Best Day Trading platform for beginners in 2023
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Are you looking to start day trading but you need a platform that can keep up with your fast paced trades? With so many options available, how do you know which one to choose?
The fact is, there are countless trading platforms out there, and not all of them are created equal. As a beginner, you’ll want to choose a platform that offers low costs, premium research, innovative strategy tools, and a comprehensive trading platform.
If you are as to how to start researching these platforms, don’t worry, this best day trading platforms for beginnersarticle has got you covered. Keep reading to discover more.
TradeStation
As a high quality trading platform and comprehensive research tool, TradeStation is a top choice for day traders of all levels. The platform offers commission free trading for stocks, ETFs, and options. They also offer a bevy of advanced tools to design, test, monitor, and automate custom trading strategies.
One standout feature of TradeStation is direct market access, which ensures speedy order execution, with an average order time of under 0.04 seconds. This makes TradeStation a great option for fast-paced day traders.
In addition to direct market access, TradeStation also provides helpful educational resources for beginners. TradeStation is compatible with TradingView charting software, which is a big plus. Options investors can take advantage of free access to the OptionStation Pro platform and a discounted per-contract fee of $0.60.
Although the plans and pricing of TradeStation can be confusing at times, the platform has earned a solid reputation over the years and has been in business since 1991. The Cruz brothers behind TradeStation even created EasyLanguage, a coding language for non-coders that allows any user to write a trading strategy.
TradeStation Simulator provides a risk free way to test out new investing strategies before committing any real money. With so many powerful features, it is no wonder that TradeStation is one of the top platforms for beginner investors.
Humbled Trader
Humbled Trader is an educational platform that caters to day trading beginners looking to make consistent profits. Led by well-known YouTuber Shay Huang, the Humbled Trader Academy offers over 12 hours of comprehensive video lessons covering all aspects of day trading basics.
One unique feature of the Humbled Trader Academy is its focus on trade planning for small cap as well as large cap stocks. The course also includes detailed trading strategy modules and quizzes to test understanding.
Humbled Trader emphasizes transparency and realistic expectations for beginner traders, as day trading takes time and effort to master. The platform provides a variety of resources for students, such as live streams, coaching sessions, webinars, chat rooms, and a daily stock watchlist.
While the cost of the Humbled Trader Academy is not cheap ($1870 per year), the quality and breadth of resources make it well worth it for those serious about becoming successful day traders. Experienced traders can also benefit from the valuable information provided in the course.
Overall, Humbled Trader is a great option for anyone looking to start day trading or improve their trading skills.
TradeNet
Education is a crucial aspect of day trading, and one of the best educational platforms available is Tradenet. It provides a comprehensive day trading platform that offers beginner traders access to a plethora of educational materials, helping them better understand different trading strategies and elevate their game.
The beauty of a platform like Tradenet is the ability to keep learning, as it covers everything from the basics to the most advanced topics. It offers both self-study and individual courses, as well as 1-on-1 coaching and a community chat room, which collectively help traders build knowledge and grow more confident in their day trading strategies.
Tradenet offers four training course packages – Intro, Student, Expert, and Professional – all of which focus on the US equities market. Each package comprises a combination of individual courses and services.
While each course is priced individually, the best value is found in the educational packages. The Self-Study Course is the core component of all Tradenet’s educational packages, priced at $290, and is designed for beginner traders. It covers all the basic principles of day trading, and is available 24/7 for 12 months after purchase.
What Is The Best Day Trading Platform For Beginners?
When it comes to finding the best day trading platform for beginners, it ultimately depends on individual needs and preferences. For example, some may prefer a platform with a user-friendly interface and others may prioritize access to advanced trading tools and features. Also, factors such as commission fees and educational resources will play a big role in platform selection.
Before getting started with day trading, it’s important to first understand the differences between scalping vs day trading. Once you know this, it is easier to decide which approach aligns better with your goals and risk tolerance. It’s also crucial to gain a solid understanding of the best indicators for day trading to help identify ideal entry and exit points, because like many things in life, timing is everything.
Ultimately, the key to finding the best day trading platform for beginners is to take the time to do your research and carefully evaluate your options before making a decision. With the right platform and a solid understanding of day trading strategies and indicators, beginners can set themselves up for success in the fast paced world of day trading.
