It feels like practically all Americans have heard the rumors about those who have made money from day trading. It might have been a friend of a friend or a video we saw on YouTube of someone driving a Lamborghini and claiming to be a millionaire day trader. For me personally, I first heard about day trading when I stumbled across a guy called Dan Irish on Twitter. Like clockwork, this Dan guy would post a winning chart every day and it seemed like he was winning thousands. The consistency was seemingly almost incredible. To be honest I didn’t even know if it was real or not. What I did know was that it was pretty cool if it was real and that I was interested in finding out how he was doing it.

A few months later and this Dan Irish guy was still around, seemingly consistently making money like a robot, daily. He would also post losses too, adding to his credibility. I soon found his YouTube channel and could see the clear process that he had developed over a period of years. It definitely felt real alright. I watched all his videos. Then I watched them again. Then I started watching other videos from people like Tim Sykes, Steven Dux and Jack Kellogg. I was hooked. I had a background in other forms of calculated risk and had done well. I understood probability and discipline. And I understood that I would become a day trader. I opened an account with TradeZero, deposited some money and started regularly placing trades. This was December 2020 and it felt to me like the greatest bull market of all time. Everyone seemed to be winning. Everyone except me. In my first month I had a 20% win rate. I was wrong pretty much all the time.

Fast forward to almost two years later and I’m still wrong a lot. I’ve nonetheless learned a huge amount in those two years and my abilities as a day trader have come on in leaps and bounds. In this blog I am going to highlight some of the factors that helped me and that I believe can also help other new day traders.

Also check out this article by Yahoo Finance titled “What Is Day Trading And Should You Do it?”

Select The Right Stock Broker/Dealers

This factor can’t be stressed enough. Below is a brief list of the most important factors to be aware of when choosing a broker/dealer

Advanced Trading Software

Specialized broker/dealers such as TradeZero America provide cutting edge trading software and advanced tools such as the ZeroPro trading platform. These tools make day trading easier for clients with advanced charting and high speed order execution.

TradeZero America offer four trading platforms to choose from:

  • ZeroMobile is perfect for both beginner traders learning the ropes and those with more experience who are on the move and often away from their desktop.

  • ZeroFree is a completely free, browser based trading software that more than does the job for new and intermediate traders.

  • ZeroWeb is an incredibly efficient and user-friendly trading software suitable for traders of all levels.

  • ZeroPro is a state of the art, dynamic and feature rich trading software. The charting, customizable windows and ability to save multiple layouts will help take your trading to the next level. TradeZero is also currently offering a free trial of the ZeroPro trading software. This is an offer not to be missed.

Zero Commission Trading

Learning how to day trade takes time and most people are likely to lose in the early days. Paying commissions on top of day trading losses can soon become very expensive. Day traders in the US have zero commission trading with TradeZero America, providing terms and conditions are met. TradeZero America offer commission free trading on all limit and market orders for customers based in the USA. The security in question must trade at $1 or greater and also must trade on the NYSE, AMEX or NASDAQ. Commission free trades must be placed between 7AM and 8PM (EST).

It is worth noting that zero commission trading still does include transactional costs but overall trading costs may be reduced significantly when a trader does not have to pay commissions.

For full terms and conditions for commission free trading with TradeZero America, click here.

Also Keep in mind U.S. pattern day trading (PDT) rules require day trading accounts to maintain at least $25,000 in equity in their account in order to be able to trade.



(ZeroPro Charts - October 18, 2022)

Good Customer Service

Even after two years of day trading I still occasionally have questions. TradeZero customer support has never let me down yet and always typically solves my problems within minutes. Just don’t sign up to a broker/dealer with poor customer service.

Believe In Yourself!

The most crucial factor of all. This is an amazing time to be alive. Practically every human on the planet has free access to the US stock market. Think about that for a moment! It is an amazing privilege. Well, allow me to confirm for you that you are as good as any of the other billions of people with this privilege.  90% + of people who try day trading will not show profits in the long term, but everyone begins with an equal chance. Grab that chance. Don’t sell yourself short. Apply yourself properly to the task and see how far day trading can take you.

Have Your Personal Finances In Order

We would all love to begin day trading and start banking from the get go. Unfortunately for many, this is usually not the case. Keep the day job for the time being, my friends. Gradually add to your account as you gain experience, avoid blowing up and thus give yourself a better shot at one day making day trading pay.

Maintain Discipline Outside Of Day Trading

This factor is very important. How we do one thing is how we do everything. If we are emotional and ragged in our behavior in the day job, trust me when I say that we will also be emotional and ragged when day trading. Strive to be calm, precise and logical in behavior away from day trading so as to increase the chances of being calm, precise and logical while day trading.

Treat Your Day Trading Like A Business

Day trading will eat you alive if you don’t take it seriously. Behave like an amateur and you will have amateur results. Make a pact with yourself on day one that you will behave like a professional. Journal your trades and be consistent with your study patterns. From day one be actively aware of the need to develop a process that you have faith in and that can take your day trading to the next level.

Conclusion
Everyone in America knows of someone, or has at least heard a story of someone, who has got rich from day trading. I was personally inspired enough by such a story to become a day trader myself. A vital part of becoming actively involved in day trading is to choose the right stock broker/dealer. I personally choose TradeZero as they offer zero commission trading, advanced trading software and great customer service. To increase the chances of day trading being profitable, it is also necessary to have personal finances in order, to treat day trading like a business, to maintain discipline in all areas of life and most of all, to believe in oneself. Remember, in the United States, in order to day trade, you need to maintain at least $25,000 in your brokerage account.

Disclaimer
This content (“Content”) is produced by John Maher. The Content represents only the views and opinions of Mr. Maher. Mr. Maher’s trading experiences and accomplishments are unique, and your trading results may vary substantially. TradeZero does not endorse the Content and makes no representations or warranties with respect to the accuracy of the Content or information available through any linked third party sites. The Content has been made available for informational and educational purposes only and should not be considered trading or investment advice or a recommendation as to any security. Trading securities can involve high risk and potential loss of funds. Mr. Maher is compensated by TradeZero for producing the Content and may also receive compensation for customers he introduces to TradeZero.

TradeZero America, Inc. (“TZA”), a subsidiary of TradeZero Holding Corp., is a United States broker dealer, registered with the SEC and member of FINRA and SIPC, that offers self-directed electronic securities trading to its customers. TZA does not provide financial or trading advice and does not make investment recommendations to its customers. This communication does not constitute an offer to sell or a solicitation to buy any security or instrument which it may reference. There is a risk of loss in online trading of securities including equities and options. Trading on margin is for experienced investors only as the amount you may lose can be greater than your initial investment. Likewise, short selling as a securities trading strategy is extremely risky and can lead to potentially unlimited losses. If you have any specific questions, please reach out to TZA directly at support@tradezero.us.

Sources
TradeZero - Homepage (October 15th, 2022)
https://us.tradezero.co/

Yahoo Finance - What Is Day Trading And Should You Do It? - Matthew Frankel - Feb 12th, 2019.
https://finance.yahoo.com/news/day-trading-160000037.html

TradeZero US Pricing (October 16th, 2022)
https://us.tradezero.co/pricing

TradeZero – ZeroMobile (October 16, 2022)
https://us.tradezero.co/zeromobile

TradeZero – ZeroFree (October 16, 2022)
https://us.tradezero.co/zerofree

TradeZero - ZeroWeb (October 16, 2022)
https://us.tradezero.co/zeroweb

TradeZero – ZeroPro (October 16, 2022)
https://us.tradezero.co/zeropro