Day Trading For Dummies - Part 1
The day trading definition is: buying and selling stock in a very short day period. Usually buying and selling the same stock in the same period.
How to Become a Day Trader
The day trading definition only helps a little bit. You need more than the day trading definition to really understand how to become a day trader. Here the explanations will be so easy to understand how to become a day trader it’ll be day trading for dummies!
In order to become a day trader it goes without saying that traders must have a keen sense of the stock market, have a keen eye, keen instincts, be able to hold their ground and must be able to make snap decisions.
The art of day trading hangs in the balance of time, the right place, at the right time, making the right decision. It is a very hard, tough business and it can change your life in only a few moments.
So day trading for dummies might be easy to understand – but you need the skill, and the confidence to have your whole life turned around for better or worse in a few moments.
You Think you can Handle the Heat in this Kitchen?
So you want to be a day trader? First you need to be well-informed, beyond well informed! You need to read every stock market resource available to you online and other wise. Find out everything you can about the market, when it’s up, when it’s down and how it performs daily. In order to make snap, life changing decisions you need to be highly educated so each decision is fast, but well thought out and confident.
Part of learning to be educated, is doing a course. You need to have training in day trading otherwise all your knowledge is useless. Find a course that best suits you and that will graduate you from student to stock market day trader with ease and confidence.
Courses on offer are diverse, from online internet courses, to night school courses even books, although if you’ve never had experience day trading it’s recommended you either do an internet or night school course or even a course by correspondence. Find a stimulating sit in experience. Locate an experienced and talented day trader and sit in on their sessions throughout the day. There’s much to learn from observation.
Write down what you would do in one column and then write what they do in the other, slowly the columns may start looking the same. It’s a great confidence builder and helps with the transition from student to working independently on your own. Now the money comes in. Start saving your pennies!
Money is what makes the world go round and your day trading will not go very far without it. Start saving and putting away money in a special dedicated account, this will be your money you can afford to loose. Make sure you use that account and only that account, never go above your means. You’ll need at least three thousand dollars to set up an account with a brokerage.
Practice makes Perfect and you want to be Perfect!
Paper trade for at the very least a month, this is simulated trading that all traders use before they start using real money, think of it like Monopoly, but on the stock market! Make sure you’re solidly winning for at least a few weeks before progressing into the real market.
This is where you can also start developing some strategies for your own trading. Take notes on what worked what didn’t work and how you can change you tactic for next time. Keep a log book on everything.
Practice what works until you’re certain you’re ready to start using your real money. Remember you only get one shot, once your account goes to zero, the games all over until you can save again.
Ready, Set, Go Change Your Life!
When you’re finally ready, open an account with a brokerage that will let you trade online and start ‘swing trading’. This is when you can hold onto a stock for a number of days or weeks before selling it forward rather than a number of days.
Remember day traders make their money on volatile stock. Be confident before you start reducing your time in dealing with any stock. When you’re ready to go to day trading, hold your ground. You’ll notice many traders out there quickly buying or selling stock.
Follow your instincts and your training, make sure you understand what exactly is causing them all to move, you don’t want to jump off any bridges with them.
And finally, get a thick skin and be ready to take a walloping! Day trading is tricky and dangerous as well as exhilarating! It’s not just day trading for dummies, it is day trading for the cut throat as well.
How to Become a Day Trader
The day trading definition only helps a little bit. You need more than the day trading definition to really understand how to become a day trader. Here the explanations will be so easy to understand how to become a day trader it’ll be day trading for dummies!
In order to become a day trader it goes without saying that traders must have a keen sense of the stock market, have a keen eye, keen instincts, be able to hold their ground and must be able to make snap decisions.
The art of day trading hangs in the balance of time, the right place, at the right time, making the right decision. It is a very hard, tough business and it can change your life in only a few moments.
So day trading for dummies might be easy to understand – but you need the skill, and the confidence to have your whole life turned around for better or worse in a few moments.
You Think you can Handle the Heat in this Kitchen?
So you want to be a day trader? First you need to be well-informed, beyond well informed! You need to read every stock market resource available to you online and other wise. Find out everything you can about the market, when it’s up, when it’s down and how it performs daily. In order to make snap, life changing decisions you need to be highly educated so each decision is fast, but well thought out and confident.
Part of learning to be educated, is doing a course. You need to have training in day trading otherwise all your knowledge is useless. Find a course that best suits you and that will graduate you from student to stock market day trader with ease and confidence.
Courses on offer are diverse, from online internet courses, to night school courses even books, although if you’ve never had experience day trading it’s recommended you either do an internet or night school course or even a course by correspondence. Find a stimulating sit in experience. Locate an experienced and talented day trader and sit in on their sessions throughout the day. There’s much to learn from observation.
Write down what you would do in one column and then write what they do in the other, slowly the columns may start looking the same. It’s a great confidence builder and helps with the transition from student to working independently on your own. Now the money comes in. Start saving your pennies!
Money is what makes the world go round and your day trading will not go very far without it. Start saving and putting away money in a special dedicated account, this will be your money you can afford to loose. Make sure you use that account and only that account, never go above your means. You’ll need at least three thousand dollars to set up an account with a brokerage.
Practice makes Perfect and you want to be Perfect!
Paper trade for at the very least a month, this is simulated trading that all traders use before they start using real money, think of it like Monopoly, but on the stock market! Make sure you’re solidly winning for at least a few weeks before progressing into the real market.
This is where you can also start developing some strategies for your own trading. Take notes on what worked what didn’t work and how you can change you tactic for next time. Keep a log book on everything.
Practice what works until you’re certain you’re ready to start using your real money. Remember you only get one shot, once your account goes to zero, the games all over until you can save again.
Ready, Set, Go Change Your Life!
When you’re finally ready, open an account with a brokerage that will let you trade online and start ‘swing trading’. This is when you can hold onto a stock for a number of days or weeks before selling it forward rather than a number of days.
Remember day traders make their money on volatile stock. Be confident before you start reducing your time in dealing with any stock. When you’re ready to go to day trading, hold your ground. You’ll notice many traders out there quickly buying or selling stock.
Follow your instincts and your training, make sure you understand what exactly is causing them all to move, you don’t want to jump off any bridges with them.
And finally, get a thick skin and be ready to take a walloping! Day trading is tricky and dangerous as well as exhilarating! It’s not just day trading for dummies, it is day trading for the cut throat as well.