How To Day Trade For Beginners

How To Day Trade For Beginners Step By Step Guide:

Step 1: Opening Up A Broker Account

The first thing you need to have is a broker account. You can use any broker you wish to use and there are many to choose from. You can choose a stock broker, a futures broker, a forex broker and even a CFD broker. Which type of broker you choose is determined by what you want to trade or what you can afford to trade. If you cannot afford much to trade with the best option is a CFD broker, and this can actually be a good option anyway for many people. 

You can make very good money for very cheap, like $25 margins. Or you can trade the futures and many futures brokers exist. Or a stock broker and trade stocks and many stock brokers exist. Or you can use Interactive Brokers and trade everything on one platform. You so you can use stock brokers, futures brokers, forex brokers, CFD brokers, and crypto currency brokers, which one you choose is completely up to you and what best fits your needs.

Step 2: Opening A Day Trading Demo Account (Practice Account)

Create or open a “demo account” or “simulated account” for the software from your broker so that you can practice placing orders and taking trades with money that’s not real. This way you can learn how to use the software, how to place orders and make your mistakes while in demo mode. 

And you need to learn how to use all the orders to get yourself in and out of trades. You’ll need to learn how to use Limit Orders, Stop Orders, Stop Limit Orders and do so properly. A common mistake people make is to use a “limit” order at a worse price than current price. 

Whereas the only way to use a “limit” order is to place an order at better price than current price. Better price if going long would mean lower than current price. If you place limit order above current price and want to go long you will enter long immediately. If you wanted to enter immediately you would use a Market Order and not a Limit Order. 

You must understand how the orders work and how to use them properly. It’s not difficult, and reading can help a lot, but there is no substitute for hands on learning in real-time. So practice, practice, practice until you’ve got the software down and can easily get yourself in and back out of trades and do so like a professional. Once you’re there you’re ready for the next step.

Step 3: Need To Use A Really Good Day Trading System

You need to get your hands on a really good trading system to use, this is by far your greatest challenge. Almost impossible. If you go to Youtube looking for one all you will find is “YouTubers” who are saying things in order to get clicks on their videos to make some of the ad revenue from the clicks. And they use the “day trading” niche because that keyword pays the most money of any keyword on cyberspace. 

So they pretend to be “day traders”, talk about day trading, and people naturally see some ad on the video and click on it and then the YouTuber gets paid from these clicks, so they will say anything at all to get people to come and watch the video like “I made 2 million in one month day trading” in order to get views to make clicks to make money. These people know nothing about trading, have never traded before, do no trading in their videos, and teach things which do not work.

So where to go? 

You’re in luck because you have found the right website right here, and I can easily teach you to do real day trading. So you should purchase my day trading course, watch the video, and you’ll be able to take your first day trade right away and win very quickly and easily.

That’s how easy it is to day trade for beginners by following a simple step-by-step method for getting started at day trading. Everyone is a beginner at whatever they first do, and everyone who now day trades was once a beginner. But with my day trading system you won’t trade like a beginner, you will trade like a professional does with many years of experience.

How To Day Trade For Beginners Learning Different Order Types For Day Trading

Market Order – Order will execute immdiately at current market price. Can be used to enter or exit position immediately. Can be used as a beginner day trader until you learn how to use other orders to make your trading easier.

Limit Order – An order used to get you in at a better price than current price. So going long would be below current price. Going short above current price. (Do not place limit order at worse price or will execute immediately) Current price 15.00 place limit order at 15.50 going long, order will execute immediately at 15.00 to go long. 

Only use Limit orders for better price than current price. Limit orders have two main uses. One is to exit position with profit, the other is to enter position at a better price than current price. So if you want to enter into the market you would use a Limit Order at a better price than current price. 

Example: Current price is 15.00 and you want to enter going long. You cannot put a Limit order at 15:10 or it would execute immediately at current price. You need to place Limit Order at better price which would be below 15:00 and not above it. 

If going short it’s the exact opposite, you need to place Limit Order above 15:00 and not below. If you place below the order will execute immediately. When exiting a trade for a profit you use Limit Oder for that to make sure you get filled at that price, otherwise if you exit at Market you might get filled at a worse price.

Stop Order – An order used either above current price or below current price set in advance to what price you want the “stop” to trigger at. This will be either a “Buy Stop” or a “Sell Stop”. Once your stop price hits your order will execute at Market Order immediately. You can use these orders for both entries and stop losses, they work perfectly.

Stop Limit – This is the same order as a “Stop Order” with one variable added where you can “limit” your entry or exit price. You use two prices, the first one is your Stop Order Price 15.00 Buy Stop, but instead of taking a risk of getting a bad fill at market you limit the order to 15.01, or 15.02, or 15.00, or even 14.90, so that you only fill at 14.90, but only after it reaches 15.00. 

These orders are good to use when you want to enter the market at a worse price than current price (above current price if going long, below current price if going short) but unlike a “Stop Order” you want to limit the price you enter at, or control the price you enter at. These orders should not be used for stop loss orders as you might miss getting filled due to the Limit order involved. 

All Stop Loss orders should remain at Stop order and execute at Market by default. That way when you need to get out you get out and not miss it. Limit Orders are great for entries and to limit the price you enter at, even limiting the price to a better price than stop price (trigger price).

Bracket Order – This is an order where you setup your entry, profit, and stop loss orders together as apart of one order. These are very useful and highly recommended to use especially for beginner day traders.

How To Day Trade For Beginners Summary

So learning how to day trade for beginners is not hard at all you just need to practice using your day trading software and placing orders using a demo account, sometimes called a paper account or simulated account. Once you have that down you are ready to learn a day trading system so that you can be succesful from day one. 

Without learning a day trading system there is almost no chance you could be successful, the market is too tricky, too choppy, to diverse in it’s patterns, it will trend and then chop, go sideways and then rocket up, then drop down, just when you think it’s going to move up for sure it drops out. 

Just when you think it’s going to collapse down it turns and rockets back up again. If you don’t know what to do and what you’re looking at you’ll get slaughtered. But with the right day trading system and you can do what you see me doing on my YouTube channel, making day trading look simple and easy to do for both stocks and futures.

As A Beginner Day Trader It Would Be Very Helpful To You To Watch Real Day Trading

Feel free to watch my day trading videos below at my YouTube channel How To Day Trade so that you can learn how to day trade as a beginner by watching real day trading, placing orders, getting in and out of whatever instrument you want to day trade and actually see real day trading so that you can learn from it and begin to day trade on your own. My day trading videos will also open up your eyes to a whole new world that you may never have known about and one which will give you a tremendous opportunity to make money at day trading and even day trade for a living.