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Day Trading Guide

Day Trading Guide Day Trading Guide

What is day trading? Day trading is the action of buying and selling the same stocks, futures, forex or options over the period of one day. Actually, day trading is about entering and exiting a position in a matter of minutes. Entering and exiting all positions by the end of a trading session on Wall Street. For the Forex market, forex day traders make sure all positions are closed before the end of their individual market session. Many individuals want to day trade for a living.

Day traders refuse to hold any open positions when the trading day is over to prevent from becoming an investor in any held position. Day Trading is a business adventure and involves a skill that takes time to develop. Individuals new to day trading must be prepared to take a loss because it is part of the process. Day traders should never ‘not’ exit a trade when it hits their stop loss just because they *think* the stock, futures, forex or options is going to turn around – odds are against traders that the position will turn around. Odds are traders will become investors in losing positions that they fail to exit per their stop loss set in their trading strategy.

Day trading activity by day traders is processed through online brokers, per individual account restrictions and requires access to instant trade. Real time market data for stocks, futures, forex and options are a required tool of a day trader. Day traders must also maintain connection to a reliable source of analysis tools. While most day traders learn to lose with no preset loss amount, those same day traders will likely lose more in early stages of day trading then it would cost them to pay for professional day trader training or day trading education.
 

Who day trades? Who Day Trades?

Individuals who have access to disposable cash will open a trading account with a broker. Disposable cash is not the college fund or a retirement fund. Disposable cash is money that would not be missed, should the money be lost. Broker/Dealers registered with NASD/NYSE require that day traders maintain $25,000 minimum equity in their trading account on any one day that day trading occurs. Margin trading requires a minimum $25,000 minimum. A key to success at day trading is the ability to control trades, act and react to trading activity with no emotions and above all, maintain their composure and disposition while trading. Day traders should refrain from trying to day trade if they are ill, having a bad day, depressed, sad or angry about anything. Most veteran and successful traders make a trade by a simple method of ‘act and react’ on what they see on a chart. Assistance is available for appropriate chart settings utilized by successful traders.
 

Equipment Required to Day Trade Equipment Required to Day Trade

High speed Internet connection accompanied with a computer/laptop containing a processor that can handle immense amounts of data downloaded from a day traders online broker. Traders should have a computer used strictly for day trading so as to avoid mistakenly downloading another program that conflicts with their trading platform. For security purposes, day traders should run a quality anti-virus program to secure their trading accounts. Day traders embarking on the day trading business should test their trading system extensively to make sure their computer can handle it. Day traders will need access to a reliable trading platform and configurable charting software. Brokers charging cheaper commissions should be compared with brokers charging higher fees. Cheaper is not always the best route to go.
 

Demo-Trading Demo-Trading

Demo-trading on a demo-trading platform is the next best thing to flying lessons in a simulator for the want-to-be pilot. By demo-trading, the want-to-be day trader is able to develop their own individualized trading strategy. Day traders have the ability to place demo trades on their trading platform based on the amount of trading capital they intend to work with after they feel they have demo-traded long enough in order to practice the art of entering and exiting a trade without risking any real capital. Day traders try various day trading tactics and continue to utilize those methods which show more winners than losers.

Traders will keep a diary for all trading activity while demo-trading to track good and bad trades made. Traders will demo-trade only the amount of ‘disposable cash’ they intend to actually trade with, when they start trading live. Traders with the desire to make a career at day trading must treat day trading like a business, beginning with practice trading using a demo-trading account.

May 2013


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