I decided that I want to start day trading, do I just start off with like a service like td ameritrade or is there something better? Does it provide software to trade with or do I do it manually via web? Does software provide a way to auto sell once it reaches a certain level? Also if software doesnt provide a way to autosell, is it ok to build a macro that monitors the software's controls for you. I'm lookin to invest a small amount at first, is it better to spread the money over say 5 stocks? I know this is quite high risk to jump into without knowing a whole lot, but it can be done right?
You may want to get a simulated trading account first. This allows you to experiment with the different order types and paper-trade without losing real money. Mark
First off, the retail "trader" is limited in so many ways, that no matter how smart you are, you are so handicapped that it's tough to make any money at all. For most workable strategies, it takes a $million or more in buying power. Not to buy more shares, but to engage in things that work, like pairs trading, market making, opening only strategies, mergers, etc....and you must be able to go long and short...and retail firms "steal" your interest on short stock sales, making it impossible to engage in many of these strategies. Think about doing the whole thing professionally, call me to discuss how you can use (not abuse) a couple of $million of our money, keep all your profits, and be able to use these more advanced techniques...vs. "picking market direction or a single stock gamble". 702.739.1393 - check the website and call me. Don