Best online trading site for me?
Day Trading Sites – Choosing One for Profits
With the rise of online trading we have seen a dramatic rise in the number of day trading sites offering a variety of day trading systems, e-books and courses to help you scalp the market and make small regular profits that can build wealth, let’s look at choosing the best.
One of the big myths of trading is that you can make money day trading – if you ever see a day trading site that has a track record of gains, look for the disclaimer below or a similar one. Read it carefully:
“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
So this means you can make up any track record you like, as you are simply simulating it and know the closing prices – try and find a day trader with a real time track record audited over the longer term ( 2 years plus ) and your in for a long search.
Day trading and long term profits are a contradiction in terms – why?
The simple reason is – you can never get the odds in your favor and are guaranteed to lose. All short term volatility is random, support and resistance levels in these time frames are meaningless and you simply can’t set levels that are valid to key off and get the odds in your favor.
Of course this is obvious. We have a huge mass of traders millions of them, trading all with different systems and personalities and to say you can measure what they will do in a few hours is laughable and totally incorrect.
Many traders say that human nature is constant and therefore prices move to a scientific theory. You will often find them use such theories as – Gann, Elliot and Fibonacci but they don’t work.
Why?
Because human nature is constant but we certainly don’t conform to a scientific theory when trading! We are creatures of emotion and you can’t measure these scientifically.
If there were a scientific theory that worked, we would all know the price in advance and there would be no market.
Most day trading sites are not run by traders at all there run by marketing organizations that sell simulated track records with hyped copy, to appeal to naïve or greedy traders – they make their income from selling product and the trader takes the losses in the market.
If you want to make money avoid day trading sites and day trading it really is that simple instead, look to trade longer term trends where you can get the odds in your favor.
About the Author
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What is the best website to go to to learn about investing in stock?
I’m looking for something with very easy to understand instructions like “Stocks for Dummies”, nothing to in depth but enough info that I’ll know how it all works. Also what is the best online site to buy and trade stocks?
I said simple and easy to understand.
You will find basic information on investing at those web pages, good luck!
Watch Me Day Trade Live Online 10-31-07 Part 1
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Dr Jim 12th February 2010
zecco.com is the best for commissions. I use them and have no problems.
Michelle F 12th February 2010
ummmmmmm
kckid2 12th February 2010
You’re a poor college student and you want to trade stocks.
It doesn’t sound like your major is in business.
Methinks you may be getting poorer real soon.
But, good luck and all that. There’s more ways to learn than books can provide. And you may be on the brink of a major discovery.