Day Trading Requirements - How much money do I need to start?
If you have ever wondered what the requirements were to start trading then you have come to the right place. We wanted to do this video since many people were asking us exactly about the day trading requirements and how much money do I need to start.
The first thing that you need to think about is a strategy to trade with. The important to understand here is that you can learn on your own. You don't need to pay $10,000 for education you can learn 100% on your own. The only thing to understand is that there is a lot of information online that isn't reliable.
So it will take you more time to go through the information and decide what is the good and information and what isn't.
Strategies can cost anywhere from a $5 book or a $10,000 personal one on one training program. Keep in mind that this is one of the key day trading requirements.
After your strategy we need to find a good trading platform. This also depends on the markets that a trader will be operating in. While there are some free trading platforms one thing to understand is that there isn't anything in life that is free. Many times a free trading platform will include higher commissions and fees for withdrawing money, among others.
The key to finding a good platform is make sure that you can pay for a lifetime license instead of paying monthly. There are still a lot of trading platforms that want to charge monthly fees which isn't necessary.
Continuing with our day trading requirements and how much money do I need to start trading.... a reliable internet connection will be key. Internet does not need to be high speed, the minimum required is 1 MB dowbload and .50 upload. A speedtest can be done at http://speakeasy.net
One may also look for a 4g mobile broadband connection.
The next thing to consider is going to be a computer. A laptop would be recommended. A top notch $5,000 computer is not necessary. Most laptops and even computers have enough advanced tech and will be more than sufficient to start your endeavor trading. A $500 refurbished computer is more than enough. Standard processing power, HD space, and a 17inch is sufficient.
When thinking about the day trading requirements and How much money do I need to start these are the most important things to consider.
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