Building wealth for generations is a goal for many people in the world. You want your children and your children’s children to be better off than you. One of the ways to do that is to create financial independence for yourself and, in turn, be able to guide your children to a nice life with a good job and a healthy income. The way to build financial independence, however, is through savvy investing and trading.
Part of the way that you can get the top of the trading game is by using the best online brokers in the business. When you are able to find the platform that work for you, you can leverage it to bring in the profits that you desire. Interactive Brokers can be that platform, but you need to up your day trading skills in order to take full advantage of its potential.
Forex is one of the specialties of Interactive Brokers. Foreign exchange trading, which is lifeblood of international commerce, is one of the largest markets in the entire world. It runs 24 hours per day, 7 days a week. There is nary a financial product in the world that IB doesn’t allow its users to access. The list goes from stocks, bonds, futures, commodities and EFPs to funds, forex, bonds and CFDs. The potential is there for traders that want to learn how to do what is necessary.
Anytime that you want to become a functional day trader, you want to take your education to the next level. You want to find a day trading education site that will teach you how to hunt for hot stocks, techniques for timing the entries and exits correctly, chat rooms to work with other trades and a simulated market environment where you can practice all these ideas.
Practice is an underrated part of being a day trader. You need to be able to spend time trading in a paper trading simulator so that you get the feel for how the market acts each day and how to enter and exit at the right time. It can be a science to prepare for but an art when you get down to the day to day. Being able to mess around with virtual currency allows you to make mistakes that will help you learn. Mistakes are always starting point for figuring out what to do. And you can prevent yourself from losing too much money if you are just practicing.
Interactive Brokers, for those that have enough screen time as day traders, can be a very lucrative partner. The account minimums are quite high compared to retail brokers like TD Ameritrade and Etrade, at $10,000. But that just means that the more serious player are at this level. High frequency and high volume traders are going to use the plattform to its fullest, because you are only paying 0.5 cents per share. And the higher you go on volume, the lower your per-share commission goes.
Trader Workstation is the software program that Interactive Brokers maintains for its users. Beyond featuring a customizable dashboard, you can get real-time data monitoring and watchlists right on your screen. The performance is very fast and the execution of trades is excellent and well-supported.