I want to learn day trading, where should I start?
Day trading, where to start?
- Thread starter kjones5159
- Start date
Start with paper.
Paper trade until you are profitable.
Just have someone kick you in the nuts. It's less painful.
The Library,
Study, familiarize yourself as much as you can, Investopedia is a good start.
Work your way down, start with learning the basic concepts of Risk mgmt, blah, blah, blah. Do not use indicators, cross over methods, etc... bla, bla, bla, stick to price.
[No sense to repeat myself, you can research previous posts]
Once you have conducted the basic research to familiarize yourself with all the terms and concepts, recommend Swing/position trading initially.
Simulator at first to work out the mechanics, then small size for psyche to enter the mix, then slowly add size. Use Daily and Weekly charts.
If you think you must day trade, then slowly reduce the time frame of your charts, and repeat the process, confirming that your method works across faster time frames.
One must be successful trading slower time frames before they should ever attempt day trading, and god forbid attempt scalping as a beginner.
Don't expect to become a successful Day Trader overnight...
90% of Trading is in the preparation, 9% in the management, 1% in the execution
[before the %'s get flamed, it is an analogy]
I personally don't believe in self mutilation or self-punishment, the market will be kind enough to do that for you, but to each his own...
I appreciate a response like this, as opposed to "kill yourself now" or whatever may have worked for some others.
To NoBias, thus far I've been successful in value styled position and swing trading, been able to generate a 36% return since April of this year, I'm looking to get with a prop firm and learn to day trade effectively.
Why do you say to stay away from crossovers? I've started by learning basic indicators like the Bollinger Bands, MACD, RSI, stochastic, etc.
Candle charts also.
Anything I should do or do differently or anything of that nature?
To NoBias, thus far I've been successful in value styled position and swing trading, been able to generate a 36% return since April of this year, I'm looking to get with a prop firm and learn to day trade effectively.
Why do you say to stay away from crossovers? I've started by learning basic indicators like the Bollinger Bands, MACD, RSI, stochastic, etc.
Candle charts also.
Anything I should do or do differently or anything of that nature?
Quote from Bob111:
+1. followed by good punch in a forehead. just to know,how it feels like to be wrong every time...(trust me,you going to do it by yourself after few trades)
like this-
i've done it..multiple times..seriously
I've messed around with a demo account for forex, and lost on nearly every trade, the spreads kill me which means I probably just suck as of yet, but in stocks the bid/ask wouldn't be as much of your potential profit, so maybe I still suck but I am sucking at the wrong ballpark.