Hey guys, I know absolutely nothing about day trading and i'm trying to find a vehicle to reaching millionaire status. I'm tired of my 9-5. I just have a few questions: Is Day Trading worth it? Where should I start my education in day trading? Are there any books you would recommend...etc? How long will it take me to get good at it? How much money should I start out with? Do I have to do it everyday to start off with? If anyone could help me out with sending me in the right direction...I would really appreciate it.
There are are two posters at this site that you should heed closely. (1) Jack Hershey and (2) bwolinsky Look up all their posts and study what they have to say about trading. That will put you way ahead.
Is Day Trading worth it? Absolutely. Everyone who daytrades is a millionaire. It might take you a few months, but you'll be filthy rich shortly. Where should I start my education in day trading? Are there any books you would recommend...etc? You don't need books. Just fund your account and start trading. Easy money. How long will it take me to get good at it? Probably a couple weeks at a minimum. How much money should I start out with? $1000 should be plenty sufficient. If you can double your account every day (pretty easy imo), you'll be a millionaire in under a month. Do I have to do it everyday to start off with? Not at all. I trade 15 minutes a day three days a week. Daytrading is the easiest job ever! I refer to the markets as my 'broken ATM machine'. You just show up and the markets spit cash at you. It's really lovely. Good luck with your endeavour. See you at the top!
Hershey can safely be ignored. bwolinsky at least has some reasonable ideas about backtesting, but can probably be ignored for the most part. Good posters to look up are intradaybill, braincell, atticus, dom993 and acrary. Those are the ones who come to mind off-hand, anyway. They aren't all "day traders" per se, but they at least have something substantive to say about trading. I have my own independently-developed system, so I don't have any skin in the game regarding any of these posters, I just think they've got their heads screwed on straight.
Why the sarcasm? I know day trading isn't going to make me rich over night and I know it's not easy. I'm just asking to be pointed in the right direction. C'mon man
Oh boy, another alias that almost certainly belongs to someone who has been banned repeatedly pretending to be interested in trading when he's really interested in trolling. Worth what?
Sorry to sound a pooper but you've probably got a reasonable chance after putting in a solid 5 years of work. You see, those making the big money right now HAVE put in the years and as there's only a finite amount of money to go around any money you take from the market is money that should be theirs. Do you think they're going to allow that? No different from using a medical or law degree as a 'vehicle' to getting millionaire status. The analogy is a good one with the lawyer because imagine you put in 6 months of law study and are up against someone with 8 years experience. He's going to play games with your lack or knowledge and experience and it's odds on you're going to lose.....