Things You'll Need:
- Internet Access
- Brokerage Accounts
- Computers
- Day Trader Training Program
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Step 1
Get educated. MTrader.com and other companies offer online training sessions that will help you master concepts and skills.
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Step 2
Shop for a training program that suits your needs and that will stick with you as you transition from student to trader.
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Step 3
Work with a winner. If you have a friend who is successful at day trading, ask if you can sit on the person's sessions.
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Step 4
Set aside money you can afford to lose. You will need at least $2,500 to establish a margin account with most brokerages. Regulators are considering boosting that to $25,000.
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Step 5
Paper trade initially. Make sure you are winning consistently before you start using real money. Give it at least a few weeks.
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Step 6
Analyze your mistakes and successes. Know what worked and what didn't and develop some strategies.
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Step 7
Open an account at a discount brokerage that will allow you to trade online.
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Step 8
Try "swing trading" before you shift to day trading. Swing traders hold stocks for several days or weeks; day traders hold stocks for shorter periods, capitalizing on volatility.
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Step 9
Ignore the herd. If other traders are racing to buy or sell, make sure you understand the phenomenon and that you aren't racing off a cliff with them.
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Step 10
Be prepared to take a beating.
Comments
TheTradersCoach said
on 10/24/2008 Here are a few How To steps you need to become a Winner day trader:
1. System - a winner's system/game
2. Coach - an actively trading Consultant / Coach / Mentor
3. Trading Room – learn to trade with winners, including your coach
4. Practice with your Coach - to gain confidence, competence, and results (winning)
Good Luck with your trading:
John McLaughlin, Stock Trading - Consultant / Coach / Mentor
www.DayTradersWin.com
www.DayTradersCoach.com
949-218-4114
ozgood said
on 4/15/2008 I've been Practicing FOREX trading on a $50,000 account for 2 weeks.
Although I bring in a Net Profit of over $3000 Consistently each week,
I don't believe the same success could be had with a starting Balance under that.
Wiggle Room is what makes it all possible.
Without that, I wouldn't think of investing any less...
If at all....
ozgood said
on 4/15/2008 I've been Practicing FOREX trading on a $50,000 account for 2 weeks.
Although I bring in a Net Profit of over $3000 Consistently each week,
I don't believe the same success could be had with a starting Balance under that.
Wiggle Room is what makes it all possible.
Without that, I wouldn't think of investing any less...
If at all....
deveroimports said
on 12/20/2006 are there any books you would recomend reading
Anonymous said
on 3/23/2006 Over the long run, swing trading or long term investing should attribute to more reliable gains. Pick shares according to the financial statements, and performance history. It is important to learn how to read and understand the audit reports, and to know how to read the technicals (graphs).
If you are going to take a try at day trading, choose shares that have a gaining projection, so that if they dip down, you an hold them for a while to recover, or gain.
My personal advice is not to be greedy, and invest with a conservative approach. Any shares that you buy will have a risk.
Investing in shares that pay out dividends have an advantage. If the share price goes down for a while, or is not gaining in a strong fashion, at least you will collect some income from them.
My best performers for reliability have been in the energies, and the banks. The best gainers, but volatile have been in the metals, and minerals. I like to invest about 15 to 20% in to the metals.