Nowadays, trading, especially day trading is popular among people who have a desire to make money easily and fastly.
But what is actually trading and what makes traders different from investors? Let’s elaborate on this.
Investors try to make money in the long term, they’re engaged in, basically options trading and stocks and etfs trading and wait the price for what they bought to increase.
After waiting a fair amount of time, they sell the security at a more expensive price and earn money in this way.
Traders, particularly day ones, in contrast, don’t prefer to wait a long time, as according to traders strategy, it is more profitable to catch, at least a small profit, many times.
Therefore, traders don’t prefer to keep the security for a long time.
There’s one type of trader who tries to make money by buying and selling on the same day. We call this type of traders day traders and they’re engaged in day trading.
Day traders spend their day to buy and sell stocks from the beginning of the day till the end when the exchange is closed. This type of traders could buy the same security more than once during a day, if they believe that that security’s price has the potential to grow.
But, you probably have a question like what made day trading popular among traders. Profitability and convenience of day trading strategy, it’s what helped day trading become popular.
All About Webull Day Trading Platform
There are many platforms in which traders can buy different stocks.
But, some of them are used commonly and have lots of lovers, whereas others fail to be the favourite of many traders and do not have a great number of active users.
In my opinion, the main reason why some platforms are more popular than others is that the former ones offer more handy service compared to the latter ones.
In this article written, we will take a look at one of the handy and best trading software, Webull.
So, first let’s find out what is actually Webull and the reasons why many investors prefer to use it.
One of the best and handy trading platforms: Webull
Webull Financial LLC. is considered a broker offering its services online established not long ago, in the year of 2017.
Although Webull was founded not long ago, it has many fans who are interested in making money from day trading. In addition, it has been improving its Webull app, which leads to attracting more and more investors and traders.
When you use Webull, you have the multi platform accessibility. Also, you should not pay for securities and exchange commission as you have to do, if you use the majority of other trading platforms.
Another advantage of Webull is that it provides its users with the online supporting service working all day and week long.
Extended hours trading and other advantages of Webull
On Webull, it’s possible to after hours trading. It means that you are able to day trade either during pre market or after closing time of the exchange.
Extended hours trading is especially suitable for those who have a desire to be engaged in trading and the stock market more. As one who wants to have access to unlimited day trades, you might find Webull as the best platform.
Webull provides its users with the opportunity to make international wire transfers.
Moreover, in Webull you have an opportunity to find out the live costs of stocks in absolutely no charge.
If you want to find out more about day trade in Webull, keep on reading the article.
Process of creating an account in Webull
In order to start your journey in day trading, you should first sign in to Webull. You can create a Webull account both by using your smartphone, as it offers Webull app, or personal computer, laptop.
As in many other platforms, Webull doesn’t have a minimum deposit requirement, if you want to create a Webull account. Without account minimums, Webull became one of the best, most handy and popular places for formal formal exchange.
In addition, with the help of the paper trading feature of Webull new traders are able to practice trading skills by using a demo account. If you consider yourself a beginner in trading, you can learn more about trading by paper trading feature, as paper trading is especially designed for beginners.
Process of signing in to Webull starts with entering the email. Then, you receive a code containing the password.
After entering the verification code, you will get familiar with the insurance policy and day trader protection.
Securities Investor Protection Corporation protects securities customers of the companies considered as its members.
And, Webull is considered as one of the members of Securities Investor Protection Corporation. It means that your security is in safe hands.
After completing the registration process, Webull offers you to download the Webull app. Also, if you want to be engaged in day trading as a user of PC, you could download Webull app designing especially for Computer Operating Systems, like Windows, macOS.
It should be mentioned that, you must have a fair amount of space in your computer in order to set the software of Webull up.
Sign in to Webull by using your email address or phone number right now!
After signing up, you have a chance to use the Second Level Data Service of Webull which provides you with historical data and market data, for 3 months absolutely for free.
Process of logging in to app of Webull
Once you have logged in to Webull, you will see the button called ‘Unlock Trading’, if you look at the right side.
Traders and investors who are from the United States have to go through the process of identifying in order to fund their trading account.
For that reason, if you are from the United States and have a desire to use Webull as the helper in your journey in trading or investing, you have to send the photos of the driver’s license to Webull.
Some individuals who want to validate themselves might not have this type of license. In that case one of these alternatives, passport of the United States, Number of Individual Tax Identification or Number of Social Security, comes to aid you.
As a citizen of the United States, you are able to create an account in Webull with the help of one of these types of visas, E1, E2, E3, H1B, TN1, F1, L1, O1.
Defining the strategy you use in day trading
Before starting day trading on Webull, you should select the strategy which fits in your character and how you see the day trading. If you have difficulty in selecting the appropriate strategy, you can select one of the strategies I’ll elaborate on now.
Strategy of scalping
Some traders like to decide fastly during the trading process. If you’re one of these day traders, this strategy is precisely for you, as it is designed as handy particularly for this sort of traders.
Because I consider myself this type of trader, I would like to recommend Scalping for those who are similar with me, since it mainly gives focus on getting profit from small changes in the prices of the stocks.
The main rule of scalping is holding stocks not for a long time and selling them after they show the first increase.
Then, transfering earned money to a cash account. If the prices for stocks fall, you should sell stocks as well. The reason is that minimizing risks is important in scalping strategy.
The another of Scalping is making money through selling short stocks. It should be mentioned that this strategy particularly suits active traders. If you are one of these active traders, I personally recommend you to use the strategy of Scalping.
Strategy of Breakouts
As a person who day trades according to Breakouts, you should understand the importance of waiting and patience, as the main rule of this strategy requires to show exactly these features from the trader or investor.
You are also required to possess the skill of using both fundamental analysis and technical analysis, technical indicators and research tools. In addition, it could be better if you know how to predict the future performance of stocks based on past performance.
As a pattern day trader who follows pattern day trader rules makes four or more than four deals a day, you should be able to appropriately use this strategy.
Strategy of news trading
As the name reveals, this strategy is based on current financial news. It is not secret that different financial news has an impact on the costs of stocks.
For example, as the second richest individual in the world Elon Musk stated that he helped developers in making the transaction system of Dogecoin better.
Impact of financial news to the market
It, in turn, led to Dogecoin getting popular among people who are engaged in cryptocurrency trading.
Or take companies producing oil. When such companies find a new reservoir, they deliberately reveal it to the media, as they know that it eventually leads to the price of the stocks of their company to rise.
This logic works in the case when any company reveals how much money they were able to make during a particular amount of time.
Trades possibly be more profitable, if people who day trade have at least a little information about news trading also.
Some news would be so important that it can have an impact on the finance world in general and make the costs of stocks of many companies decrease or, in contrast, increase.
That’s why you should always keep informed about current financial news and market data as well, if you’re one of those people who buy and sell, that is trade stocks on the same day. Webull means that you have access to the current financial news and market data.
Transferring money to trading account
You’ve the opportunity to choose one of two ways of funding, once you’ve already created a trading account and are ready to start to day trade.
Automated Clearing House
Automated Clearing House or ACH is considered as an online network designed for processing of transactions, normally the internal payments at a small price.
Automated Clearing House links the bank account to your trading account before starting day trading on Webull.
After linking your bank account with a Webull account, Webull sends less than 1 United States Dollar to your bank account in order to identify that you are really the owner of this bank account and are able to use it.
After this process, you may transfer the money from your cash account to a Webull net account. This money is usually transferred in 5 business days.
When you receive the deposit, Webull gives you the chance some part of it to day trade. If you want to transfer more than 50000 United States Dollar in a day through this way of transferring the deposit, you can’t do it, as Webull does not allow you to make the deposit in an amount over this sum.
On Webull, it is possible to make the deposit through wire transfers or Credit transfer. Like most brokers, Webull makes it possible for those who want to purchase stock to make the deposit before starting to trade in Webull trading platform by using both international and national bank transfers.
But if you decide to use this way, you’ve to pay for some Webull fees. For instance, you’ve to pay eight dollars when you make your first deposit.
Also, you have to pay an additional fee, if you use the services of some banks to make the deposit. That’s why before transferring your money from cash accounts to Webull net account.
Normally, the national transferring method takes a maximum of 2 business days, whereas it’s a maximum of 5 days to the international one. Don’t worry if you can’t make the deposit in more than 2 business days or 5 business days, as I mentioned above, you can always use the support service of Webull.
Just buy more stocks, make more money and enjoy the stock trading by using the commission free service of Webull.
Interesting Points On Webull Day Trading
Margin account and the opportunity to buy ‘free stock’ on Webull trading platform
Margin account is a brokerage account which offers making day trades by borrowed money, that is buying the ‘free stock’.
Webull provides its users with a very handy margin account and the opportunity to buy the free stock, since on this trading platform you can’t only make unlimited day trades, but also can increase the number of day trades by buying ‘free stock’.
There are some lovers of stock trading who sometimes have to make a great number of trades during the day. In that case, they need a commission free trading platform offering them a nice margin account, as because of a great number of day trades, they might have a lack of money to buy stocks and etfs.
Why margin account is very suitable for pattern day traders?
This account might especially be suitable for pattern day trading, as pattern day trading involves making 4 or more trades during 5 business days by margin account.
Margin account of Webull provides such people with the mutual funds and they can buy ‘free stock’ and increase the number of day trades without worrying about lack of money.
It doesn’t matter how many day trades you made, if you use the margin account of Webull to purchase stocks and etfs.
Webull is counted as one of the members of famous organizations, like FINRA, NASDAQ, NYSE and others.
Net account value or simply net value is what indicates the real amount of profit and earned money.
The importance of net value for traders is that it helps them to find out their mistakes and it can help traders in successfully predicting future approximate future results, that might be the approximate price for stock in the future or the approximate amount of money they might make.
Determining a net value is very important for both large corporations and simple traders, as without this, it’s not possible to manage business.
Other good platforms than Webull
I could personally recommend these platforms as a good choice for traders. But, Webull has some advantages over them.
Secondly, the feature of paper trading is very helpful for every trader, especially for beginners. Not every platform has that feature.
Thirdly, Webull is very handy to make technical analysis. Even beginners can easily understand how to use the research tools available on Webull. For that reason, if you want to day trade and make money in this way, I personally recommend you to use Webull and the tools available on it as a major helpers to make your trades more profitable.
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Author: J Maver
Passionate in tech, software and gadgets. I enjoy reviewing and comparing products & services, uncovering new trends and digging up little known products that deserve an audience.