As an investor, you know how to find stocks that have great potential for quick profits. You also know that the key to great returns is putting in the right research and analysis.
On this page, you find our recommendations for the best stocks for day trading. These are the companies and stocks you should keep an eye on in 2024 if you want to maximise your chances of
To help you find the best stocks to day trade in 2024, we selected companies from different sectors and market sizes. They have strong financial metrics, good ratings from analysts, and positive technical indicators for profitable day trades this year.
By keeping an eye on real-time data for these stocks and using analytical tools to time your entries and exits, you can aim to make big gains from the market's volatility and momentum.
Of course, it's important to manage your risks properly. Day trading can be rewarding, but you need to be well-prepared for the risks involved.
This list of top-performing day trading stocks gives you actionable ideas for short-term trades. Our goal is to use financial data to make smart trading decisions. With a structured and calculated approach, you can aim to beat the market on a daily basis.
Top 10 Stocks to Day Trade
Code | Price | Market Cap | Average Volume | |
|---|---|---|---|---|
Carvana Co | NYSE: CVNA | $50.29 | $9.01B | 8,181,777 |
Marathon Digital Holdings Inc. | NASDAQ: MARA | $18.95 | $4.52B | 75,060,444 |
Carnival Corporation | NASDAQ: CCL | $15.59 | $20.43B | 31,232,611 |
XPeng, Inc. | NYSE: XPEV | $8.44 | $7.95B | 11,985,162 |
NVIDIA Corporation | NASDAQ: NVDA | $701.33 | $1.73T | 43,601,657 |
Advanced Micro Devices, Inc. | NASDAQ: AMD | $171.11 | $274.78B | 70,611,011 |
Palantir Technologies Inc. | NYSE: PLTR | $23.75 | $53.91B | 64,930,496 |
Meta Platforms, Inc | NASDAQ: META | $470.09 | $1.19T | 18,190,175 |
Transocean LTD | NYSE: RIG | $5.13 | $4.15B | 15,813,565 |
Tesla Inc. | NASDAQ: TSLA | $191.07 | $601.54B | 117,247,852 |
*Data as of April 2024.
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Best Platforms for Day Trading
If you're a day trader or want to be one, you probably know exactly what you want from a brokerage and online trading platform. You want low costs. You also want excellent research, useful strategy tools, and a complete trading platform.
(If you're not a day trader yet, check out our guide on what is day trading to learn the basics.)
How do different online brokers and their trading platforms compare in meeting these needs? To help you decide which one suits you best, we've handpicked the top brokers and platforms for day trading in different categories.
| Name | Score | Visit | Stocks | Assets | Social Trading | Minimum Deposit | Disclaimer | |
|---|---|---|---|---|---|---|---|---|
 | 9.8 | Visitplus500.com | 2500+ | CFDs, Commodities, Stocks, Options, Derivatives, Cryptocurrencies, Forex | No | $100 | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Availability subject to regulations. FCA (FRN 509909). | |
 | 8.7 | Visitetoro.com | 3000+ | CFDs, Commodities, Stocks, Cryptocurrencies, Forex, Options | Yes | $50 | Don’t invest unless you’re prepared to lose all the money you invest. Your capital is at risk. 76% of retail CFD accounts lose money. | |
 | 9.1 | Visitinteractivebrokers.com | 11000+ | Cryptocurrencies, Stocks, Options, Derivatives, Forex, Penny Stocks | No | |||
 | 8.3 | Visitwebull.com | 500+ | Cryptocurrencies, Penny Stocks, Options, Stocks | No | |||
 | 5IG | 8.9 | Visitig.com | 15000+ | Stocks, CFDs, Forex, Commodities, Options, Derivatives | No | Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. |
What Makes These the Best Day Trading Platforms in 2024?
Day traders need strong research tools. They also need commission-free trading and a diverse range of assets to boost their strategies.
Check out these top five online platforms for day trading that offer these essential features. These platforms offer powerful research tools. Traders use them to gather information and make informed decisions.
Some online brokers even offer commission-free trading. You can maximize your profits without unnecessary fees.
Day trading platforms offer a wide variety of assets. This gives traders the flexibility to diversify their portfolios and adjust their strategies to different market conditions. These features allow day traders to confidently execute their strategies and achieve their financial goals.
Let's take a closer look at each platform to help you choose the most suitable one for you in 2024. To gain a comprehensive understanding of the various options available on the market and compare the leading services in 2024, check out the page dedicated to the best day trading apps.
When it comes to moving your first steps in day trading, Plus500 is a total game-changer. The trading platform is easy to use and perfect for beginners and seasoned traders.
Plus500's star feature is the WebTrader platform. It is sleek and user-friendly. The platform features customizable watchlists, integrated charts, and tools that make trading simple. And let's not forget about their mobile apps, which are just as impressive, allowing you to trade on the go without missing a beat.
Their pricing model is very competitive. They offer low spreads and commissions, especially on commodities. They don't charge annoying fees for deposits, withdrawals, or inactivity. It's like having a trading platform that respects your trading goals and your budget.
With over 2,000 CFD products covering everything from forex to ETFs, it's a lot more than a broker with the best day trading stocks. Whatever your trading strategy may be, Plus500 has got you covered.
With guaranteed stops on some instruments and negative balance protection, you can trade with peace of mind. This is especially true when the markets get a little crazy. Speed is everything in day trading, and Plus500 delivers with lightning-fast trade execution. For added peace of mind, Plus500 operates under the watchful eyes of top-tier financial regulators like the FCA and ASIC.
Account minimum deposit | $50 |
|---|---|
Commission | 0% |
Inactivity Fee | $10 |
Investment types | Commodities, Stocks & Shares, Cryptocurrency |
eToro offers intuitive web-based and mobile trading platforms that are easy to navigate. This makes it accessible for beginners, while still providing the functionality more advanced traders need. Customizable charts, watchlists, integrated trading tools and more allow for efficient day trading.
There are no commissions to buy or sell stocks and ETFs on eToro's platforms. Crypto trading fees are a transparent 1%. Spreads are also competitive. This helps keep trading costs down for active day traders making multiple intraday roundtrips.
eToro allows trading on over 2,000 global stocks, ETFs and CFDs. There is also access to major forex pairs and 25 top cryptocurrencies.
The platforms offer reliable trade execution speeds to capitalize on short-term price movements. Traders can swiftly react to shifting intraday market dynamics. Automated syncing between desktop and mobile facilitates continuity.
Unique offerings like CopyTrader for social trading and Smart Portfolios for pre-made baskets allow traders to leverage community insights. This can augment individual analysis.
eToro operates under financial regulators like CySEC and FCA. This provides a baseline level of reassurance for traders. It's about platform integrity and protections.
In our opinion, eToro satisfies key requirements to be considered one of the best day trading brokers in 2024. Day traders typically prioritize an intuitive interface, low fees, fast speeds, and a variety of assets - and eToro is great at all that.
Account minimum deposit | $0 |
|---|---|
Commission | 0% |
Withdrawal Fee | $10 |
Investment types | Stocks, bonds, futures, options & penny stocks |
Interactive Brokers (IBKR) offers Trader Workstation (TWS), an intuitive web-based and desktop platform. It has customizable layouts, charts, scanners, and trading tools. This makes them accessible for beginners while still providing functionality for advanced traders.
IBKR has competitive pricing with low commissions on US stocks and ETFs. There are tiered pricing plans based on monthly volume. Other fees like inactivity fees have also been eliminated. This helps keep trading costs down.
IBKR provides access to trade stocks, options, futures, forex, bonds and funds across 150+ global markets. There is a range of over 10,000 tradeable products. This caters to different day trading strategies.
The IBKR platforms prioritize fast, reliable trade execution. Traders use them to capitalize on short-term price movements. Traders can swiftly react to shifting intraday market dynamics.
Useful innovations like IBot for natural language trade requests, Impact Dashboard for TCA analysis, and the Traders Insight news aggregator augment individual research for day traders.
IBKR has been a publicly traded company since 2007. It has maintained stability through various market environments. There is reassurance that client assets and trading infrastructure are secure.
WeBull offers user-friendly web-based, desktop, and mobile platforms tailored for active trading. The layouts are customizable with advanced charting tools, screeners, and over 60 technical indicators. They help identify opportunities.
There are no commissions to buy or sell stocks, ETFs, and options on Webull's platforms. This helps keep trading costs down for intraday traders making multiple roundtrips.
WeBull provides access to trade stocks, ETFs, options, and crypto across U.S. and global markets. There are over 5,000 tradable products, including most of the top day trading stocks. This range caters to different strategies and fits perfectly the needs of day traders.
The platforms facilitate fast trade execution to capitalize on short-term price swings. Traders can swiftly react and implement strategies.
Useful innovations like paper trading let you test strategies with real market data. Custom screeners, risk management tools, and a community feed also improve trading and make WeBull a good option for beginners.
WeBull operates under SEC and FINRA regulation. This provides a baseline level of reassurance regarding platform integrity and protections.
Account minimum deposit | $300 for card payment only and no minimum for a bank transfer |
|---|---|
Commission | From 0.1% |
Inactivity Fee | $18 per month |
Spreads | 0.6 points on key FX pairs, 0.8 points on major indices, and 0.1 points on commodities |
Investment types | Stocks & shares, forex, indices, shares, commodities, cryptocurrencies, bonds, ETFs, options |
IG offers easy-to-navigate web-based and mobile trading platforms that are intuitive and accessible, even for beginners.The layouts are highly customizable and include advanced charting tools, screeners, technical indicators, and more, which help identify opportunities. Overall, the pricing is competitive.For share/stock CFD trading, there are tiered commission pricing plans based on monthly volume. Spreads are also tight on certain products like forex, starting from just 0.6 pips on EUR/USD, which helps keep trading costs low.IG provides access to over 17,000 products across global markets, including shares, forex, indices, commodities, bonds, options, and cryptocurrencies.
This broad range caters to different day trading strategies. The platforms facilitate fast and reliable trade execution speeds, which is critical for capitalizing on intraday price movements.
Day traders can react swiftly to shifting market dynamics. Useful innovative features help with analysis and make it easier to spot potentially lucrative trades. For example, ProRealTime offers advanced charts, Autochartist generates trade ideas, and the IG Community forums provide support.IG is a well-established broker that operates under regulators like the FCA, ASIC, and FSCA.
Company Profiles and Stock Analysis
Knowing which stocks are the best for day trading is just the first step. If you want to reduce the risk of making bad trades, you need to know more about the companies and products associated with the top stocks for day trading.
Staying on top of hard news and the financial markets is crucial. It helps you understand which stocks are best for day trading. This is especially important if you plan to trade regularly.
The value of the best EV stocks can depend on the policies of different countries and national elections. Other companies, like Apple or Microsoft, have annual events and product launches. These events can significantly impact the value of their stocks.
To better understand the list above, let's take a look at all the companies we suggest you keep an eye on today if you're searching for the best stocks for day trading.
Carvana Co
Ticker: NYSE:CVNA
Price: $50.29
Avg Target Price: $38.82
Avg Recommendation: Hold
Carvana Co. is standing out as a potentially lucrative option for day traders in 2024. Known for revolutionizing the used car buying experience with its online platform and unique car vending machines, Carvana is not just about convenience; it's about redefining an industry.
Should I Buy NYSE:CVNA Stocks for Day Trading?
When it comes to day trading, every second and every penny count. Carvana's stock, currently trading at $50.29, is quite a talk in the day trading community. But why?
Volatility and Price Movements: Carvana’s stock has shown notable price movements, a characteristic that day traders often seek for potential profits. The current price juxtaposed against the average target price of $38.82 suggests there could be significant movement, offering opportunities for traders.
Market Position and Potential: The used car market is enormous, and Carvana is uniquely positioned in this space. The company's innovative approach to car sales, primarily through its robust online presence, positions it well in a changing marketplace, which could influence its stock value.
Analyst Recommendations: With an average recommendation of 'Hold', there seems to be a consensus that the stock might not see major long-term growth soon. However, for day traders, who capitalize on short-term movements, this might not be a significant deterrent.
Risk vs Reward: As with any stock, especially in day trading, it's a game of risk versus reward. Carvana’s unique market position and stock volatility might present more opportunities for reward in the fast-paced world of day trading, but it's crucial to consider the inherent risks.
While the CVNA stock doesn’t align with traditional long-term investment advice, its characteristics could make it appealing for day traders.
The key lies in vigilance, understanding market trends, and being prepared to act swiftly. Remember, day trading requires skill, strategy, and sometimes, a bit of luck. Carvana Co could be a stock to watch closely for those looking to capitalize on short-term market movements in 2024.
How to Buy CVNA Today
Marathon Digital Holdings Inc.
Ticker: NASDAQ:MARA
Price: $18.95
Avg Target Price: $19.75
Avg Recommendation: Hold
Marathon Digital Holdings Inc. is a Las vegas-based cryptocurrency mining company that has made a big impact in the digital currency space.
This specific sector is known for its great volatility. We included NASDAQ:MARA in our day trading stocks recommendations because the crypto and digital currencies industries are always very promising for short-term gains.
Should I Buy NASDAQ:MARA Stocks?
The question of whether NASDAQ:MARA is a good buy for day traders depends on a few key factors:
Market Position: Marathon is at the forefront of cryptocurrency mining. Day traders take advantage of short-term price movements, and the volatility of this sector could provide many trading opportunities.
Stock Performance: With a current price of $18.95 and an average target price of $19.75, there's a small margin that could be used to make short-term gains. However, the real potential lies in the day-to-day price fluctuations. These are driven by the ever-changing crypto market.
Analyst Recommendations: The average long-term recommendation for Marathon is 'Hold.' This shows that analysts are being cautious. Most likely, it's because the cryptocurrency market is unpredictable. For day traders, this caution could be a sign to closely monitor the stock and strike at the right moment.
To day trade NASDAQ:MARA, you need a good understanding of both the stock and cryptocurrency markets. This company is in a high-growth, high-risk industry. That makes it an interesting choice for those looking to take advantage of digital currency-related stocks' quick price movements.
How to Buy Mara Today
Carnival Corporation
Ticker: NASDAQ:CCL
Price: $15.59
Avg Target Price: $20.79
Avg Recommendation: Overweight
Carnival Corporation is often a popular stock to day trade. As the biggest cruise operator globally, Carnival has a strong presence in the leisure and travel sector. This industry is known for being sensitive to global economic conditions and consumer trends. That makes it an interesting option for day traders.
Should I Buy NASDAQ:CCL Stocks?
If you want to include NASDAQ:CCL in your day trading opportunities, there are several factors to consider.
Industry Recovery: The pandemic has affected the travel and leisure industry, including cruise lines. Now, the industry is on the path to recovery. This recovery could result in higher volatility in Carnival's stock price. It could create opportunities for day traders.
Stock Performance and Analyst Outlook: The current price is $15.59. The average target price is $20.79. This notable gap suggests potential growth. Analysts believe the stock will perform better than the average market return. The average recommendation of "Overweight" indicates this.
Carnival's stock performance is closely tied to global travel trends, consumer confidence, and economic conditions. These factors can lead to significant short-term price movements.
How to Buy CCL Today
Xpeng, Inc.
Ticker: NYSE:XPEV
Price: $8.44
Avg Target Price: $105.26
Avg Recommendation: Overweight
XPENG, INC. is a big player in the electric vehicle (EV) industry and is known for having advanced technology and innovative models. The company focuses on intelligent electric vehicles and is leading the way in the EV market, which is known for its rapid growth and potential.
Should I Buy NYSE:XPEV Stocks?
When it comes to day trading, XPENG makes a strong case:
Market Position and Growth Potential: XPENG is in a fast-growing market as a major player in the EV industry. The EV sector is expanding. The global shift towards sustainable transportation suggests that the stock prices could see significant movement.
Stock Performance and Analyst Outlook: The current price is $8.44. The average target price is $105.26. The prices are significantly different and hint at potential growth. Analysts recommend an "Overweight" rating. This means they expect the stock to perform better than the market average.
Volatility and Trading Opportunities: XPENG's stock may experience significant volatility due to the nature of the EV market. This volatility could offer day traders many opportunities for profitable trades. They take advantage of short-term market movements.
We think XPENG, INC. is an opportunity when it comes to the best day stocks to buy now, especially if you want to benefit from the EV revolution. Its position in a high-growth industry offers a unique opportunity.
The significant difference between its current and target prices and the short-term market dynamics mean this opportunity is for those who can navigate effectively.
market effectively.
How to Buy XPEV Today
Nvidia Corporation
Ticker: NASDAQ:NVDA
Price: $701.33
Avg Target Price: $687.7
Avg Recommendation: Buy
Nvidia Corporation is a frontrunner in the world of technology. It is renowned for its advanced graphics processing units (GPUs). Nvidia is a key player in the gaming, professional visualization, data center, and automotive markets. Its innovation makes it a stock to watch in day trading.
Should I Buy NASDAQ:NVDA Stocks?
Here's why Nvidia Corporation could be a top pick for day traders in 2024:
Innovative Edge in a Growing Market: Nvidia is at the forefront of sectors like AI, deep learning, and gaming. This innovative stance places the company in a potentially high-growth trajectory. It is essential for day trading considerations.
Stock Dynamics: The current price of $701.33, coupled with an average target price of $687.7, indicates a relatively stable outlook. Still, the 'Buy' recommendation suggests potential growth. This is important for day traders looking for stocks with upward momentum.
Market Volatility and Performance: Given the rapidly evolving tech sector, Nvidia's stock is subject to market fluctuations. This volatility is a key aspect for day traders. It offers opportunities to capitalize on short-term price movements.
Nvidia Corporation has innovative products and a strong market position. It offers an intriguing possibility for day traders. Its role in fast-paced industries makes it one of the most interesting stocks for day trading in 2024. This is due to its stock performance and market volatility.
How to Buy NVDA Today
Advanced Micro Devices (AMD)
Ticker: NASDAQ:AMD
Price: $171.11
Avg Target Price: $192.78
Avg Recommendation: Overweight
AMD (Advanced Micro Devices) is a standout in the day trading community. AMD is known for its high-performance computing, graphics, and visualization technologies. It is a major player in the semiconductor industry.
The tech sector is growing constantly. AMD has a lucrative spot for day traders because it plays a key role in areas like gaming, data centers, and emerging technologies.
Should I Buy NASDAQ:AMD Stock?
Here's why AMD could be one of the top stocks for day trading in 2024:
Growth and Volatility: AMD operates in a rapidly evolving industry. This can lead to potential volatility in its stock price, a key aspect for day traders looking for short-term gains.
Stock Dynamics: Currently priced at $171.11 with an average target price of $192.78, AMD shows a promising upward trajectory. Analysts give an 'Overweight' recommendation when they expect the stock to outperform the market. It suggests potential for profit in day trading scenarios.
Market Position: AMD has a strong market position in the semiconductor industry. It is also innovative in computing and graphics technologies. This positions it well for potential growth. This is especially true because there is increasing demand for advanced tech solutions.
How to Buy AMD Stocks Today
Palantir Technologies Inc.
Ticker: NYSE:PLTR
Price: $23.75
Avg Target Price: $18.79
Avg Recommendation: Hold
Palantir Technologies Inc. has been a name to reckon with in the world of big data analytics. Palantir specializes in software that analyzes large datasets.
The company is known for its work with government agencies and financial institutions. This makes it an intriguing stock for day traders due to its involvement in high-value, high-impact sectors.
Should I Buy NYSE:PLTR Stocks for Day Trading?
When contemplating the purchase of NYSE:PLTR stocks for day trading, consider these points:
Industry Influence: Palantir operates in the dynamic field of big data, a sector that's rapidly evolving and expanding. The company’s role in significant projects, including government and defense, can lead to stock price fluctuations. These are based on contract announcements, earnings reports, and sector news.
Stock Performance and Market Perception: Currently, Palantir's stock is trading at $23.75, above the average target price of $18.79. This disparity might indicate that the stock is overvalued, according to market analysts. They currently recommend a 'Hold'. However, for day traders, such a scenario can present opportunities. This is especially true if they closely follow market trends and news that could affect the stock’s price.
Volatility and Trading Volume: Palantir's stock has shown volatility, which can be beneficial for day traders. The stock's movement can provide opportunities for short-term trading. This is especially true if one can take advantage of the frequent changes in the stock's price.
The long-term outlook for Palantir might be conservative, as indicated by the average recommendation. However, its position in a crucial and evolving industry combined with its stock volatility makes it a candidate for day trading.
How to Buy PLTR Today
Meta Platforms Inc
Ticker: NASDAQ:META
Price: $470.09
Avg Target Price: $508.04
Avg Recommendation: Buy
Meta, formerly known as Facebook, is a giant in the social media and technology sector. Meta is known for its constant innovation and expansion into new digital realms, such as virtual reality and artificial intelligence. It is a stock that day traders might find intriguing due to its significant market impact and growth potential.
Should I Buy NASDAQ:META Stocks?
Evaluating Meta for day trading requires a look at several key aspects:
Market Position and Growth: Meta is a leader in social media and an innovator in emerging tech fields. It's positioned in high-growth and volatile markets. This can lead to significant stock price movements, offering day traders potential opportunities.
Stock Performance: Meta's current stock price stands at $470.09, with an average target price of $508.04. Analysts recommend buying the stock. They are confident in the company's future performance. This hints at potential upward movements. Day traders can use this information.
Volatility and Trading Volume: Meta's stock is known for its volatility, influenced by factors like market trends, regulatory news, and company developments. This volatility is crucial for day traders. They look for short-term price movements to make profits.
Meta's strong market position, potential for growth, and stock volatility make it good stock for day trading. Its role in key technology sectors makes it an interesting case. The current stock dynamics present an opportunity for those looking to capitalize on short-term market movements in 2024.
How to Buy META Today
Transocean Ltd
Ticker: NYSE:RIG
Price: $5.13
Avg Target Price: $8.3
Avg Recommendation: Hold
Transocean Ltd is a big player in the offshore drilling sector. This company provides equipment and services for oil and gas drilling. The energy market and environmental policies are constantly changing. Because of this, Transocean’s stock could interest day traders.
Should I Buy NYSE:RIG Stocks?
When considering NYSE:RIG for day trading, here are a few points to ponder:
Market Sensitivity: Transocean's operations are closely tied to the volatile oil and gas industry. This means its stock price can be sensitive to changes in oil prices, regulatory shifts, and global energy demands. These factors can lead to significant price fluctuations. This makes it ideal for day trading.
Stock Performance and Analyst Outlook: The current price of $5.13 with an average target price of $8.3 suggests a potential upward movement. The 'Hold' recommendation indicates a cautious outlook from analysts. This might be due to uncertainties in the energy sector.
Opportunity for Short-Term Gains: RIG shares are relatively low-priced. The stock's value could shift quickly, providing day traders with opportunities for short-term gains. This is especially true if they closely monitor energy market trends.
Transocean Ltd presents risks due to its dependency on the energy sector. However, its stock offers opportunities for day traders adept at navigating quick market changes and capitalizing on the company’s price volatility.
How to Buy RIG Today
Tesla Inc
Ticker: NASDAQ:TSLA
Price: $191.07
Avg Target Price: $214.37
Avg Recommendation: Hold
Tesla Inc is a leading electric vehicle and clean energy company that manufactures affordable, high-performance electric cars as well as solar products. Tesla delivered over 1.3 million electric vehicles in 2023 and aims to increase volumes going forward despite some expected slowdowns in 2024.
The company operates factories in the US, Germany, and China and continues investing to expand production capacity globally. While Tesla faces increasing competition, it retains strong brand value and demand for its vehicles.
When it comes to day trading, Tesla Inc stands out as a compelling stock. Known for its groundbreaking advances in electric vehicles and energy solutions, Tesla is more than just a car company; it's a visionary tech giant. With Elon Musk at the helm, Tesla is constantly in the spotlight, offering traders ample opportunity to capitalize on its typically volatile stock price.
Should I Buy NASDAQ:TSLA Stocks?
Investing in Tesla stocks is like taking a ride on a roller coaster - it's exciting and unpredictable. This volatility is advantageous for day traders, as it can lead to significant profits if navigated wisely.
Tesla's stock price is heavily influenced by market trends, technological advancements, and even Elon Musk's tweets. This makes it an appealing choice for informed traders who can act quickly.
The average target price for Tesla suggests that there is room for growth. This makes it attractive to traders who can time their moves based on market sentiment.
However, it's important to note that holding Tesla stock requires keeping a close eye on market trends and company developments. The key is to stay updated on Tesla's continuous innovation and its impact on the market. These factors can present lucrative short-term trading opportunities.
Tesla Inc offers an interesting opportunity for day traders in 2024. Its innovation-driven volatility and market influence make it unique. Although it comes with risks, for those who thrive on the dynamics of the market, trading Tesla stock can be an electrifying journey.
How to Buy TSLA Today
How Much Money Do You Need to Start Day Trading?
Legally, it all depends on how many trades you make in a day.
According to the US Securities and Exchange Commission (SEC), if you make more than five trades in a day, you're considered a 'pattern trader.' Pattern traders must have at least $25,000 in their account. If your balance ever drops below that, you can't make any more trades until you deposit more money.
For those who aren't as active, it's really up to you. Unless the broker has a minimum account requirement. The general rule of thumb is to only trade with money you can afford to lose, because there's a good chance you could end up losing your initial investment. To get started, it's helpful to set a daily goal and trade accordingly.
Risks and Benefits of Day Trading
- No overnight risks. Day traders don't keep their positions open after the market closes. They don't have to worry about negative surprises that can happen while they're sleeping.
- Lots of options. Day trading offers a wide range of strategies to choose from, giving traders the flexibility to find what works best for them.
- Lucrative advantages. Active day traders get to enjoy lower commissions, tighter stop-loss orders, and higher leverage. These perks help reduce risk and maximize profits.
- Losing too much too quickly. Losses can pile up really fast, especially for those who trade with a margin account. Margin accounts allow traders to borrow money to increase their buying power, which can result in huge wins but also huge losses.
- Emotional detachment can be tricky. Maintaining a rational perspective while trading takes practice and commitment. The excitement and adrenaline rush of day trading can be quite addictive. It's safe to say that day trading is not for the faint of heart.
- Research-intensive. The amount of research and education required is what separates the dedicated from the rest right from the start. Developing market knowledge is quite complex, demanding, and crucial for day trading.
Is Day Trading Profitable?
Much like any other form of trading, day trading is potentially profitable but the reality of it is fairly grim. Due to the immense hardship, on a given day 97% of day traders lose money, and on the whole, the success rate in the long term is only 1%.
The figures are not too surprising, given the very hard truths of what percentage of day traders make money. Research and methodology are hard to integrate properly. No matter how well you do it, day trading always involves some gambling.
When combined with the high capital requirements for full-time day traders and added stress, pressure, and the hardship of picking the best stocks for day trading, only a few people with expertise and a bit of luck may consistently make a profit.
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