TradeStation Securities is currently the top brokerage for day trading. Research has shown that the global stock market is currently worth around $117 trillion. More than $49 trillion comes from US stock markets, which represent the largest amount of day traders in the world. Day traders either use their own money or get a brokerage to assist with their needs. TradeStation Securities won the title of “Best Online Broker for Stock Trading Platform and Research” at NerdWallet’s Best-Of 2022 Awards. The award specifically identifies the company’s trading platform software, which offers an efficient way for stock traders to use cutting-edge features to learn, plan, and execute trading opportunities.
TradeStation Securities Rated “#1 Platform Technology” for the Tenth Consecutive Year in StockBrokers.com 2022 Online Broker Review. TradeStation Securities topped all other brokers to win the award for “#1 Platform Technology” for the tenth year in a row in the 2022Online Broker Review conducted by StockBrokers.com. TradeStation Securities also received “Best in Class” in three categories. Options Trading – “Best in Class,” 10th Year in a Row. Active Trading – “Best in Class,” 12th Year in a Row. Futures Trading – “Best in Class,” 3rd Year in a Row. Commissions & Fees – “Best in Class,” 3rd Year in a Row. Platform & Tools – “Best in Class,” 11th Year in a Row.
Quick Knowledge on Day Trading
Day traders buy a stock at one point during the day and then sell out of the position before the market closes; typically, on the same day, it is not advised to hold a position overnight. The most successful day traders will use a strict methodology to analyze potential turning points in the market for entry and exit points. Traders will often use technical analysis to detect potential trading opportunities throughout the day. Technical analysis is the use of chart patterns and technical indicators to find turning points in the market where buyers and sellers could make a profit.
With trading options, you can purchase a call or a put option. A call option gives you the right to buy a stock and a put option gives you the right to sell the stock. If you believe the market is trending upwards you would purchase a call option. If you felt the market was trending downwards you would purchase, put contracts. You would then sell your contracts to either follow your strategy or to minimize a loss. Before you invest a single dollar in day trading you need to learn about the market so you have an understanding of what the overall stock market is doing.
To start day trading you need to decide on a number you are comfortable using to start trading. A good rule of thumb is an amount that if lost will not devastatingly hurt you. You also need to have a stop loss number in mind. This is a number that you are comfortable losing when a trade is going against you and you need to exit. Keep your trading size small, so if a few trades go against you, it doesn’t wipe out your account. Remember without capital you can’t enter into a trade so you want to make sure you are making smart decisions.
You can day trade with two types of accounts; cash account and margin account. Some traders prefer to day trade with cash accounts. The best way to associate cash and margin accounts in your mind is to compare them to a known scenario; which would be cash vs credit. Cash makes it easier to budget and stick to a certain amount because you can’t exceed what you don’t have. Credit cards accrue interest and you don’t have to have the amount readily available to pay back and still obtain the item you are desiring at that present time.
What is a Broker?
A broker is a person or company authorized to buy and sell stocks or other investments. If you want to buy stocks, you can get a broker to be your middleman to place those orders on your behalf. Many people open a brokerage account with online brokers rather than working with a person. Often called discount brokers, online brokers are typically less expensive and allow you to buy or sell stocks and other investments directly through their websites or trading platforms. Brokers are typically compensated through a commission on each trade.
Investors have historically paid a broker a commission to buy or sell a stock. For human stockbrokers at full-service brokerage firms, but investors who manage their brokerage accounts and use an online broker to buy and sell investments can now do that commission-free if they choose the correct broker. Brokers that do not charge commissions make money off investor assets in other ways. Most often by earning interest on uninvested cash in investor accounts. Most investment accounts hold a small amount of cash, and a broker sweeps that cash into a deposit account that earns interest. A small portion of that interest is paid to the investor, and the brokerage firm pockets the rest.
Brokers also sell trades to market makers, which earns them a small fee per trade. Investors hardly notice this, but it can in some cases slow trade performance and raise the cost of the trade slightly. High-volume traders may wish to choose a broker that routes trade orders based on price. Once you choose a broker, you’ll open a brokerage account; which is known as an investment account. You need a brokerage account to buy or sell stocks and other investments; like options. The broker will walk you through the process of opening an account. This process typically doesn’t take long and is typically completed online.
Top Brokerage for Day Trading: TradeStation
Tradestation offers new or seasoned traders a place with powerful trading technology, online brokerage services, and training education all in one location. Across generations, traders and investors share a common goal; to have financial freedom. Active traders and investors have used TradeStation’s trading tools and online brokerage services to design, test, optimize, monitor, and automate their custom trading strategies for several years.
Traders and investors are drawn to TradeStation because it is a trusted, reliable, and versatile platform for equities, options, and futures, as well as cryptocurrencies. TradeStation is a self-clearing broker-dealer and futures commission merchant (FCM) with offerings that include learning content intended to build confidence among those new to investing and sharpen the skills of seasoned traders. Its technology has adapted over time and is accessible on desktop, Web, mobile, and via application programming interface (API) technologies.
Summary: Top Brokerage for Day Trading
You have learned that TradeStation Securities is currently the top brokerage for day trading. You got a quick rundown on what day trading is but I am hoping that the key takeaway that you took from that section is that a strategy is needed. Whether you decide to go with a broker or do things on your own. You want to make sure you are making financially sound decisions. With day trading, you can start small, and you don’t need an exact number when it comes to the capital needed to get started. I can teach you how to day trade like the top 10% without a complicated strategy or any technical indicators, even if you are a beginner.
My goal has always been to teach as many day traders to achieve their personal financial goals, whether they are novice traders or experienced traders. The MK VIP training has plenty of resources to help you get started on reaching your day trading goals. I teach the working class how to earn $10,000 a month through day trading. I help my students avoid the challenges I faced when I first became a day trader. As of now, MK Financial LLC is already the #1-day trading coaching business in the US in just one year. You are just a click away from learning what you need to become a day trader and take your life and salary to the next level.
Maurice Kenny has helped over 600 people become financially free through one-on-one coaching, mentorship, and options trading strategy. Many of these new traders are now full-time traders, and they all started by watching his 1-hr webinar.
Feel free to check out other FREE educational resources to help guide you as you begin your new journey to financial freedom.
Also, download a (FREE E-BOOK) by Maurice Kenny, “DAY TRADE LIKE A MILLIONAIRE.”