When hopeful day traders take their first tentative steps into the world of trading, it can be difficult for them to know where to begin. There are an innumerable amount of brokers and such out there who will be happy to take your money, but making sure you know what you’re doing is essential. Day trading can be very rewarding if you know what you are doing, but it can be very expensive to make the kinds of mistakes that newbies need to learn from.
You need to know that your options are fairly limited if you want to learn how to start day trading with $500. Most brokers will expect minimum account balances, as well as regular fees in order to handle your accounts and trades. If you don’t have a significant amount of startup capital, it can be difficult to get your day trading activity off of the ground.
That being said, there are a few options that hopeful day traders have when it comes to starting up their day trading career. With only $500, it is hard to regularly day trade US stocks, which require a $25,000 minimum account balance for pattern day traders. However, there are other markets, such as Forex, where traders can get started comfortably with only $500.
There are also other options, such as introductory courses from a trusted day trading academy that can teach you where to start. Some of these courses even provide the opportunity to apply for a funded trading account from a trusted third party broker. Opportunities like this can be huge for somebody who wants to know how to start day trading with $500.
You can apply for a funded trading account
Since it is recommended for day traders to start learning with US stocks, hopeful traders should avoid moving to the Forex market when they are just starting out. However, there are a lot of other options at your disposal. For example some companies like Tradenet day trading academy offers a range of online courses that can teach a wide variety of day trading skills.
Hopeful traders can go through the free courses and online resources in order to get an idea of what the academy has to offer. When you’re ready to take the next step into the world of day trading, it is recommended to check out the Intro Program that Tradenet offers. The intro program gives students access to a wide range of learning resources and online courses, as well as an opportunity to apply for a funded trading account from a trusted third-party firm and start day trading with only $500.
The online course gives you access to a huge library of modules and units that you can study at your own leisure. There are also interactive lessons and tests that you can use to test your progress as you grow with your day trading education. Students can also log into Tradenet live trading room in order to see the experts trade live, and discuss trading techniques with other day traders of all skill levels.
Tradenet also has other courses available for more experienced traders who want to take their day trading to the next level. Some of the units covered by the Intro Program include:
- Practical use of indices, sectors, and prominent shares
- How to read and analyze market charts
- How to use charts and trading platforms in real-time
- How to use moving averages and Fibonacci
- And many more
The topics are designed to get new traders acquainted with the skills they need to get started. Once students have completed the course and proven their ability, they can apply for a funded trading account with a third party firm. The funded trading account allows hopeful traders to practice and profit from real trades without risking too much of their own money.