Need guidance start daytrading...

Discussion in 'Trading' started by WannaDayTrade, Jan 30, 2002.

  1. Hi,

    I have been reading up on trading for over 1.5 years and patiently done some long term paper trading. However I am more interested in starting daytrading and have been reading up on stuff about Level II, ECN's etc, used a daytrading. Also I have used a simulator (Cyber). I'm pretty sure that a simulator is not
    representative of what real life trading is about cos it was too easy to make money!

    As I said I want to practically now get into daytrading.
    Firstly can anyone point me to books that talk about daytrading examples. Specifically I am interested in knowing as much as possible about the ins and outs and learning the experience of others. I am not interested in books that talk about into to daytrading/charting etc.. for 99% of the book and then give examples the rest 1% of the book. want to get into daytrading.
    Also any links to websites that give good examples would be great.

    Last but not least there are I am sure loads of profitable daytraders on these forums. Would people divulge info
    about how well they are doing daytrading and what I should expect when I start?

    Thanks a lot for any info!. Other tips/ pointers would also be greatly appreciated.


  2. wanna-
    if you want specific daytrading examples...I think a good start would be to read all of Hitman's journals. If you click on his name, then click on his homepage you'll find them. This is the real deal of the struggles of a daytrader. This isn't someone making stuff up to make $ selling a book.
    If you want to spend $ on books, buy; Market Wizards by J. Schwager...then Pit Bull by Marty Schwartz

    Good luck.
    And as far as what to expect...expect it to be start small....don't ever get a big head about patient, don't expect to be making $ your first few months and if you do don't think you've mastered trading...set rules and a plan and stick to it...have a risk/reward ratio...don't be afraid!:cool: And if you really want to do this, don't give up! There were at least 5 times in my first 6 months that I almost threw in the towel.
  3. Wanna..

    go to the "my story" thread and you will read the stories of many participants on this board.. also, hitmans journal can give you some insight but dont get too caught up in the pro firm hype/nonsense..

    a great book for you to read would be "The Stock Trader" by Tony Oz.. its basically a one month trading journal of a professional trader..

    go to chris and Vad are among the best teachers in this industry that i have run across.. helped me tremendously.. take the free trial and read everything on the site..

    then go to and get Brandon and Toni to put you on their email list.. they teach a really good free class every wednesday night in their chat room that they forward to the people on their list..

    and finally, get the book "Trading in the Zone" by Mark Douglas.. read it, and read it again..

    good luck =)