As a complete novice in much the same position as you I can attest to Steve and Future's statements: there is nothing like trading with real money. All the life experience I've had to date with everything I know is still in many ways contrary to the reality of daytrading. I started off with the exact same amount, 30k. I now have 10k and I'm very happy with myself because I am finally making money, about 1k per month. That 10% is so little compared to how much I lost per month to start, but the consistency of it is my reward. And that's where it's at really. Put in the time, learn the tricks, watch your pockets - because they will inevitably get picked. If I could write a list of notes to myself on how to trade and hand it to myself a year ago, I would still lose money. Because if you aren't actually experiencing what happens out there, it doesn't get etched into your skin. I don't think anyone can stress it enough - there just aren't any shortcuts and what you need to learn to execute your edge is a very personal experience.
you need to open one sim account then make your real trades in the sim account and do the exact opposite trade in your real trading account. As long as you fade yourself in the first year you will make a lot of money.
A new trader with 30k maxing margin is a sure way to being broke within 10 days or less. I recommend be conservative, with 30K no more than 5 or 6 k in any one stock. Go at it slowly, test your system in real time. Good luck
Focus on breaking even (after commissions) for the first couple of years... if you are still around, you could very well be net profitable (i.e. making more than $0 a month after commissions) by the third year... sorry to sound negative / realistic, but you gotta go into this game pragmatically...
You probably won't listen to me but you will be very wise if you do. Paper trade with a GOOD platform that makes it as realistic as possible (It's been awhile but I'm sure others here could point you to one)! It will go along way in building your confidence and skill with minimal pain. Yes you do need to feel some pain in this game to grow but the less STUPID errors you make on paper the better off you will be in the real world. I took me $XXX,000 in live education to get to where I am and realistically I believe I could have done it for a 25% of that if I had been less stubborn and more practical. Also If you find a GOOD mentor this will be the best way to shorten your learning curve. Unfortunately they are VERY VERY difficult to find so be very cautious especially here in ET.
For most people learning to trade is like a trip to Hell. The Devil Market will torture you in every concievable way, searching out every weakness, stretching every nerve to its breaking point. It will throw you an occasional bone to lure you deeper into the abyss only to strip off more flesh until you are a quivering shell of your former self. Once you get past that stage its a lot of fun.
1. Create a trading plan and include the following information: - market(s) to trade - timeframe - patterns - Entry and exit techniques - Stops The trading plan will keep you consistent in the way you trade, if you stick to it. Without a trading plan, I doubt you'd succeed. 2. Keep records of your trades. You may want to print out the chart immediately after placing a trade so that you can review it later after the trading day. 3. Specialize - pick one pattern or one market and focus on trading it well. You can make a living trading one setup and/or one market. If you pick one market (e.g., S&P) then you can have a few patterns/setups, if you follow a few markets, then you should focus on one setup/pattern. Keep it simple. 4. As a new trader, trade the smallest size possible!!! Trust me, you will make dumb mistakes at first and you want to do them with the smallest risk. I also do not believe in paper trading. As your trading improves and you start to make money, you can increase the size. You need to be comfortable with your size before increasing it. Initially, when you enter a trade, you heart may beat faster, your adrenaline may start to flow, and you may sweat. So you may need to de-sensitize yourself from this. 5. Do your homework before the market opens so that you are not analyzing your trades during the day in real-time. During the day, you should have your game plan and you should be focusing on execution. Execution is key to success! But with experience, you will get better at it.