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How to Start Day Trading?
Many people would like to learn trading, but often don’t know where to start, or they start by making some very dangerous mistakes.
Some new traders start with the wrong trading platform: a software or platform that does not support Hotkeys or that does not have access to real time NASDAQ data. They cannot get in and out of trades quickly and they lose money, and wonder how experienced traders can be trading so fast.
Many new traders use platforms or brokers that do not offer them important trading indicators such as the Volume Weighted Average Price or VWAP. They lose their money because they cannot analyze the market properly during the day…
Some traders start trading alone in their home office and do not seek any support from a mentor or a community of like-minded traders. They do not know where to ask their questions. The emotional pressure of trading will overwhelm them and eventually they are forced to give up their dream.
Often people start trading with real money from day 1, without any previous practice in simulators. They take a bad loss and lose all of their hard-earned family savings. They take a large position on a very volatile stock and blow up their account (meaning lose it all), because they did not practice proper entry, stop loss, and position sizing in a simulator. They have to say good-bye to trading before they even have a chance to grasp its potential.
I personally lost thousands of dollars because of a lack of these: a systematic education, practice in a simulator and the support of a like-minded community at the beginning of my trading career. One of the reasons I launched BearBullTraders is to help you not to suffer the same brutal experiences that I did.
Remember: There is more than one way to learn trading, and there is definitely more than one correct way. The following is my suggested approach for starting a career in day trading. You may of course find different correct ways to learn trading from others.
- What to Expect from Day Trading?
- How to Set Up Day Trading as a Business
- Learn Important Day Trading Strategies
Trade in a Simulator
- Become Familiar with Your Platform
- Practice Execution of Trades with Hotkeys
- Learn Money and Risk Management
Join a Community of Traders
- Learn from Experienced Traders
- Ask Your Questions While Learning
- Learn my If-Then Statements for Each Trade
Trade with Real Money
- Start with Small Size: 100 shares
- Beware of Feelings and Emotions
- Slowly Increase Your Share Size