Day trading

[gkareer]

I am new to this website, so i would just like to say hello to everyone.

Over the last 6 months i have read up alot on trading & technical analysis & i think i'm ready to strt trading.

I'm planning on day-trading & at the mo i work from 2.30pm till 8pm so have about 6 hours free to trade. Firstly is this much time ok? or do i need to me at my monitor till 4.30 till markets close??Secondly i want to earn between £50-£100 a day with £6k as capital & if i can constantly do this, will then trade full time, so could then trade both US & UK markets, but at present will only be able to day-trade UK.

Is there any trading strategies that i could use for my trading that would achieve these results & would i be better to open a SB or a normal trading account.

Can anyone recommend any companies they use..

thank you

Sonny

 

[2468steve]

gkareer,
welcome,and good luck with your trading.Use these boards for advice and ideas,learn as much as poss,and study the markets as often as you can.
Your first priority though is instead of trying to earn £50-£100 per day,would be to make sure you do not lose that amount instead.
Trading is not easy,and preserving your 6k,will be vital whilst you move up the learning curve.
All the best
Steve

 

[gkareer]

Thanks steve, i think i overlooked the losses side of thinks so should give that priority, whay type of account would u think would be ideal for a starter as i have read that the spread on SB can be high but that must we weighed against dealing costs, stamp duty & uh!!! capital gains tax...i think i'm dreaming now!

 

[Trader333]

Sonny,

Whatever you do I would suggest that you do not risk more than 1% of your capital on any trade so that means do not allow yourself to lose more than £60 including the spread. Because you work from 2.30pm to 8.00pm you will be restricted to trading UK and EU markets. Can you make £50 to £100 per day ? Well there is a discussion about this whole issue at the moment and it would be a good idea to read it.

http://www.trade2win.co.uk/boards/showthread.php?s=&postid=36789#post36789


Cheers


Paul

 

[2468steve]

gkareer,
Fins are probably best to start with as you can keep your bets small.

 

[bottomdollar]

One of my favourite quotes "Trading is one of the most difficult ways to make easy money!!"

So true... good luck