How to become a successful day trader? I believe that it will not be easy. In 2007, I began to trade stocks and Forex full-time. You maybe guessed the results.
I analysed the reason of failure and found I didn't have enough money and never followed my day trading plans.
After reading a lot of day trading books for beginners, I start to make a day trading plan and stick to it. Now I have been able to trade for a living. Today I will show how to be a successful day trader.
First, I suggest learning day trading with the free online education courses. For example, Investopedia, stocktwits, Babypips, Forex factory, Dailyfx.
Second, many beginners just want to make a lot of money. But veteran traders think trading is a business and run it on business principles.
Third, you have to develop a day trading plan and keep a day trading journal.
Fifth, don't forget to review your day trading journals. It can improve your trading performance.
At last, if you want to make more money in day trading, you have to share trading experience on the twitter, and write down the day trading tips and rules on a piece of paper.
If you’re serious about learning how to become a successful day trader. I guarantee it will be one of the best things and it will change life and the rewards will be forever!
More reading What is it like being a self employed day trader?
How much money do I need to start day trading for a living?
I analysed the reason of failure and found I didn't have enough money and never followed my day trading plans.
After reading a lot of day trading books for beginners, I start to make a day trading plan and stick to it. Now I have been able to trade for a living. Today I will show how to be a successful day trader.
Second, many beginners just want to make a lot of money. But veteran traders think trading is a business and run it on business principles.
Third, you have to develop a day trading plan and keep a day trading journal.
- What are your day trading goals? I want to set a daily goal about 0.1%.
- Which stock is going to pick? I should pick a good liquidity and volatility of the stock.
- What about your day trading strategies? For instance, the grid trading strategy.
- How much money to start day trading for a living? About $10000
- Which time frame will you choose? I will use the multiple time frame analysis, So I will choose the four hour and one hour chart.
- If prices are bound between support and resistance levels on the four hour chart, I will use the bidirectional grid trading strategy.
- If I had identified the direction of the trend on the four hour chart, I will trade with the one direction grid trading strategy.
Fifth, don't forget to review your day trading journals. It can improve your trading performance.
At last, if you want to make more money in day trading, you have to share trading experience on the twitter, and write down the day trading tips and rules on a piece of paper.
If you’re serious about learning how to become a successful day trader. I guarantee it will be one of the best things and it will change life and the rewards will be forever!
More reading What is it like being a self employed day trader?
How much money do I need to start day trading for a living?
How to become a day trader with little money
I think you can go to the forex trading market or options trading market. But here I want to remind you that they carries a high level of risk and may not be suitable for everyone. You may lose more than you invest.
First, many best forex brokers offer Mini & Micro accounts. Therefore, you can start day trading with little money. Below is my list.
- Oanda
- Alpari
- FXCM
- Forex
- Fxpro
- XM
- IC markets
- eToro
- Pepperstone
- Exness
Second, you should demo trade until you develop a solid, profitable system. I believe only in this way can become a day trader with zero risk.
Third, if you just have less money to day trade business, you must avoid common forex trading mistakes and big losses.
In addition, you must learn day trading with babypips, forex factory or Dailyfx. They offer free online trading courses. I think you will have a good feeling for how to be a professional day trader.
In addition, you must learn day trading with babypips, forex factory or Dailyfx. They offer free online trading courses. I think you will have a good feeling for how to be a professional day trader.
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