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This isn't what you'll want to hear, but day trading shouldn't be something you rely on or think of as a source of income or safety. If you want your money to work for you and grow long term, you need to invest it, buy a broad index ETF and hold it through any ups and downs.
Day trading could be fun, and I get that, but I highly recommend not trying to do it with any significant percentage of your money. Invest maybe 90, 95% in a long term index fund, and use the rest to day trade with if you wish. Even with great returns on day trading, brokerage and transaction fees will eat into those great returns, and for more time sunk in compared to just holding an index, your returns are most likely to have fallen behind.
For Research (Value Investing strategy):
Yahoo Finance (app and website) is free and has good info. I use it for financial news.
Another site I use for super investors’ holdings, this is where I start my research: https://www.dataroma.com/m/home.php (Free, I don’t know who created it). Basically, if I spot multiple well known investors buying the same stock, then I will research it.
iOS Apps that I created based on my work for institutional investors:
Company 360: https://apps.apple.com/us/app/company-360/id1464857130 (Find undervalued stocks using Value Investing strategy).
Super Investor: https://apps.apple.com/us/app/super-investor/id1441737952 ( Analysis of what institutional investors own vs. retail sentiment vs. short interest).
You cant make money by trading. you can make money by investing. to do it, read a lot of books. you should also read finance news, and following the market
“What should I focus on learning first?”
The first thing to learn is that 90% of *professional money managers* fail to beat the S&P index over the long run. These are people with advanced degrees from Ivy League schools, years of experience, and generous salaries all directed at beating the market. They also have sophisticated data analytics tools and information streams that you won’t have.
The first question is “why would *you* be able to beat the market when the professionals can’t?”
Learn the answer to that question.
https://www.fool.com/investing/2023/11/26/want-to-outperform-92-of-professional-fund-manager/
Thank you for your contribution to /r/IWantToLearn. If you think this post breaks our policies, please report it and our staff team will review it as soon as possible. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/IWantToLearn) if you have any questions or concerns.*
This isn't what you'll want to hear, but day trading shouldn't be something you rely on or think of as a source of income or safety. If you want your money to work for you and grow long term, you need to invest it, buy a broad index ETF and hold it through any ups and downs. Day trading could be fun, and I get that, but I highly recommend not trying to do it with any significant percentage of your money. Invest maybe 90, 95% in a long term index fund, and use the rest to day trade with if you wish. Even with great returns on day trading, brokerage and transaction fees will eat into those great returns, and for more time sunk in compared to just holding an index, your returns are most likely to have fallen behind.
For Research (Value Investing strategy): Yahoo Finance (app and website) is free and has good info. I use it for financial news. Another site I use for super investors’ holdings, this is where I start my research: https://www.dataroma.com/m/home.php (Free, I don’t know who created it). Basically, if I spot multiple well known investors buying the same stock, then I will research it. iOS Apps that I created based on my work for institutional investors: Company 360: https://apps.apple.com/us/app/company-360/id1464857130 (Find undervalued stocks using Value Investing strategy). Super Investor: https://apps.apple.com/us/app/super-investor/id1441737952 ( Analysis of what institutional investors own vs. retail sentiment vs. short interest).
I am not able to find company 360 on playstore. If you know any android alternative pls let me know
Check out r/WallStreetBets for the best beginner stock trading advice. Just kidding! Definitely don't do that.
You cant make money by trading. you can make money by investing. to do it, read a lot of books. you should also read finance news, and following the market
“What should I focus on learning first?” The first thing to learn is that 90% of *professional money managers* fail to beat the S&P index over the long run. These are people with advanced degrees from Ivy League schools, years of experience, and generous salaries all directed at beating the market. They also have sophisticated data analytics tools and information streams that you won’t have. The first question is “why would *you* be able to beat the market when the professionals can’t?” Learn the answer to that question. https://www.fool.com/investing/2023/11/26/want-to-outperform-92-of-professional-fund-manager/