Here’s the truth: You won’t learn how to day trade successfully in one day by reading the latest amazing e-book where “all the day trading secrets are revealed!”
If you’re seriously committed to learn day trading, then you must begin by putting aside all foolish expectations. Prepare yourself for a real trading education. Here’s a process that I personally recommend. It roughly reflects my own process, but if I knew then what I know now, I could have saved myself a lot of time!
- Start with all the free information you can get. With the advent of the Internet this has become easier than ever and there is a plethora of good (and bad) free trading education online. At first you won’t be able to distinguish the good from the bad, but your goal at this stage is to simply become familiar with the terms and concepts as you learn day trading.
- I invite you to my primary blog where there are several years of free videos and articles
- I offer a free 5-day day trading course of videos to help get you started.
- Invest in some good books.
- For beginners you may want to consider:
- Day Trading for Dummies by Ann C. Logue
- Technical Analysis for Dummies by Barbara Rockefeller
- For those with some day trading experience I recommend:
- High Probability Trading by Marcel Link
- The Master Swing Trader by Alan Farley
- Invest in an excellent day trading course. While you can learn a lot for free and from books, it should be obvious that professional traders are not going to give away their best material for free (or cheap). Once you have a good grasp on the basics of trading terminology and principles, you’ll need a day trading course that will provide you with a very specific day trading system to use.
- Of course I recommend my own Top Dog Trading Course because it is the culmination of all the trading education and experience I’ve gathered over the years and distilled it into the most simple, pragmatic trading methodology I know.
- Ask your broker if they provide a simulator or a “demo account” you can use until you’re ready to trade with real money.
- If your broker doesn’t provide a simulator, I recommend the NinjaTrader Simulator which is available for free.
- Your “fills” on a live account can be different than on a simulated account.
- You’ll find that you become much more emotional when trading real money.
Be patient, take your time, and enjoy the process as you learn day trading. There is no short-cut, and there aren’t any guarantees. Be realistic and follow the 7-step process above to increase your odds of being successful.
For more from Barry, visit Top Dog Trading.