Did you know that there are almost 10 million day traders around the globe? It can help you get a bit of side cash. Some people are even able to make a full-time job out of it.
Making day trading the primary source of your income will allow you to create your own schedule. You don’t need any training to get going, but you must choose quality day trader software to succeed.
We can help you out with that. Check out this guide to learn what your day trading options are.
What Is Day Trading?
Before listing the best day trading brokers, let’s discuss what it is. Day trading is the act of buying and selling the same stock over the course of a single day.
To be successful, you must become proficient in reading patterns in the stock market. That’s what makes it so risky.
It’s almost impossible to predict fluctuations in the stock market. There’s not a fully effective strategy that you can implement to make money. It’s not recommended to get started unless you have plenty of resources.
That being said, if you can manage risks and deal with them as they occur, you can make a lot of money with day trading.
Interactive Brokers
As stated above, the best way to make it big with day trading is to choose the best software for the job. First up is Interactive Brokers.
The platform gives investors access to a wide range of assets. You’ll have quality charting and automation tools.
There’s an educational portal built into the platform. You’ll also have access to all the latest day trading news when you log in. Interactive Brokers offers low commissions and interest rates.
The main problem you’ll run into with this platform is that using the workstation is not for the faint of heart. It’s customizable, but you’ll have to figure out how to navigate your way around first. The pricing tiers are also a bit complicated to understand.
Moomoo
Moomoo is a newer day trading platform. It’s worth using for the fact that it’s commission-free. There are no inactivity fees to worry about either.
Opening an account is straightforward, making it the ideal option for trading beginners. After signing up, you’ll get access to a wide range of tools, such as an earnings calendar, trading news, marketing data, heat mapping, and stock screening.
The downside of using Moomoo is the limited investing portfolio. Popular assets like bonds aren’t available.
Depositing and withdrawing is a pain. Moomoo also doesn’t offer live tech support.
Webull
Like Moomoo, Webull offers commission-free trading. There’s also no fee to set up an account. The platform focuses on EFTs and equities, so you won’t have a large selection of assets to choose from.
Despite the platform’s limitations, you can get a lot out of it. The social tools allow for gamification and overtrading.
You’ll have access to impressive charting tools and stock screening. Webull also offers paper trading.
Unlike the tools we’ve been over so far, Webull’s educational materials are lacking. The customer support could use some work as well.
My Investing Club
My Investing Club was founded in 2018, making it new. One of the best parts of this platform is its educational materials.
After signing up, you’ll have access to a large library of instructional videos, tutorials, a chat room, and live webinars. There are also one-on-one meetups and downloadable resources you can read.
So, if you’re new to day trading, signing up for a membership would be more than worth it.
TradeStation
If speed matters to you, TradeStation is one of the best platforms for quick order execution. It also has impressive charting capabilities on its side.
TradeStation provides commission-free and paper trading. It also has trading options for international accounts.
If you’re new to trading, this platform has educational materials you can use for research.
Something to keep in mind is that if your account doesn’t meet a minimum balance, you’ll have to pay a fee. It also costs more for level 1 and 2 real-time data.
TradeZero
Short selling involves borrowing assets, and then selling them on the open market at full price. The investor will then buy them back at a lower price.
This practice can be risky because investors must be able to predict value declines. TradeZero has tools that make the process easier.
On top of that, TradeZero has a locator tool that makes hard-to-borrow stocks simple to obtain.
TradeZero offers free commission, but it’s limited. The minimum deposit to get started is also larger than it is on other platforms. Level 1 and 2 real-time data also cost more.
Fidelity
Fidelity is a good day trader software option for beginners who don’t know which platform to use. It’s a reputable brand that’s welcoming to trading newbies.
Opening an account is free unless you want to trade on margin. If that’s the case, you’ll need to pay a deposit.
Fidelity has plenty of research tools to choose from. You’ll have all the financial metrics and news you need to succeed. You’ll also have access to price charts and analyst reports.
When it’s time to take your trading on the go, you can switch to the Fidelity mobile app.
There are no hotkeys. This makes quick trades almost impossible. You can only use Fidelity if you reside in the US.
E-Trade
Last up on the list is E-Trade. This platform is great for beginners learning how to day trade because the tools are simple to use. It offers top-notch customer support and a wide asset selection.
Those who tend to trade on the go will be happy to know that E-Trade has a quality mobile app. There are also commission-free trading options. The downside is that the website can be a little difficult to navigate.
Choosing the Best Day Trader Software
It doesn’t matter if you want to be a full-time or part-time investor. You’ll need the best day trader software on your side to be successful.
Try out one of the options on this list and start making money today. For more tips for investors, explore the rest of our blog.
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