Best way to learn day trading from home?
How do you learn how to day trade from home? I want to trade for a living from my house. I know it is possible. What are the best books to read and what are the best websites to use? Thanks!
Maybe I should rephrase that, "swing trade" or short term trades, is what I mean.
- LenLv 710 years agoBest Answer
I day trade frequently.
It is a commonly held misconception that you can learn to day trade via published materials. This is why most day traders lose their money and defensively complain about market manipulation. Periodicals abound on the subject because there's money to be made putting out nonsensical reading materials, all of which purport to prepare the buyers of such materials for an unlimited earnings career. It is absurd, to say the least. And some Internet pitches go so far as to spiel a half page of utter nonsense such as you'll find on this page from another responder.
There is just one way to become a profit-oriented day trader:
Pick a bunch of stocks that show decent volatility and get to know them as well as you do your own face. This means track every last news item out there on each pick. Track the volume changes throughout the day, hour by hour and more if your lifestyle permits. Log into a journal the opening bids, the last price of the closing trade and highs + lows of each trading day for each stock pick.
When the market opens in the morning, you must be able to see in an instant where the opening bid sits and recognize the difference from the previous close. Decisions to buy or sell or maintain positions must be quick as a flash.
Day trading is most profitable when you see the news unfolding and know the trading ranges well enough to anticipate trend reversals. Then it's a matter of your ability to relate to momentum within the confines of trading and incorporate this with an intimate view of volumetric changes.
For day trading to succeed, you need an account balance of $25K along with the aforementioned Information. You also need excellent math-on-a-dime skills plus strong instincts so that you can successfully anticipate how the general public will respond to unfolding news affecting your picks.
This is a difficult process for sure but it keeps me on my toes every minute of every day. For relief from the tension, I respond to questions here and also do lots push ups and stationary bike riding, anything just to relieve tension and provide a healthful outlet for nervous energy.
Whatever you decide to do, understand this is a journey that tries the quickest minds and calls for great instincts. Along with day trades, I also hold positions in some longer-held picks that pay high quarterly yields, as financial protection. And I do a lot of swing trades where I will regularly buy and sell stocks I've had for anything from a few days to a couple of months.
You might visit www.investorshub.com and examine the home page where there's a list of most popular day trade vehicles. I would never recommend trusting anything there but at least you'll be introduced to picks being promoted by very active traders.
Good luck to you!
LenSource(s): analyst and trader
- Anonymous3 years ago
1Source(s): Invest in Forex Tips http://teres.info/TheTradingCode
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- Anonymous4 years ago
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- 5 years ago
I agree with CLABS. Trading school is a waste of money, why not trade and learn at the same time? I found the best software, i was able to sit in for a week of webinar sessions LIVE and i was able to participate by asking questions, the mentor and creator of the software teaching, guiding members, for 2 hours telling people when to get in and when get out of the trade... so far i quit my job and just day trade for 2 hrs.
- TedLv 710 years ago
You don't say whether you have any experience at all in trading.
Day trading is like any other type of trading; it just happens faster. Therefore, it is no place to learn (for example) what the different order types are or how your broker's online client interface works.
Read anything by Jack Schwager. Many of the examples are from commodity futures but the technical analysis apples to stocks as well. Read John Murphy's book on technical analysis. If you don't have much experience, start with Dummies guides on technical analysis and trading. In spite of the titles, they contain a lot of good information.
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