Which brokerage should I use?

We have defined day trading as the practice of buying and selling stocks in a short timeframe, typically in the same day. The goal is to earn profit on each trade and then compound those gains over time. This makes finding the best brokerage firm for your trading account an important consideration when you want to trade for a living or even trade for part time income. When you choose a broker, you are forming a partnership with them, trusting that they will execute your trades in a fast and consistent way so as to maximize your profits.

With the rise of online stock brokers and no cost trades, the competition over who to choose for your broker is fierce. So how do you make the decision? First and foremost, we want to look at cost. Since Oct. of 2019 many brokerage firms have gone to $0 trade fees. This is good news for us but makes it harder to sift thru the many companies out there providing free trades. I read a great article from Nerd Wallet comparing the top brokerage sites. 7 Best Online Trading Platforms for Day Trading and a good resource at Investopedia Best Brokers for Day Trading: November 2019

My recommendation is that you choose a brokerage firm that provides a training simulator. This gives you a way to begin your trading journey using paper money rather than your own hard earned cash. I am a member of Warrior Trading and I have been trading on the simulator for several weeks now. It has helped me tremendously even though I have an extensive background in finance and investing. 

You will also want to consider margin accounts, (which we will get into in another post), price quotes and data feeds. As a day trader we need the most accurate, up to the minute information so we can make smart entry & exit decisions and make money! 

Thank you for stopping by.

Peace . Love. Trade another day,

Michelle