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Day Trading
from: Dan Alvarez"Day Trading If you have come this far, congratulations! You can
now start day trading with the confidence that you have
drastically improved your probability of succeeding. Day trading
is a business like any other. The reason why most businesses
fail when they start is because of lack of preparation, not
because of a lack of intelligence or potential. You do not need
potential to day trade. All you need to start day trading is at
least $5000 in your account (for a regular currency trading
account, $250 for a mini forex account, or $25,000 or more for
stocks), a desire to learn, a good teacher, the proper tools, an
open mind, discipline, and conviction that you can do it. That's
it! Forget talent or intelligence. Those things can easily lead
you to believe that you are God's gift to man and that you are
destined to succeed. Well, a feeling of grandiose and
overconfidence will only lead to frustration and failure in day
trading. You can learn day trading if you really want to, but
get prepared first (if you feel that day trading is not for you
or you want to diversify your trading capital, take a look at
the new project I am involed with; the trading robot).
In summary, before you start day trading you must know some
important day trading facts like, the account size requirement
(which depends on the particular broker you use) and that you
need to use a direct-access broker to obtain the best results
(the RealTick direct-access trading platform is my favorite for
stocks - for currencies you can request a free simulator by
clicking here). You must also have or get a computer for day
trading. This trading computer is where the direct-access
software will be installed and run. The trading computer should
have a high-speed Internet connection like DSL or Cable Modem,
an antivirus program like Norton or McAfee, a firewall, and, if
you could afford it, a UPS back-up system. After that, you
should proceed to learn some basic information on day trading
and investing like ""bid"" and ""ask"" and types of orders like
market, limit, and stop orders. Once you have a solid grasp of
these things you need to become very familiar with additional
trading concepts like level II, Electronic Communication
Networks (ECN's), market makers, order routing and technical
analysis (remember that you only need to learn technical
analysis to day trade currencies). The best way to become
familiar with these concepts is while learning how to use the
direct-access trading software (like RealTick) that your
direct-access broker provides. Then you are ready to open an
account with a direct-access broker that provides a trading
platform like RealTick (or a currency broker). From that point
on, you should do paper trading with the trading software in
simulator mode (demo) until you are ready to trade with real
money. The final step is to start day trading!
After having gone through these seven steps that I have
described, you will be on your way to becoming a successful day
trader. Best of luck and God bless you! If you are ready to
start day trading, click here to download a free 30-day currency
trading simulator.
If you have not read the new section on trading currencies,
click here to do so now. If you don't want to day trade yourself
or feel trading is not for you, read the trading robot section.
"
About the author:
Author is an established writer and arbitrage trader. Author
makes it easy for any one wishing to start in trading.
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