If you want profits in a single day, and do not want to wait it out for your investments to grow in the market, day trading is a viable option, given that you have significant hours to spend doing research and practicing your trading strategy in advance.
To Day Trade you would need the following :
1. your internet connection has good speed
2. if there is a connection failure at any point you have a backup broker over the phone to assist you
3. a reliable online trading platform
4. a trading platform that has the best plans in terms of trade execution charges(transaction fees). Opt for a firm that will give you the best transaction fee and the most user friendly online software, and charts as well.
5. You have access to real time market data, i.e. no delay in the relay of market data
6. Access to real time charts and stochastic tools
7. A spread sheet application to keep track of the losses and profits you made over a day
Once you have access to the above, you may first need to build your strategy for day trading and test it with filters and regressive cases to make sure that your strategy works in most scenarios.
To build your day trading strategy you will need access to pivot points, MACD, slow and fast stochastic charts, and volume indicators. In addition you may also need to be aware of news triggers and the overall direction of the market, and the time of the day, as most stocks have greater movement in the first half of the day, although this is a trend that is sometimes overpowered by market news and sudden unexpected triggers.
