What is the best way to learn how to day trade?

What is the best way to learn how to day trade? I am new to day trading and would like to learn.

 

A few advises from me:
- Learn to accept that markets (and shares as well) move at random.*
- The only way to make money in such an environment is to limit your losses and let your profits run.
- Don't buy anything from a vendor that claims to be able to teach you how to trade.
- Trading is 10% knowledge and that bit you will learn by experience.
- Trading is 90% mental and you will learn that by practicing on a SIM account and maybe do some reading about it.
- Read the attachment.

*Over a longer period of time, say >10 years stock markets tend to go up. Why? Because, companies tend to strive for an increase in profits and therefor increase in stockprice. But if you want to make money as an e.g. day trader or swing trader you have to accept that markets move at random. Don't think you can outsmart the markets... You can't.

Shaka ,

Frits

 

It's not like this hasn't been asked.
I saw a reply on another thread,
"take a $100 dollar bill and light it on fire..."

 

Study Your Charts --> Backtest --> Study your Charts --> Open Broker Account --> Trade Small Size --> If Profitable --> Trade Normal Size

If you got it right...you won't have to repeat the above steps.

Mark

 

A few years ago I was given this same advice. I used a fraction of the money saved to buy books which I read, and gained exposure to ideas from several people as a result.

Not setups or systems, I have never traded what I found in the books, but ideas.

It is probably the best single piece of advice I have been given.

 

+1 on the attachment about TA - I make a living trading but it was a long hard road. If I had a time machine and could go back and talk to my younger self, I would say two things: 1. Do not use TA, learn to trade price action with support and resistance. It's a tried and true method used for many, many years and works in all types of markets. Learn to trade with nothing on your chart except price. TA is a useless crutch that can retard your learning curve.... and 2. Don't be afraid to take a loss... and keep'em small. As the old saying goes... let your profits run.

 

Hi, my project has finally finished.

The website presents all the data, that is required to plan a trade while, the analyzer assesses the feasibility and possible outcome of the trade.
We have made it possible to monitor the major eight pairs, showing you the important price points where there is likely to be action.
We will hold a webinar in the near future and you are very welcome to join for further explanations.

You can be one of my friends on facebook if you want. Good luck on trading.

 

You are contradicting yourself. If one can't outsmart the markets, why would trading be 90% mental?

 

TA is a big arena. Simply, support/resistance analysis is also TA. In addition, price action analysis via charts is also TA except for price action analysis via bid/ask/time & sales screens. Thus, you must be talking about another area of TA involving technical indicators when bashing TA.

My point is that if you're using charts for any aspect of your trade decisions...you're using technical analysis (TA).

Mark

 

Agreed... lets just say traditional TA as it's spoken here on ET.. i.e, MACD, MA's, Oscillators, RSI, etc. I just don't hold the view that price action is technical analysis in the traditional sense.