Trying to find How to Day Trade for a Living A Beginners Guide to Trading Tools and Tactics Money Management Discipline and Trading Psychology ?
Author : Andrew Aziz
Publisher : CreateSpace Independent Publishing Platform
Total Pages : 232
Very few careers can offer you the freedom, flexibility and income that day trading does. As a day trader, you can live and work anywhere in the world. You can decide when to work and when not to work. You only answer to yourself. That is the life of the successful day trader. Many people aspire to it, but very few succeed. Day trading is not gambling or an online poker game. To be successful at day trading you need the right tools and you need to be motivated, to work hard, and to persevere.At the beginning of my trading career, a pharmaceutical company announced some positive results for one of its drugs and its stock jumped from $1 to over $55 in just two days. Two days! I was a beginner at the time. I was the amateur. I purchased 1,000 shares at $4 and sold them at over $10. On my very first beginner trade, I made $6,000 in a matter of minutes.It was pure luck. I honestly had no idea what I was doing. Within a few weeks I had lost that entire $6,000 by making mistakes in other trades. I was lucky. My first stupid trade was my lucky one. Other people are not so lucky. For many, their first mistake is their last trade because in just a few minutes, in one simple trade, they lose all of the money they had worked so hard for. With their account at zero, they walk away from day trading.As a new day trader you should never lose sight of the fact that you are competing with professional traders on Wall Street and other experienced traders around the world who are very serious, highly equipped with advanced education and tools, and most importantly, committed to making money.Day trading is not gambling. It is not a hobby. You must approach day trading very, very seriously. As such, I wake up early, go for a run, take a shower, get dressed, eat breakfast, and fire up my trading station before the markets open in New York. I am awake. I am alert. I am motivated when I sit down and start working on the list of stocks I will watch that day. This morning routine has tremendously helped my mental preparation for coming into the market. Whatever your routine is, starting the morning in a similar fashion will pay invaluable dividends.Rolling out of bed and throwing water on your face 15 minutes before the opening bell just does not give you sufficient time to be prepared for the markets opening. Sitting at your computer in your pajamas or underwear does not put you in the right mindset to attack the market. I know. Ive experienced all of these scenarios.In How to Day Trade for a Living, I will show you how you too can take control over your life and have success in day trading on the stock market. I love teaching. Its my passion. In this book, I use simple and easy to understand words to explain the strategies and concepts you need to know to launch yourself into day trading on the stock market. This book is definitely NOT a difficult, technical, hard to understand, complicated and complex guide to the stock market. Its concise. Its practical. Its written for everyone. You can learn how to beat Wall Street at its own game. And, as a purchaser of my book, you will also receive a membership in my community of day traders at www.vancouver-traders.com. You can monitor my screen in real time, watch me trade the strategies explained in his book, and ask questions of me and other traders in our private chat room.I invite you to join me in the world of day trading. Im a real person who you can connect with. Im not just a photograph here on the Amazon site. I love what I do. You can follow my blog post under Author Updates on my Author page on Amazon. Its honest. Youll see I lose some days. You can read the reviews of my book. I know you will learn much about day trading and the stock market from studying my book. You can join at no cost and with no obligation my community of day traders at www.vancouver-traders.com. You can ask us questions. Practical, hands-on knowledge. Thats How to Day Trade for a Living.
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FAQs
- Understand market trends and patterns.
- Use risk management strategies, like setting stop-loss orders.
- Focus on liquid assets with high volume.
- Keep emotions in check and stick to a trading plan.
- Limit the number of trades to manage risk.
- Constantly educate yourself on market dynamics and trading strategies.
The 3-5-7 rule in trading is a risk management guideline that suggests limiting the amount of capital you put into any single trade. According to this rule, you should not risk more than 3% of your trading capital on any one trade, no more than 5% on any one sector, and no more than 7% on all trades combined.
How much money do day traders with $10,000 accounts make per day on average? ›
On average, day traders with $10,000 accounts can make $200-$600 per day, with skilled traders aiming for 2%-5% returns daily. So, it is possible to achieve a daily profit of $200 to $600 with a $10,000 account.
Where do I start if I want to day trade? ›
If you think you'd like to day trade, here's what you need to get started:
- A brokerage platform with research tools. Some trading platforms are more suitable for day trading than others. ...
- Investment capital. ...
- Skills and knowledge. ...
- Market news and research. ...
- Plenty of time. ...
- The right mindset.
Believe it or not, you can start forex day trading with $1,000 or even less. It requires mastering position sizing and managing risks, but if you navigate your way to success, the rewards can be significant. In this article, we will discuss in detail how you can day trade with $1000.
How to become a day trader with $100? ›
There are four steps to doing so:
- Step #1: Select a few high-potential trades.
- Step #2: Apply a disciplined approach to entry and exit points.
- Step #3: Using risk management techniques (like stop losses) to protect your $100.
- Step #3: Make the most of your limited capital by focusing on quality over quantity.
The 90 rule in Forex is a commonly cited statistic that states that 90% of Forex traders lose 90% of their money in the first 90 days. This is a sobering statistic, but it is important to understand why it is true and how to avoid falling into the same trap.
What is the 11am rule in trading? ›
What Is the 11am Rule in Trading? If a trending security makes a new high of day between 11:15-11:30 am EST, there's a 75% probability of closing within 1% of the HOD.
What is the golden rule of traders? ›
Key Rules from Iconic Traders
Cut your losses quickly: Never let a loss get out of control. Trade with the trend: Follow the market's direction. Do not trade every day: Only trade when the market conditions are favorable. Follow a trading plan: Stick to your strategy without deviating based on emotions.
Can you make $200 a day day trading? ›
A common approach for new day traders is to start with a goal of $200 per day and work up to $800-$1000 over time. Small winners are better than home runs because it forces you to stay on your plan and use discipline. Sure, you'll hit a big winner every now and then, but consistency is the real key to day trading.
Copy trading, also known as social trading or mirror trading, is a strategy that allows beginners to participate in financial markets by emulating the trades of experienced investors.
What strategy do most day traders use? ›
Scalping is one of the most popular strategies. It involves selling almost immediately after a trade becomes profitable. The price target is whatever figure means that you'll make money on the trade. Fading involves shorting stocks after rapid moves upward.
How do I start day trading as a complete beginner? ›
How To Start Day Trading
- Learn a good deal about the market and how to use fundamental and technical analysis.
- Ensure you have enough capital to begin to meet regulations and, beyond that, so you're never putting more on the line than you can afford to lose.
- Develop criteria for trading and stick with them.
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If you want to earn money with day trading on your own, you will in all probability incur enormous losses; however, high profits are theoretically possible. It is possible to earn money with day trading and make a living from it and generate high income - but the chances are extremely low.
Can I start day trading with $5000? ›
A Non-Pattern Day Trade account requires a minimum of $5,000 in margin equity.
Do you need 25k to start day trading? ›
The $25k requirement for day trading is a rule set by FINRA. It's designed to protect investors from the risks of day trading. By requiring a minimum equity of $25k, FINRA ensures that investors have enough capital to absorb potential losses. But remember, even with $25k, day trading is still a high-risk activity.
Is 500 enough to start day trading? ›
If you've got a little bit of cash and the dedication to learn short-term trading skills, it can be a very profitable career. How much do you need to start trading? Well, that depends, but $500 is a good number to get started.
