All day traders are not created equal. Some exchange securities many times a day and demand a trading screen that looks like something from NASA. Others make only fine adjustments to their portfolios as needed.
Day Trading
Most experts tend to divide day traders into four basic types:Hard-core Day Trader
This is the new breed of day trader, someone who trades many times a day, pays as little as possible per transaction and demands speed and power.
Fundamentalist Day Trader
Speed isn't nearly as important as reliable information and extensive research. These people tend to trade less than hard-cores--and study more.
Long Viewer Day Trader
Stability and long-term growth are key for this investor, so instruments such as mutual funds and IRA accounts tend to be critical. The long viewer is a conservative investor.
All-in-one Day Trader
These folks prefer a comprehensive package of financial products--stock trading, mutual funds, credit cards, bill payment and checking--all under one roof. They have simplicity in mind when looking for online access to accounts.
Consider which of these fits your mind-set. Then examine the discount brokerage to determine which levels of price and service work best for you. Plan to trade all day, every day? Look for a site with low commissions, a streamlined trade interface and real-time account updates. Want to invest for your kid's degree at Stanford? Look to the reliable brands that will still be there when you are, with products that set their sights on payoffs years down the road.
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