6th December 2021

What Features Should You Look for in Day Trading Platforms UK-wide?

Day trading is one of the many ways in which – with skill, dedication and the right tools – you can earn money from the stock market. In short, it’s the practice of first buying and then selling stocks all on the same day, hence the name. Day trading relies on small fluctuations in stock prices to make a profit. But to carry out the practice, you will need a broker. One of the prime tools in your armoury is likely to be one of the various day trading platforms in the UK. Here, we discuss what features you should be looking for when evaluating trading platforms UK-wide for your own personal use.

What Features Should You Look for in Day Trading Platforms UK-wide?

Day trading is one of the many ways in which – with skill, dedication and the right tools – you can earn money from the stock market. In short, it’s the practice of first buying and then selling stocks all on the same day, hence the name. Day trading relies on small fluctuations in stock prices to make a profit. But to carry out the practice, you will need a broker. One of the prime tools in your armoury is likely to be one of the various day trading platforms in the UK. Here, we discuss what features you should be looking for when evaluating trading platforms UK-wide for your own personal use.

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1. Make sure that the trading platform is suited for day trading

Day trading is fundamentally different from many other forms of trading. It’s therefore crucial to make sure that the trading platform you are looking at is built with day trading in mind. Some trading platforms are built to appeal more to long-term investors, and many of the features that are useful to these types of traders are unlikely to be necessary for day traders.

What is important for day trading platforms in the UK is that they feature real-time updates and price fluctuations. The lower the delay between these updates, the better.

You should also search for a platform that offers low fees and charges in exchange for its services and for trades. After all, you’ll be making many frequent transactions, and the profits for each are likely to be relatively small, so you don’t want the platform’s fees to wipe out any money you’re making.

2. Allows mobile trading

Day trading requires you to buy and sell stocks quickly and close your positions at the end of the day. Often, a day trader will make multiple trades per day across different financial instruments. Although some day traders are resigned to sitting in front of their desktop computer to make trades all day long, from time to time, you’ll need to get away from your computer. You might have an errand to run, have an appointment, or have family responsibilities that will take you away from your desk.

Without the ability to carry out the necessary transactions on your mobile, you will almost certainly miss out on trading opportunities while you are away from your computer. The best day trading platform in the UK supports mobile trading, from a laptop, tablet or mobile phone. Check whether the day trading platform you’re thinking of using has a reliable mobile app, or at least a mobile-optimised website. Bear in mind that the mobile site or app should have most, if not all, of the features of its desktop counterpart. At the very least, the mobile platforms should allow you to buy, sell, and watch your stocks with real-time updates to price fluctuations.

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3. Offers educational materials on trading

Day trading is not just a simple strategy of buying stocks when they are low priced and selling them at a higher price. Certainly, that’s the general gist of it, but there are plenty of more complex nuances. It’s best if you learn how to read relevant charts, interpret financial data, and understand financial reports. A good platform will feature educational materials, including videos, articles, and other online educational materials that discuss day trading strategies in detail. You should also look for one that includes access to a help desk or other form of customer support. You may even want a trading platform that allows you to call a broker if you need help with any queries.

Although you can learn using online materials alone, you’ll find you’ll learn even faster when you have people to talk to. Combining online resources with help from support staff means you can learn day trading strategies quicker, which will help improve your performance and hopefully how much profit you make.

A trading platform nowadays must be more than simply a place to buy and sell stock. If you are looking for a platform in the UK that’s particularly relevant for a day trader’s needs, why not give Trading Platforms UK a try? We are the leading supplier of detailed information, advice and reviews of trading platforms across the UK. With our help, you can find a platform that adds value to your performance.

Our team of experts, who are all experienced traders themselves, have carried out in-depth research on some of the best-known trading platforms available to you. Every trading platform has its own unique features, selling points and limitations, so it’s important before you sign up with one, you know that it’s the right one for your level of experience as well as your trading goals. We’ll tell you about the fees each platform charges, minimum requirements for investment, the tools each site offers, their speed, reliability and performance, and more.

In short, you’ll have all the data at your fingertips so you can make an informed choice on which is the right platform to support your trading journey. Call us on 01323335039 if you need any help on finding the best online trading platform in the UK, or fill in the contact form on our website. Alternatively, you can also email us at hello@tradingplatformsuk.com if you have other questions.

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Considerations When Online Trading

Today, the best trading platform UK wide can make it simple for anybody to invest their money, whether they’re seasoned traders or complete novices. But it should be noted that there can be plenty of risks involved. Risk is closely linked to profit, so the more you risk, the more likely you are to generate large returns if things go your way. Conversely, if you choose a low-risk investment, you’re typically looking at a lower return.

If you want to manage risk to acceptable levels, consider diversification: put your money into a range of different sectors, financial markets and asset classes.

When choosing a type of investment, look at whether it’s a long-term or short-term proposition. You may be saving for retirement, so a long-term investment could be more suitable than if you need the money in the near future.

The financial outcomes of trading are never guaranteed, so you should always ensure you have an emergency fund in case things go wrong; and you should aim to pay off all personal debt before you start, as it can be difficult to maintain payments if you’re trading with your only source of capital. Make sure you know your goals and strategy before you begin.

Ways to Avoid Day Trading Mistakes

Day trading for novices is like taming a lion, with the added disadvantage of being more expensive. It’s aggressive and difficult because it involves buying equities and reselling them on the same day. You can make money by exploiting small changes in the price of stocks if you do it correctly.

Although anybody with a little cash to spare can engage in day trading using today’s high-speed internet connections and resources like trading platforms, there’s a lot to learn, and mistakes can lose you money. You can trade smarter by developing and sticking to a trading strategy and protecting your assets with sensible precautions. Here’s how:

  • Choose an established trading approach that will help you succeed. Trading isn’t as difficult as most people make it out to be, so there’s no need to reinvent the wheel.
  • Decide what you want to trade. Stocks are the most popular instrument for day trading. Bonds, options, futures, and commodities are also available to day traders, but stock trading can be a good place to start before branching out into other markets.
  • Decide how you’ll assess your success ahead of time. It’s a good idea to draw up some performance indicators for yourself. How much money are you earning or losing? How many sales do you make in a day? How did the value of your investments fluctuate that day? An informative day trading platform in the UK will be able to provide you with this information.
  • To trade, set aside money you can afford to lose. Although you intend to make money through your trades, don’t put funds you can’t afford at risk. When people first start investing, they often tend to lose money, and even an expert investor will sometimes suffer a loss.

Day trading in the UK doesn’t have to be as intimidating as many people make it out to be. With the right support from reputable brokers found through Trading Platforms UK, you can get started easily and with confidence. Visit our homepage to learn how.

Our Most Common Questions

Frequently Asked
Questions

Have more questions about the features to look for in day trading platforms in the UK? 
 
Contact us now and ask! In the meantime, here are some frequently asked questions.
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Is day trading allowed in the UK?

In the United Kingdom, day trading is not prohibited. You can open as many day trades as you like at any time across the globe, as long as there is an open market. Having said that, you need to make sure you’re dealing with a reliable and registered broker, which you can do through a reputable UK-based trading app.

How much do day traders make in the UK?

Certainly, day traders can make money, but you must remember this is done through small and frequent trades, releasing small profits. It can take a while to build up a good income. How much profit you make depends on your strategy, the amount of money you have to invest, and the way you handle risk.

Do day traders pay tax in the UK?

You don’t pay tax for being a day trader, but you may pay tax according to the instrument you’re using to trade. You may have to pay capital gains tax on profits from selling CFDs, for instance. If you choose to place spread bets, you won’t. If you trade frequently, you may have to pay short-term capital gains tax yearly.

How do I become a day trader in the UK?

You can get started by:

  • Finding out on which UK markets you can day trade.
  • Choosing a day-trading strategy.
  • Opening a live account on a day trading programme UK. If you’re a novice, look for a platform that offers a demo account so you can gain experience.
Is day trading legal?

Day trading is the legal activity of purchasing and selling a financial asset inside a single trading day. The foreign exchange and stock markets are the most typical places to see day trading. Typically, it’s a full-time job rather than a hobby or additional income stream. Using a reliable trading platform in the United Kingdom can help make things easier.

What time frame is best for day trading?

Much depends on your style of trading. If you make lots of trades throughout the day, you’ll tend to want a shorter time frame. If, though, you make just a couple of daily trades, you’ll probably want a longer time frame. Professional traders often switch between the two throughout the day depending on how active they are at any one time.

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