What Advice Would You Give to Beginner Day Traders?

[Jdesey]

my best advice.. do not day trade... many of us have learned that the very hard way

 

[oshjdf]

Learn to script your trades. Even if you do not intent to fully automate. There are many parts one can-should automate. Don't do all the heavy lifting day in and day out.

When you learn to script your trades, you will learn how crappy your so called "rules" are and how huge and plentiful the holes in your system are.

The heavy lifting is real even though you are not capable to fully automate everything. It gives so much freedom to your mind and body.

 

[janbillian]

Don't daytrade at all, the bid/ask spread alone is like a vacuum cleaner that'll require grotesque returns (depeding on your trading volume) just to breakeven.

PLUS , more importantly, markets are so superefficient that often, shortterm price fluctuations are simply not predictable -> you can't forecast totally random events, in any area.

Saving up money when you can in a regular job and then have some cash on you side when the stockmarket experiences a big crash, may be / is imho much smarter.