Day trading can be a brilliant way to make a living. Whose courses do you buy? What books should you read? What day trading chat room service should you join? There are plenty of great books out there to learn the basics of day trading and technical analysis. The best books I have read thus far are by: You could also invest in a video course like the one offered by our friends at Alpha 7 https: Those types courses can cost anywhere from a few hundred to a few thousand dollars, but have the advantage of giving you a more thorough introduction with real life examples.
Also, trading can be easier to learn when you see live charts vs. Separately, also check-out the hundreds of YouTube videos out there on day trading. The downside of the free stuff out there is that they typically leave out the really good and important stuff for their premium courses.
Free stuff will only get you so far, but they can be useful to learn some of the most basic concepts like Stochastics, MACD, etc. I recommend trying out trading simulators that allow you to paper trade — trade without real money — and practice various trading systems. Two websites that I like are Think or Swim http: That will allow you to practice day trading whether the market is open or not. A trading simulator is also useful to put new day trading strategies to the test and also to get a feel for different types of stocks.
A trading simulator allows you to play them without risking real money. And you will lose money. The next step in your journey is to sign-up to a day trading chat room that allows you to observe a professional day trader and potentially shadow his trades, i. If you find a good day trading chat room, you could learn from that trader and make money while you learn his techniques and experience them in a live market.
Having said that, it can also be quite risky to shadow someone, because you might always be a few cents late on the entry and exit. I respect day trading chat rooms that have a free or low-cost trial. If a day trader is good and makes it easy for his members to follow his trades and makes them money consistently, he should have nothing to hide.
More importantly, stay away from day trading rooms that don't track and disclose their performance daily. I tried day trading by myself for 6 months and lost plenty of money in the process. I read the books I mentioned above, watched dozens of YouTube video tutorials and shadow traded alongside 12 different services. Yet, I kept losing money while the day traders I followed were making money on the very same trades.
It was only when the financial loss and pain were too much that I acknowledged that I needed some professional coaching. A good day trading coach can help you get to the next level and eliminate any sticking points that can make the difference between constantly losing and winning.
You might be off by just a tiny amount, but that tiny amount can make a huge difference. And sometimes in life, you just need a little bit of coaching to help you get to the next level. In my case, they were worth the investment. As you gain more confidence, you will want to start picking your own stocks to trade every morning. Pick one or two that you get to know really well, and start adding them to the mix. Again, the trade simulator might be the best testing ground for your own picks before try them in a live market.
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