It is possible to learn day trading, even if you don’t have any experience with the stock or commodities markets at all. The important thing to do is to make certain that you have the fundamentals down before you actually try to use your new, shiny day trading software. If you just go ahead and get an account with a broker, get access to the software you’ll need and start trading immediately, you’re probably just going to lose money and frustrate yourself.
Attending Trading Webinars
Not everyone can afford to travel to attend seminars, which is why webinars are so popular these days. These allow you to learn trading from very experienced day traders without having to journey to a distant city to attend a seminar. Look for trading webinars that are designed for people at your skill level. If you’re an absolute beginner, you’ll want to spend some time learning the very basic elements of the markets and how to understand them before you jump into trying to use day trading software to make money.
Some of the software training will give you an edge over experienced traders who made a transition to online trading systems without taking any training at all. They may understand market terminology and patterns better than you but if you know day trading software inside and out, it won’t take you long to catch up.
Experimenting with Technical Analysis Indicators
The best trading software on the market will allow you to make simulated trades while you learn day trading. Don’t be afraid to do this for a couple of days or weeks while you get the hang of it. You can even use simulated trades to generate technical analysis indicators and learn how to use those, as well.
If you take a webinar, technical analysis indicators will be a part of it. These are tools that you use to analyze the movements of a stock or a commodity and to plot out your next move in relation to it. You’ll hear complicated terminology such as “support” and “resistance” used in ways that you’ve never heard them used before. Taking a webinar can allow you to develop the basic tools needed to experiment with these tools so that you can start using technical analysis right away instead of having to stumble through it until you get the hang of it.
If you’re a very experienced trader but you don’t have any experience with day trading software, make sure you take at least one opportunity to use an educational resource. Seminars and webinars are great ways to go and you can learn a lot from using them.
For more from Erich, visit the Indicator Warehouse for additional futures resources and NinjaTrader Indicators.