One could almost answer “yes” directly to this question. Unlike classic trading, day trading involves following each position constantly, readjusting orders, making sure every position is closed before the closing bell, etc. This takes a lot of time and requires the trader to monitor their screens in real time. People should learn about it online before trying it out.
Some basic needs
Traders need a modern and reliable computer. Indeed, there should be no question that the machine should not fail in the middle of a transaction. People should, therefore, avoid installing games, too many programs, etc. A comfortable size screen (20 inches minimum) is also recommended to spare your eyes from squinting.
If the budget allows a person to buy a second screen, do so. This allows the trader to look at both screens without having to minimize windows. Real-time quotations should flow tirelessly and seamlessly.
It is indispensable to locate very interesting configurations very early and follow your positions directly to be able to react instantly. Sometimes these feeds are provided with the analysis software used and, in other cases, people can get it separately.
Other things to obtain
A high-speed Internet connection (cable, ADSL) is essential for traders. Technical analysis software is also indispensable for decision-making issues. Be careful, however, when you choose, remember that all software is not able to interface with a real-time stream.
This type of software is rather expensive, usually more than 500 dollars. For starters, people can use the graphics platforms provided by brokers. They do not work miracles but it is free and allows a trader to start out in decent conditions.
Calculate the costs necessary for this activity (software, flows, brokerage fees, the net profits and the tax impact it may have). Indeed, if trading becomes your main source of income, taxes will coincide with whatever money you make or lose. In short, this is not a decision to be taken lightly!
Do not forget that day trading is not a matter of the heart, people must be very disciplined in their approach: develop a trading method and stick to it, know how to take losses gracefully and analyze any successes and failures. It is only at the price of an iron discipline and a steel mind that people can succeed in this fantastic world.