Anyone familiar with trading? Interested in starting day trading as a second source of income. If anyone does this or is familiar with it please PM me. Trying to learn the ropes. Opened an E-Trade account and funded it a little, but haven't made any trades yet.
Thanks.
I use Fidelity and think they're great. If you want to get serious about trading I would open a brokerage account with one of the big boys like Fidelity or Charles Schwab.
Robinhood is free while Fidelity charges $4.95 per trade but they offer a lot more.
Do some research and probably start off small to get your feet wet and figure some things out. More people lose money day trading than make money but if you know what you're doing you can certainly do well.
You can always put your money in some index funds which track the market, Vanguard funds are good. My advice would be to formulate a plan and try to stick to it. For most people it's probably best to pick some vanguard funds and a couple other companies with fundamentals you like and just go long. Do your research- research the people running the company, if you believd in the product/business, how much money they are going through etc. Once you put your money in try not to look at it too often, the market fluctuates a lot and big drops and short attacks will scare you and they want you to take your money out, don't.
If you are busy at your day job I would maybe stay clear of day trading. It is stressful and will rattle you when first starting out.