@gework @Pelagius
I use Fidelity Active Trader Pro. The software is free with an account. It used to be around $7.99 commission to trade, but now it is free - possibly because I have a long standing account. Not sure if they are doing a new promotion or anything.
You will need to keep a minimum balance considerably higher than some platforms (25,000USD) and call them over the phone to apply for a Pattern Day Trader account. If you do not do this, and make several transactions in short succession, it
can get flagged as a good faith violation, which will result in a 7 day freeze on your account. Trading needs to be done from a margin account, regardless of if you use margin. You can buy funds & stocks in their/your cash account too, you just won't be able to do intraday moves.
Yes they have access to a ton of things. I honestly just focus on volume tho. I am not a professional trader, and I have taken exceptionally high risks, due to the fact that without leveraging large share-size, it's unlikely to make truly life changing money. I have little interest in buying the SPY and just sitting for a year hoping for 10-15% - I am not materialistic. I do not own a car. I haven't owned a TV in a decade. I simply want security on a long-term time horizon and my job doesn't allow that. I make around $15k a year. Which is quite modest, but I also have near complete freedom of my schedule & very little expenses.
It is a bit frustrating, that despite a few years of trading, learning, feeling it out, I grew $5k to about 80k, lost it, grew it back to 20, 40 then 60 etc. Had I just bit the bullet and jumped back in in March, things would be far better now.
There are stocks & funds I follow and research, but when I make day trades, I look for things that have potential to really move in a short time frame. I find the charts and spend about 15min looking at them. It does feel like gambling. Crazy. And right now, I am focusing on making small profits participating in say 0.20 of the move, if the stock goes up .35 in an hour or so. I scan for volume, watch Level 2, and try to place an order when momentum picks up, ideally at a historic price level, like previous highs, gaps or pre-market highs. The trade must:
- have higher than normal volume
- obvious support or trend line
- historical price action in the current price range
- be grinding while the RSI looks good
- history of making decent sized moves on the daily chart
When I first got into it, I would take 1000-5000 shares of a penny stock and just swing it for 5 cents or so. I had a few big winners and a few over-nighters that got bought out for like $10 a share more than my buy in, and that's what propelled my account. After that, I started buying a basic mutual fund with like AMD, TSLA, AAPL, GOOG for about 15% of my portfolio. The rest is in speculation & trading.
My trading approach now, and what I would recommend is to take a cheaper stock, $1-8 range and take 600 shares. Try to capture a twenty cent move. If it turns against you by a nickel get out. You only risk $30-40. Get in when the price is just grinding and volume starts picking up. Hold as the price direction starts moving. Allow it to run .15 or more, but if it turns back just take the profit. It will leave winners on the table, but when you scan for volume - it could be crap companies, or bad news, or good news - either way it is volatile. We are just looking to participate in part of the wave, hopefully in the correct direction. This is what I did, but with like 10,000 shares, where .10 is $1k. You have to stomach fast moves, and don't look at your balance while trading, as every penny is $100. You will hit losses. I've endured quick 2k, 5k, 8k losses in minutes, only to bounce back and make 10k the next day. Or lose 20k, but make 35k the next. It is not for everyone, and typing this out, I can't believe I spent 2 years doing that. Now, I am just looking for consistency & navigating 2020-2021. Wishing you all the best of luck.