on these answers to your question, you can see how helpful investing forums can be. Others are not much better, but there are a handful of people here that are really helpful.

There's not really a big problem in beginning to daytrade, but you need to be cautious. I'd advise you read this http://www.nyse.com/pdfs/im01-9Microsoft%20Word%20-%20Document%20in%2001-9.pdf

Then, you may want to continue paper trading, but you can trade for real if you set up strict losses. When I kick up my live account, I will close all my positions immediately if I lose 20%. Then, I will go back through my journals, the charts, and more paper trading until I get it right.

You can get all expenses lists from the individual sites under their fees + comissions and/or pricing tabs. If you are unclear of what they all are, just email the brokerage (I did this with several of tradeking's fees). You will need to get used to emailing and contacting people and services you will use or look into. Half of the battle of trading is finding everything you need — brokerage, information resources, software, data feeds, etc.

I've probably spent about half my time doing those kinds of things.

Or is it wrong to think that discount brokers can satisfy these interests.

Is it true that brokers have different execution speeds for placing orders?

I enjoy momentum speculation and trading within a 7 day time frame, I seem to do well on the simulation programs.

I plan to start with $10,000 with $500 plus per month additional capital.

there are so many different reviews when i google this topic.

Day trading


You need a minimum of 25,000$ to day trade. If you get your series 7 license though, you might be able to go to Bright Trading with 10k (I would call them first though) They give you use of their capital (millions of dollars) but you can seriously get stung with a bad day.

Dont trust the sim programs because on them, you get your orders right away. In real life when you do limit orders, you sometimes dont get in at the price you want. (or get out) Sometimes you place a limit order and you have several thousand shares ahead of you waiting for the same order then the price moves and you dont get filled.

Day trading


Very complicated, very stressful and can be lucritive if you are good at it. I would recomment you play a simulation first to see how good you are at it. Also think about the tax system you will use before you start, or else you will find yourself trying to match thousands of trade tickets next year.
Day trading


Very complicated, very stressful and can be lucritive if you are good at it. I would recomment you play a simulation first to see how good you are at it. Also think about the tax system you will use before you start, or else you will find yourself trying to match thousands of trade tickets next year.
I have been on www.howthemarketworks.com for about 3 weeks now. I started with $15,000 in virtual money and am randomly choosing stocks between $0.01-$0.05. I have seen incredible returns….almost 100% in two weeks. I check the account each day when the market closes and sell off anything that made money.

How close would this simulation parallel trading with real money? My thinking is that it would not be too accurate. Everytime that I purchase a new stock to replace the one I sold, I buy $5000 worth. This generally amounts to over 100,000 shares which seems like it would have a significant impact on the stock price in the real world. If anyone could offer some guidance I would greatly appreciate it.

Day trading


I think you hit the nail on the head, look at the volume of most penny stocks, you will see something that usually trades under 1million shares a day. (look at yahoo finance to see) If you buy or sell a huge amount of stock you can make the stock price swing out of control.

I would be willing to bet you will have a hard time finding a reputable broker that will deal in significant amounts of penny stocks. When I traded on td ameritrade ( a couple of yrs ago) they would ding you with a penny a share for penny shares for each buy and sell.

Lastly, much of the information on penny stocks is slow to market. Some stocks are quoting prices hours or days old.

So you problems are:
1)manipulating your own market
2)finding a broker that will even deal with them
3)paying a huge price for commissions
4)quotes may not be reliable
5)THERE IS A REASON THESE COMPANIES ARE NOT TRADING ON THE “BIG BOARDS”

Buy quality hold long. Good luck trading.