Best day trading strategies for beginners in Australia
Day Trading FAQs
What do I need to start day trading?
The first thing you will need to start day trading is a thorough trading plan and strategy. Once these are in place you will need to open an account and deposit your funds – it is important to have a sufficient amount of funds to cover the margin requirements of any positions you open.
If you are not ready to trade live markets, you can always open a demo account to practice day trading with $20,000 in virtual funds.
What software do I need to day trade?
You won’t need any specialized software to start day trading. Once you have opened your IG account, you will have access to our award-winning trading platform, which allows you to trade via your web browser, mobile phone or tablet.
If you are looking for more advanced software, you can access tools like ProRealTime and MetaTrader 4.
Can I make money day trading?
Yes, day traders can make money by taking frequent small profits. The amount they can make varies greatly depending on their strategy, available capital and risk management plan.
However, day trading involves many risks, which is why we emphasize the need to educate yourself before you start trading in the financial markets. If you want to learn more about day trading and other trading styles, head over to IG Academy.
How much money do you need to start day trading?
With IG, there is no minimum amount required to fund your account to start day trading.
The cost of day trading will very much depend on the markets you choose to trade in and market conditions, as well as your personal circumstances and attitude to risk.
What are the costs associated with day trading?
The costs associated with day trading vary depending on the product you use and the market you decide to trade in. If you are day trading shares using CFDs, you will be charged a commission, while all other markets are charged through the spread. Learn more about our costs.
Is day trading legal in Australia?
Yes, day trading is legal in Australia. Although it is always important to ensure that you are trading with a trusted and regulated provider. For example, IG is authorized and regulated by the Australian Securities and Investments Commission (ASIC).