Day Trader Trading Lesson
There are several types of individuals who ‘want’ to be a day trader.
You have the ‘wanna be day trader’ who opens up a trading account with a broker, no experience trading at all let alone any experience with a trading platform, chart reading, level II etc. and these traders will probably trade for a few weeks to maybe a month, making their broker money and wiping out their so-called, trading capital account.
Next you have the ‘gonna do it day trader’ who does most of the same things that the ‘wanna be day trader’ does however, they are slightly more intelligent and actually demo trade, but not for a long enough period of time. The ‘gonna do it day trader’ has not learned one of the key tools to day trading, which is discipline and control. They may set an amount of time to demo trade however, they are so anxious to place real trades to try and capture some of the real profits they see in professional Day Trading Rooms, they jump into live trading without learning all the basics of day trading and by not spending enough time in demo mode, they simply watch their trading account dwindle away to nothing, within just a month or two, or slightly more depending upon how much money was in their trading account.
Finally, you have the ‘rookie day trader’ who takes day trading seriously, as a business. They do their research on the market of their choice whether it is the stock market, futures market or forex market; they come to know how things work. They do more research for a broker who will provide live feed, top quality charting platform, reasonable fees and one of the most important trading tools, premium customer support. Now the ‘rookie day trader’ realizes that, all good things take time. Day trading can be and is for many, a profession. Do a Google search for professions and we’re sure you’ll find unlimited amounts of potential education available, depending upon the field you choose. For day traders, quality Training Programs are another key to your success at day trading. Participating in professional day trading training is a good place to start and the best training is the providers of one-on-one training programs. Just as you would pay up for a college degree from a reputable college, the same should be for day trader training. If you feel you cannot afford to pay for day trading Training Programs, you’re in the wrong line of business. The truth is, ‘rookie day traders’ cannot afford to ‘not’ partake in professional, day trading training. What you pay for professional day trader Training Programs could be your savings when you finally unleash your time tested day trading skills to the live trading platform.
Set a realistic goal on how long you plan on demo-trading. If you have former experience in day trading, maybe just a few months; however, you are the only one who can decide how long, is long enough. Don’t let your ‘long enough’ be determined by anxiety of making live trades – it seriously takes a great deal of time to learn to deal with losing money while day trading. If you think for one moment you won’t take a loss, you’ve got another thing coming when you start trading in the real world. The more time you invest in demo trading, working out your trading strategy or strategies, the more your day trading investment can be worth, to you.
No individual can get a degree as a doctor or lawyer, just as an example, without paying the piper – putting in the time to learn. There’s no reason to set a limit on potential earnings as a professional day trader however, it is a profession and look at your ‘degree’ as putting together the perfect trading strategy with the help of professionals who have been there, done that and would like to see you avoid all the mishaps along the way.