Things You'll Need:
- A computer with Internet
- A brokerage account
- A simulator
- Patience and dedication
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Step 1
Use a robot. One of the easiest ways to start day trading the FOREX markets is to use a robot. This is simply a set of rules programmed into a trading platform called Meta-Trader. These rules are followed by the bot, and trades are carried out automatically. You don't have to do anything. From personal experience, some of these do work and they have as much as a 90 percent win rate, which seems quite impressive initially. However what you may not know is that these are typically scalping systems usually going after small trades, while their stop losses can be quite big. What this means is that you can have a lot of wining trades, but one losing trade could wipe out everything. If you go this route, make sure to use a very small amount of capital.
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Step 2
Get some training. There are plenty of courses and e-books available. One of the better ones is by Bill Poulos who has been trading for more than thirty years. The program is called "Forex Nitty Gritty," and his system covers everything from the best time to trade to technical and fundamental analysis and money management. There are also several useful forums to learn from. One of the best is called ForexPeaceArmy.com. Not only will you find other traders to learn from and free educational videos, but there's also a service rating system. It looks at all of the different trading services, software and brokers and gives them a rating based upon user feedback.
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Step 3
Join a service. There are many services, but you want one that has credibility. Bob Lacino has been a professional trader for 15 years, and has been a media commentator for Bloomberg, CNN and Fox Business News. He offers nightly market updates and educational webinars and videos. As of 2009, his site is seven dollars for a seven day free trial and sixty-seven dollars a month after that.
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Step 4
Trade in a simulator. No matter which route you take, you should always start trading in a simulator. This will allow you to make mistakes without using real money. You can get a free simulator by going to FXCM.com. There you can download the software for free, and even use their charting tools. The simulator is only good for one month, but you can ask for renewals each month.
