Day Trading for Beginners

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Beginners who try day trading should set up an account with a discount broker, be aware of trading fees, have access to research on stocks, and watch investments very closely. Understand the tax implications of day trades, and diversify as much as possible with advice from a financial planner in this free video on investments.

Part of the Video Series: Investment Facts
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Video Transcript

Hi there, I'm Cathy Pareto, the founder of Cathy Pareto & Associates, certified financial planner here in Miami, Florida. In this clip, we're going to be talking about day trading for beginners. Now I personally don't do day trading nor do I do that with my clients, but for those of you who want to dabble in this, here's what you need to do. Essentially you'd have to open up with a startup amount as some kind of a typically discount broker like ScottTrade, eTrade, TD Ameritrade, whoever you choose, be cognizant of how much your trading fees are going to be, be able to have some access to research on those platforms and here's the thing with day trading is that you have to be watching it like a hawk, I mean you're going to married to your computer probably and if that's OK with you, then best of luck. Things to consider when day trading also, what kind of tax implications are going to be to your trades? Hopefully you're very successful making profits and if you're trading within one year or less, you're going to be subjected to short term capital gains. So look at the whole picture and really try to diversify as much as you can if you're doing a risky investment like that. So that's a little bit about day trading and this has been Cathy Pareto in Miami, Florida.

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