Daytradin’
I've made some steps closer to a day trader, and away from a swing trader. I just opened an account with the Interactive Brokers, because they have the lowest commissions available in Canada bar none. It's taken a couple weeks to get all the paperwork filed, and all the relevant security bodies happy, but I received activation notice yesterday, so today was the first day I could trade.
Their trading platform is not as slick as Think or Swim's thinkDesktop or TradeFreedom's Edge, but for commissions and fees that are orders of magnitude less, I'll put up with it. As soon as I was familiar with the platform, I wanted to play with the big fish, and try to scalp some money off something with a trending price. Initially I was going to use a market scanner to try and find something on the move, but decided to jump in with both feet. Instead of trading on the equities market, I figured I go right crazy and trade on the Forex market.
I shorted 25 mini-lots of the USD/CAD currency pair at 1.0180 and exactly 1 hour 9 minutes and 5 seconds later I covered my short position at 1.0174. The 6 pip move grossed me $15, which after commissions netted me $9.94. Chump change for the wolves on Wall Street, but a net win nonetheless.
