While I mainly talk about long-term passive investing here on Money Smart Guides, I know that day trading is of interest to many. As a result, today’s post is going to cover some key items you need to take into account BEFORE you try your hand at day trading.
Day Trading sometimes gets a bad name. It can invoke some unsavory memories from a Wall Street past, one where sweaty men in suits made and lost millions in seconds, while clouds of tobacco smoke hung thick in the air. But today, day trading has gone mainstream. You no longer have to live near a major trading center as in the days before the internet. Today, day trading lives on the web, and people who are mastering the elements of forms like CFD and Forex are making sums of money in very little time. I wouldn’t put all of my eggs in this basket, but it can be an amazing way to diversify your investment life while having something that doesn’t get thrown around a lot in investment circles: fun. [Read more…]