I heard from a friend that you have to pay for floor seats to be on the floor of the stock exchange...?

Question

I'm 14 years old and it has always been my dream to be a day trader. I have only recently been seriously looking at the stock market. I was talking to a friend whose dad is a day trader and he said something about having to buy floor seats or something like that. Can anybody shed some light about that? Also, if there also other hidden costs involved with day trading that I might not have thought of, could you also shed some light on that as well?

Thanks.

Answer 1

large firms have "seats" and can buy and sell stock.for you to buy and sell you must go thru a trader.day traders (work from home computer) work thru a trader.

Answer 2

Your friends dad will probably stop being a "day trader" when he's lost enough money, it is all but impossible to make money "trading", though some people do for the same reason some people win the lottery; pure dumb luck.

Answer 3

well yes the specialist has a seat but your trades are done through souse from a brokerage house.