Learning how to daytrade has very bad odds. Most people will fail and lose money. And, if you need to depend on others' picks, you have already lost the game, set, and match.
As someone else pointed out, you have to study a small number of stocks and learn their daily characteristics intimately to be able to trade them effectively. No other method will work. This isn't an area where you can get away with the 'hunt and peck' method. And the limit for most of us mere mortals is three markets traded at one time. As soon as I put on that fourth trade, I can pretty much guarantee that I'm going to lose focus on at least one of my trades.
No amount of training can prepare you for the mental rigors of daytrading. The lessons you learn will come from actually doing it. Coming from an area of the markets where daytrading is common, I would suggest that you take a fixed amount of money that you're willing to pour gasoline on and set fire to. Use this as your 'tuition' for learning to daytrade. When you've burned this initial amount down, close the account and take a very hard look at yourself and your trading and decide if it's what you want to do.
If you can take the boredom with out putting on trades just to trade, the all too frequent episodes of terror, and the loneliness of perhaps one of the most solitary of jobs, maybe you have a shot at becoming a successful daytrader.
Maybe.
Here's an excersize to see if you have the psychological makeup to succeed daytrading.
Take a thousand dollar bill outside and collect some firewood. Use the thousand dollar bill as tinder for your fire. You, and only can you, build and light your fire. Brew your morning coffee on your fire.
Repeat this daily until you can drink your coffee and not spit it up thinking about your thousand dollar bill.
Then go up to 2 thousand dollar bills.
As someone else pointed out, you have to study a small number of stocks and learn their daily characteristics intimately to be able to trade them effectively. No other method will work. This isn't an area where you can get away with the 'hunt and peck' method. And the limit for most of us mere mortals is three markets traded at one time. As soon as I put on that fourth trade, I can pretty much guarantee that I'm going to lose focus on at least one of my trades.
No amount of training can prepare you for the mental rigors of daytrading. The lessons you learn will come from actually doing it. Coming from an area of the markets where daytrading is common, I would suggest that you take a fixed amount of money that you're willing to pour gasoline on and set fire to. Use this as your 'tuition' for learning to daytrade. When you've burned this initial amount down, close the account and take a very hard look at yourself and your trading and decide if it's what you want to do.
If you can take the boredom with out putting on trades just to trade, the all too frequent episodes of terror, and the loneliness of perhaps one of the most solitary of jobs, maybe you have a shot at becoming a successful daytrader.
Maybe.
Here's an excersize to see if you have the psychological makeup to succeed daytrading.
Take a thousand dollar bill outside and collect some firewood. Use the thousand dollar bill as tinder for your fire. You, and only can you, build and light your fire. Brew your morning coffee on your fire.
Repeat this daily until you can drink your coffee and not spit it up thinking about your thousand dollar bill.
Then go up to 2 thousand dollar bills.
