How To Do Day Trading
How To Do Day Trading Introduction
If you want to know how to do day trading it’s very simple. All you do is open up a trading broker this could be a stock broker, futures broker, forex broker, CFD broker, or even a crypto currency broker. Each way you go will have it’s own set of requirements.
To day trade stocks you need $25,000 in your account unless you live outside the USA and are not a USA citizen or resident and you’re not using a USA broker than thus rule does not apply to you. If you don’t have $25,000 in your account you can day trade futures for only $500 margin. You can also day trade CFD’s for only $25-$50 for margin and make $1 per tick on the YM (Dow). So you have many options to choose from when picking a broker to day trade with.
Practice Day Trading First In Simulated Account
After you choose your broker you need to open up a “demo account” so that you can practice using their trading software and practice day trading and placing your orders. You need to practice until you know exactly what you’re doing and can get yourself into trades and back out of trades very easily.
You need to learn how to use Market Orders, Limit Orders, Stop Orders, Stop Limit Orders, and Bracket Orders. Bracket Orders are particularly useful for beginner traders so that you don’t get your orders wrong for the entry, exit, and stop loss. You need to get to the point where you know exactly how to setup your orders and do so without making a mistake, once you can do that you’re ready for the next step.
Find And Purchase A Really Good Day Trading System To Use
Next you’re ready to purchase a trading system so that you can learn a day trading system that actually works. If you find the right system to use then you’ll be successful right from the beginning and won’t experience all the negativity that comes from taking trades and losing on them and watching your money go down in your account, making you afraid to trade.
Don’t let yourself get to that point, if you wanted to learn to play a musical instrument hiring a professional teacher would be the way to learn. If you want to learn to day trade and be successful at it then you need to learn from a professional trader especially one who can show that they know how to trade.
Because you need to have the right day trading system to use, one where you know where to enter into a trade, where to exit for profit (price) and where to take loss with a stop loss order in case the trade goes against you, and a certain amount of them will do that so you must know exactly where to place your stop, entry, and profit orders with a solid day trading plan in place that you follow.
One where it’s been backtested on the chart to have a very high degree of mathmatical success like 85% or above. This is called a day trading system that you use. Anything short of that is not a day trading system. When you enter into the market you want to do so knowing exactly where to enter, where to exit, where to take loss, you must know and follow all three of these day trading laws.
Anything short of that and it’s day trading suicide because when the time comes to get out you won’t do it and take too big of a loss quickly ending your day trading career. This is one big reason why so many people fail at day trading because they are not using a good day trading system and haven’t backtested the system and then forward tested the system properly to know the true math behind it.
Make Sure To Practice Day Trading System In Simulated Account
After you purchase a good day trading system to use then it’s still a good idea to practice that system for a day or two to make sure you’re using it right and that it’s working right. Then when you feel ready you open up and fund your trading account and begin to use the day trading system you’ve learned and start daytrading.
This is how to do day trading in the overall aspect of it. But day trading involves many aspects and one of the most imptortant is knowing how to place your orders without making mistakes, and then knowing where to enter long or short, where to exit for a profit, and where to place a stop loss to limit your loss on the trade.
The only way to know that is to come up with a trading system to use where you have backtested the chart to find entry points and exit points both for profit and loss that have very high mathematical success rates to them. This takes tremendous amount of work to accomplish to do properly and must be forward tested for verification over a relatively long period of time. This takes a lot of time and work to accomplish.
This is why you should find a trading system that works which I offer here at my website. I have over 20 years experience day trading the markets and I have perfected my day trading system.
How To Do Day Trading By Watching A Professional Day Trader
You can also learn how to do day trading by watching my below videos of me day trading my day trading system everyday. I day trade stocks, futures YM & NQ, Gold, Oil, and do so almost everyday. You can watch my day trading videos and see for yourself how easy and simple and profitable it is to day trade. Most people still haven’t woken up to it yet but the markets offer tremendous opportunity to day trade and make money.
Take a look for yourself at my day trading videos below to learn more about how to do day trading. Because day trading isn’t just talking or writing, day trading is the process of buying and selling specific trading instruments that trading day. And one great way to learn how to do day trading is by watching day trading being done. I think you will find it very fascinating and amazing.
My day trading videos below are hosted at my YouTube channel How To Day Trade I hope you find them very useful for learning how to do day trading.