After over 4 years of being a day trader and shorter term swing trader, this is the bare basics to your path to success as a day trader.
Learn from a Mentor
You want to gain knowledge learn from an expert or mentor. For me that was Timothy Sykes. I learned the all the day trading basics with all his hours of DVDs and Profitly online Videos (silver subscription) and weekly live webinars (Challenge Student)
Now I act as a mentor for others in the Training Pit. Where we teach people the necesarry foundations of trading and more. There is more to being a successful trader than just the act of placing a trade.
Paper Trade Stocks
Start practicing with fake money first ie. Paper Trade. Paper Trading allows you the ability to understand the timing of day trading. It also gives you the ability to find a winning strategy.
How to Scan Stocks
At this time I also recommend you practice your stock scanning. Like a chef creating a meal when you have quality ingredients you create quality food. Well having a top of the line stock scanner will make it easier to find those stocks to create your wins. For free glimpses of the market can find them at Finviz or Yahoo Finance. I began with Stocks to Trade which was originally run through Equityfeed. Now I am using Trade ideas which has a free demo version online.
Another great charting platform is eSignal which they use in Warrior Trading and Trade Ideas chat rooms. I also enjoy using Trade Ideas which has over 19 preset pages full of alerts. It is overwhelming with all the variations to alert for different strategies but worth every penny.
Stock Trading Chat Rooms
If you have it in your budget I also recommend a chat room. I recommend Tim’s for Penny Stocks and if you want to learn to tradethere is the Training Pit and for the more advanced trader with time under their belt Java Pit.
There is also a Free trading room by Trade Ideas where they trade a variety of price ranges and Barrie can teach you a little about options.
Online Stock Trading Brokers
Once you feel confident in trading after practicing with fake money it’s time to open up an account with a broker. Different rules for opening with different amounts or if you are a US Citizen or not. I have tried Questrade in Canada at the beginning when I didn’t know what I was doing and then just went back to my longterm account since I burned through my money. Another option for others outside the US or a small account to avoid PDT rule is Suretrader. Oh there is also Interactive Brokers for US and Canadian residents. There is also Think or Swim, Speedtrader, Centerpoint
Day Trading Psychology
When your account is open practice with smaller positions and practice keeping profits. The hardest part of real money trading is the pyshological aspect. Your adrenaline is rushing and should you close and keep the profit or see if it goes higher. Lock the profits and stay green. Always better to take a small profit than a loss. Once you get the hang of it grow the size of your positions with the risk tolerance you are willing to take.
Enjoy all your hard work. At this point you should be slowly building profits and even more confidence. Lock those profits one trade at a time
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you would like to be in Training Pit with me sign up here or if you want one on one training you can email me email@example.com You can contact me here or Twitter (@ItsAirplaneJane), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane) or YouTube
The tool I use for scanning and alerting is Trade Ideas who offer an always free trading room. You can receive 5% off with Promo code CARPEPROFIT15 all caps when you sign up here for your first year or month
Trade Ideas will be offering the quarterly full access test drive of their software their software in Nov 2019 for the cost of data fees $9.
Another amazing software is Trendspider that has a new innovative rain drop candlestick that shows the volume for the morning session and afternoon session as far as the weight of it in price action. You can try them for free for 7 days here and receive 20% off with MTS20
My book is available at Amazon FMJ Trust Transition Trade: How Successful Traders Said It, Did It, and Lived It . As well as Barnes and Noble, Indigo, Chapters,and more.
For my charts I use tradingview.com which offer free charting and paid services.
This blog is for informational and educational purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.