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I am not sure what country you are in but in US if you decide to day trade, you need to change your tax filing status to the "Mark to Market trader". Because if you don't you will be limited to maximum 3,000 USD loss per year. Say you loose 6,000 you will have to spread it over two years. MTM status allows you to write off the entire loss.
But I am no tax professional as far as how to change it, I just used to write daytrading software
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If you don't file US taxes, skip this. It has nothing to do with you, and the US tax system is the most labyrinthine PoS you could ever imagine. Far worse than the legacy code of your nightmares.
I don't day trade, but I think I know what's going on here. Somehow day traders are treated differently than regular investors, for whom
- the maximum loss that can be claimed in any year is $3000;
- losses that can't be claimed are carried forward and can be used to offset future gains.
If a day trader can claim the entire loss each year, it's probably treated as a job, with gains being taxed as income, the same as short-term gains. This would make sense, although a day trader would probably get the long-term rate for something held for more than a year. But the strict definition of day trading is being 100% in cash by the end of the day.
I just read an article that buying the S&P at the close and selling it at the open has returned 722% since 1993, whereas buying at the open and selling at the close has lost 14%. This year, however, this strategy (I use the term loosely) has been flipped on its head. But it means that day traders, if following the actual definition of the term, have been underperforming the market to an insane extent for a very long time.
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I'm not in the US.
I don't think I can write off any losses.
It's just money I spent and so will negatively impact my property value.
On the other hand if I do make a profit it'll be taxed like property.
Other than that I'm not sure, but I'm sure I'll find out next year when I have to do my taxes 
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See section 6.2 of this[^], specifically the description of Box 3.
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If you're doing it for sh*t and giggles and want to learn about the process, limit yourself to some amount of money you're comfortable losing and roll with that.
But if you're doing this for your pension portfolio, let the professionals do it for you. I pay what seems like a small fortune every year to my bank to do it, but ultimately it pays for itself, and then some. OTOH, right now we're seeing exceptional circumstances, and I've lost quite a bit from the peak where it was in mid-January. But they're managing it for the long haul. Despite the loss, I told them just a week or two ago to go ahead and take a part of what was still sitting in my checking account and invest it, in the hope to catch the rebound. It's already gained back that much since.
Another consideration: Taxes. I hope you either have a good accountant, or you're provided with all the numbers you'll need to do it correctly. Otherwise you'll need to start reading your local tax laws.
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dandy72 wrote: limit yourself to some amount of money you're comfortable losing and roll with that.
Always, even when not doing it for sh*t and giggles 
dandy72 wrote: Another consideration: Taxes.
Hadn't considered that yet.
I think it's all property tax, but I'm not sure.
I can't declare any losses, so it's only fair they shouldn't tax any winnings.
Unfortunately, taxes aren't always fair...
I'll find out when I have to do my taxes next year
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Sander Rossel wrote: I can't declare any losses, so it's only fair they shouldn't tax any winnings.
 I'm not convinced that's how it works.
Sander Rossel wrote: I'll find out when I have to do my taxes next year
Needless to say, at the very least, keep all correspondence between yourself and the service you're using to do those transactions.
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Misread Stocks as Socks was a little confused!  This isolation isn't good for me!
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The sock trading business has been booming!
Sport socks, ankle socks, knee high socks, especially thigh high socks are in demand!
Socks with funny patterns fetch a good price as well.
Just make sure your socks are not too slippery, if someone slips and hurts themselves you could lose all your profits just like that!
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You're not alone. I read "Spocks".  Must have Vulcan on my mind. 
Get me coffee and no one gets hurt!
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Welcome to the world of investing! Invest wisely and beware of "hot stock tips". Dollar (use your local currency) cost averaging and mechanical, unemotional investing can reap rewards. Ping me directly if you want to discuss investment strategies. Would be happy to share my successes (and many failures!). 
/ravi
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No, thank you. My retirement is all indexed funds.
Up 30% last year.
Not so much, so far, this year.
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To quote my wise grandfather, "A stock that doesn't pay a dividend isn't worth a damn."
If you are happy with the company's dividend and are confident the dividend is secure (some of them won't be now) then you can sleep comfortably if the stock price falls. Now you are an investor, not a day trader. Most day traders have ended up losing money unless they are trading with someone else's money, in which case they make money no matter which way the market goes. If you are a day trader with (another) full time job you don't have time to do both well.
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I'm guessing that like in the US, most countries have two ways of determining capital gains: short term and long term. In the US short term gains are those that are less than one year, they are taxed at a higher rate than those that are held for one year and 1 day.
Be mindful of the income tax consequences.
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... about a problem with my hearing.
He asked me to describe the symptoms, so I told him that Homer is a fat bald guy, and Marge has blue hair.
I'd get my coat, but we aren't allowed out ... unless you are a Scottish or NZ Health minister, of course.
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
AntiTwitter: @DalekDave is now a follower!
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I was feelin' so bad,
I asked my family doctor just what I had,
I said, "Doctor, Doctor
Mr. M.D.,
Now can you tell me, tell me, tell me,
What's ailin' me?"
Sorry couldn't resist!
I'm hiding from exercise...I'm in the fitness protection program.
JaxCoder.com
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Quote: I don't need no doctor, no, no
'Cause I know what's ailing me
I've been too long
Away from my baby, ah
I'm coming down with a misery
(I don't need no doctor)
(I don't need no doctor)
"the debugger doesn't tell me anything because this code compiles just fine" - random QA comment
"Facebook is where you tell lies to your friends. Twitter is where you tell the truth to strangers." - chriselst
"I don't drink any more... then again, I don't drink any less." - Mike Mullikins uncle
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Ooh eee, ooo aah aah, ting tang walla walla bing bang.
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Quiet control, raptor left fastener? (4,6)
So old that I did my first coding in octal via switches on a DEC PDP 8
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Your alarm went off really early then!
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
AntiTwitter: @DalekDave is now a follower!
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Yep, and I'm on CEST.
So old that I did my first coding in octal via switches on a DEC PDP 8
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Clumpco wrote: I'm on CEST
I've heard that can affect your heart.
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No, you're thinking of VSOP 
So old that I did my first coding in octal via switches on a DEC PDP 8
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