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- 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)
- Start practicing with fake money first ie. Paper Trade. I did it old school with a pen and paper, but many people have recommended ThinkorSwim or Trading view. They have a 60 day free trial.
- 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. I am a creature of habit and stuck with Equityfeed while they were updating to STT 2.0. I use Equityfeed for my market view and my charting and level 2. 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.
- 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 other strategies then Warrior Trading. 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.
- 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. I am presently using Wells Fargo due to a pre-existing relationship with a broker there. I look forward to opening up an Etrade account soon.
- 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.