Posted by forex at 2:29 AM
Read our previous post
1. Choose a financial vehicle for your day-trading. If you have less than $25,000 for your trading account, you are limited to markets other than the stock market. The two most common financial instruments for day-trading on low capital include the foreign currency exchange market (Forex) and the futures markets.
2. Open an account with a brokerage that services the type of financial instrument you plan to trade. Many brokers specialize in just Forex or futures, though some do service both. If you have especially low capital to spend on trading, such as less than $2,000, seek brokers that authorize accounts for small opening balances. Mini Forex or micro Forex accounts are often good choices, and some can be opened for as little as $25.
3. Fund the brokerage account after the application is approved. Most brokers provide tools for an ACH transfer of funds between your bank account and the brokerage account.
4. Download the trading platform provided by your broker. Day-trading is a fast-paced system, and traditional brokerage tools are usually not adequate for buying and selling during short periods. For this reason, each broker usually offers a proprietary software package for interacting with your brokerage account quickly in real-time.
5. Install the trading software after it is downloaded.
6. Log in to the trading platform with the user name and password provided to you during your account sign-up. You are now ready to day-trade on low capital.