Is it possible to earn high returns by day trading without spending long hours of research? Research shows that over 80% of day trading services lose money, highlighting the need for expert guidance and reliable tools.
This is because day trading involves a high risk and it is challenging to be consistently profitable in short-term trading. But what if there is a way you can leverage the skills and resources of experienced day traders through day trading services?
In this article, we will look at some of the top day trading services that can help boost your portfolio.
What is Day Trading?
Day trading means buying and selling stocks, bonds, commodities or exchange-traded funds often during the trading day. Day traders aim to make money from short-term price changes in these assets.
Unlike long-term investors who hold investments for months or years, day traders try to buy and sell before the market closes at the end of each day. They do not keep any positions overnight.
The objective is to enter quickly and exit trades to earn profits rather than waiting patiently for investments to grow over a longer period. It requires predicting price movements within a single day and taking advantage of small fluctuations up or down. While it may seem exciting to try and profit from small daily changes, day trading is essentially a form of gambling.
It is risky because only 13% of day traders were consistently profitable over six months, per a University of California study.
For fast profits, one requires the fastest updates and guidance. Foxian is one of the fastest-growing communities, with an 85% month-on-month win rate.
Best Day-Trading Platforms of 2024
The platform you choose can significantly impact your ability to research markets efficiently, place timely trades, and overall trading experience. Below, we have mentioned top day trading platforms:
Interactive Brokers is one of the top day trading services brokerage firms catering to casual and experienced traders. Their two service tiers – IBKR Pro and IBKR Lite – allow customers to choose the package that best fits their trading needs and budgets. While IBKR Lite offers free stock trades, IBKR Pro provides additional tools and market data for advanced analysis.
Both tiers provide competitive pricing on trades, with cheap stock commissions of $0.005 per share or less and low options fees of just $0.65 per contract. This affordable pricing makes day trading services cost-effective, even for those executing many monthly trades. Interactive Brokers also give volume discounts for customers who trade high share amounts regularly.
In addition, the broker offers an extensive selection of tradable assets like stocks, ETFs, forex, and cryptocurrencies on their platform.
Lastly, Interactive Brokers runs referral promotions where new customers can earn $200 for each successful referral. This helps the broker gain more signups while rewarding existing customers for spreading brand awareness among their social circles. Overall, Interactive Brokers provides a low-cost, full-featured trading experience that benefits casual hobbyists and professionals.
Charles Schwab is an excellent day trading services platform for both beginning and experienced day traders. They offer a variety of easy-to-use trading platforms that cater to different experience levels, including desktop and mobile apps.
One useful feature is Day Trade Buying Power, which allows traders to avoid margin calls by temporarily extending extra day trading funds. Additionally, Schwab provides robust education resources with detailed market research and tutorials to help new traders learn the ropes.
With commission-free trading on stocks, ETFs and low per-contract fees of $0.65 for options or $2.25 for futures, Schwab keeps costs low regardless of trade frequency. Traders also have a large choice of mutual funds and ETFs from popular fund families.
Schwab further sweetens the deal with a generous new account bonus – referrals who sign up can earn $1000. Overall, Schwab’s low-cost platforms, education tools and competitive pricing make day trading services accessible for both beginners looking to learn as well as active traders focused on profits.
Fidelity is a highly affordable day trading services both for casual hobbyists and experienced day traders alike. With no fees on stock trades and low $0.65 per contract fees for options, individuals can execute numerous intraday transactions comfortably. Its robust desktop and user-friendly mobile applications allow seamless access to markets.
Traders enjoy wide-ranging funds and fractional share investing for increased flexibility. Beyond cost savings, Fidelity’s exceptional research informs investment decisions through economic calendars, news, and company filings.
Round-the-clock customer support is also available to resolve any issues promptly. Overall, Fidelity’s blend of low costs, robust tools and features helps individuals efficiently grow their portfolios through informed short-term activity.
ETRADE supports traders of all experience levels with an intuitive mobile experience and feature-rich tools. Their Mobile app and Power ETRADE Pro offer sophisticated yet accessible interfaces to research markets, place timely trades, and interact seamlessly. Moreover, streaming market quotes and newsfeeds keep adventurous traders apprised of opportunities.
Cost-conscious individuals benefit from commission-free stocks, ETFs, options and mutual fund trading. At just $0.65 per options contract, even novice traders can experiment freely without significant fees. Beyond affordability, E*TRADE elevates the experience through personalized consultation. Financial experts guide call, chat or in-branch. Traditional brokerage, joint and custodial accounts also accommodate varied goals.
As an added incentive, new customers receive up to $1,000 simply for funding an account. This allows traders to apply capital toward long-term goals or short-term strategies immediately.
Ally Invest has established itself as a highly accessible day trading services nurturing both newcomers and professionals. At the core is their low-friction, affordable structure – commission-free equities and ETFs alongside a mere $0.50 fee per options contract. Particularly benevolent for enthusiasts operating solely online, Ally waives postage, inactivity, and electronic fund transfer costs as well.
Meanwhile, merchants gain insights from a suite of digital research databases and screeners. Real-time quotes, analyst reports and customized setups inspire confident decision-making.
Traders can automate cash deposits beyond the portfolio into Ally Bank’s high-yield savings. Most importantly, customer care rounds out the experience; 24/7 telephone representatives clarify any operational or strategic inquiries.
Final Thoughts
Selecting the top day trading services requires evaluating key factors like tools, costs, learning support, and more to suit one’s specific needs and strategies. While requirements may differ for each individual, platforms such as Interactive Brokers, Fidelity, E*TRADE, Ally, and Charles Schwab stand out as top considerations due to their robust features and day trading services geared towards both new and experienced traders.
If you are also interested in day trading and want to get the latest news, updates, and guidance from experts follow Foxian.
Frequently Asked Questions (FAQs)
1. Which of the top day trading services platforms is best for daily trading?
- Interactive Brokers – Best for professionals.
- Charles Schwab – Best desktop stock trading platform.
- Fidelity – Excellent web charts.
2. What is the most profitable way to day trade?
Use leverage. Leverage is a common investment strategy for day traders. This involves working on margin and trading with borrowed funds. If your trades are profitable, margin trading has the potential for significantly larger profits.
3. Is Day Trading Profitable?
Day trading is difficult. A two-year dropout rate of 75% was seen in a University of Berkeley study that involved day traders. According to the same survey, up to 80% of deals are not profitable.
4. Do day traders pay taxes?
Profitable traders must pay taxes on their profits, lowering their potential profit.
5. What is the return of day trading?
The variety of trading strategies, risk management techniques, and amount of capital all affect a day trader’s returns.