To day trade you need several years experience as a trader
You must know the products and the markets in which they trade, how security transactions are cleared and more importantly you must know the rules that govern those products and markets. So you must know what you’re doing, why you’re doing it, and how to do it. You should start by reading “Investing for Dummies” by Eric Tyson.
Here’s a list of books you should consider, at least read half of them
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered, by Gallea
How to Trade in Stocks, Jesse Livermore
Millionaire Traders, Lein & Schlosberg
One Up on Wall Street by Peter Lynch
Reminiscences of a Stock Operator, Edwin Lefevre
The Disciplined Trader, Mark Douglas
Trader Vic-Methods of a Wall Street Master, Victor Sperandeo
Trader Vic II-Principles of Professional Speculation, Victor Sperandeo
Trading for a Living, by Alexander Elder
Trading in the Zone, Mark Douglas
And when you think you want to trade, try some paper trading to test your skills without spending you money http://simulatorinvestopedia.com/ http://www.moneyworks4me.com/
and/or http://www.tradingsimulation.com/
Before you enter your first order you need to address four major policies and have very strong discipline to follow them
1 - You need a written sound trading/investment plan with rules that will not only help you but more importantly protect you, mostly from yourself. Always use stops either to protect you on the down side or to lock in profits on the up side. Never trade on emotions, when emotions get involved walk away. Don’t try to out-smart the market, you’ll loose but if you always take what the market is willing to give you, you’ll be successful. Other words, you don’t trade against the trend since the market is always right. And NEVER trade on emotions, once you let emotions in your trades you will loose
2 - A written money management program is essential. Remember never invest 100% of your capital into any one security and never have 100% of your capital invested. Never go into a trade without knowing when and where you are going to get out of it. Never let a loss on a trade get greater than 8%-10%, always take you loss and walk away - don't loose more than you need to and don't be afraid to take the loss. Remember you never can get hurt taking a profit. Never average down, but you can average up.
3 - You must have sufficient trading/investment capital. Use your own money, there’s no need to go into debt so that you can trade and/or invest. Margin can be used but only with restraints, never let the account wall below 45% equity. Unless you fully understand margins you should not use it.
4 – A full and complete understanding of the rules & regulations of the industry. If your going to play in the game be sure you know the rules of the game and always follow them.
Unless you are willing to study and follow the above you will never make it as a trader. To be successful as a trader it takes work and constant study of the markets and the products traded in those markets, there is no easy way.
Anyone can day trade! But can you make a profit rather than a loss?
You can use technical analysis (so learn all about that first) but I think you really need to be 'close' to the market.
That is work in it or have close connections with it.
Why day trade anyway? Surely 'easier' to trade short term, like few weeks.
If you are day trading to stretch your capital then it means you 'have' to sell at the end of the day. One thing I have learned is that your trading strategy should not be influenced by time or money constraints. You should be selling because you think the stock is going down or that you have reached your target profit.
Just like Oldwhiteguy said buy mutual funds. Day trading will guarantee that you lose your money !!
Go to Fidelity or Vanguard website and read about mutual funds.
If you are only in your 20's you have plenty of time to make money in a good stock fund , like fidelity s&p 500 index fund.
I will tell you what I did and made money.......60yr old guy........ Save your money.............live below your means.............invest wisely. Day trading is not wise !!
Dear,
In response to this question, Is it hard to learn day trading?, I tell you that you might get some help from http://onlinetradingfaqs.com
As you described; "I reallly want to get into day trading. I am a young 20's female with no experience. Does anyone have advice where to start... I just set up an e-trade account... are there ways ...show more" I hope it might help you.
All the Best :)
Day trading has like a 5% success rate. I would stay away trust me.
You will be competing against computers that can evaluate a situation and make a trade in a few microseconds. How fast are you.
No, it's not hard at all. Remember, there is nothing impossible, if you keep doing that thing, then you can make it. There is nothing impossible.
Have a great day and I hope my answer helped.
You can't succed in binary trading without a strategy, a good method to follow and some kind of software support. They program I use is called "Autobinary signals". It helps finding loopholes for guaranteed returns. It's very easy to use and I'm earning good money. You find all the details on this site: http://tradingsignal.toptips.org
I'm making good profit with a binary option signal software called "autobinary signal". It's great!! Check here for more information ( http://forexsignal.kyma.info )
My estimate is that less than one in ten day traders make money over the long term. Buy mutual funds and get rich slowly.
I reallly want to get into day trading. I am a young 20's female with no experience. Does anyone have advice where to start... I just set up an e-trade account... are there ways to get knowledgable on stocks.... etc.? books to read? websites/news i should check out?
