I have a merrill lynch account that i have stock for long term hold. I do not know much about day trading. I know it can be small profits, but they pile up. I wanted to get into day trading penny stocks but the financial offices stated that you need a min of $25k to trade penny stocks. I want to trade in my spare days from my career which is in Real Estate. Where can i learn the systems, how to use it? How do you deposit money into the trading account. I have zero clue. If you guys have any resources i can read, books, videos anything that can help me get into this. I dont expect to learn right away but i know my future counts on this journey. Anything helps I appreciate it!
search and read the forum there are plenty of answers and advises here that were given to hundreds of people like you, who were here earlier with the same issues and the same questions
I think he's just urging caution, at least until you can make a very informed decision. In day trading, the transaction costs really add up, and it's only gotten harder as computerized trading has moved markets to greater efficiency, at least in the short-term. (Note the demise of the vast majority of day traders of the late 1990's.) Also, you mention wanting to daytrade penny stocks, which are probably the worst of all stocks, in terms of quality. A very large share of penny stocks are outright frauds. https://www.sec.gov/investor/pubs/pump.htm As far as "learning systems" is concerned, there are gazillions of ideas out there, many available for free on this site. I would be skeptical that any published system (whether free or costing thousands) will help you at all, but if you do want such info then I'd advise not paying much, if anything, for it. IMO, there are many vendors out there who will gladly charge you $5000-$20000 for a system that is completely worthless. IMO, most people or funds that are profitable are generating and implementing their own ideas rather than buying them.
...Then why does this forum and everyone here exists then... EliteInvestor sounds kind of silly, or not as sexy...as Trader. But all newbie traders should use extreme caution before jumping into the waters, or buying some educational tool or service. You're much more likely to lose money in this game -- rather than make boat loads of it. -- it's kind of like trying to make it in professional sports.
interactive brokers will let you open a paper account, its a really great system and you can see what its like to trade in the short term. Its pretty brutal and you should have a plan. Trading without a plan or idea of what you will guess will happen is insane. Its like flipping a coin. Most guys treat it like a full time job hunting and searching for the next buy. I know jack shit but am hanging out in the back ground, watching and learning. Go to a library grab stacks of books and flip though some till one looks like its worth reading. You can never learn enough. There are a lot of good people who will help you, these guys look at this like a science. And your in kindergarten ( i might of made it to 1st grade but i doubt it). Day trading is investing like a hit man looks for kill. It has to be precise and the reward has to be there. If you just start shooting the place up you'll never get paid.
Do not start day trading and sure as hell do NOT start with day trading penny stocks. If you want to get into "trading" I highly suggest you stick to simple swing-trade based stock picking and find a mentor who knows what they're doing. Start with paper trading before anything real. Literally just about everyone on here can definitely admit to cringing on reading your first post. I know I did. Seriously, you will get smoked - this is not some easy thing that you can pick up in a few months, it takes significant "tuition" and continual beat downs until you come close to even getting it.