Getting started day trading is a great way to really make the committment to exit the rat race. The rat race is a bit of a cliched term, but it really does encapsulate the drudgery and false urgency of most of the corporate American life. It can be daunting to consider how to get out of it and move towards financial freedom, but it is ultimately worth it.
The one problem that sticks out with day trading is that it can feel like jumping into the ocean with a bleeding wound, surrounded by sharks. Less than 10% of traders make money. More than 90% lose money. But, to be perfectly honest, that is a result of poor preparation and education than an indictment of the day trading industry itself.
When looking for reputable day trading guides, you want to find information from sites that offer good education and the tools you need to succeed. To learn how to day trade means learning strategies for finding stocks, figuring out how to enter them at the right time and how to manage your risk with each trade so that you can maximize your profits and minimize your losses.
The first step is making the decision that you really want to learn how to day trade. Then you find a site that offers accessible online classes, a community of like-minded veteran and novice traders that you can interact with and learn from. And a trading simulator that allows you to trade just like in the real market, but with virtual currency.
What you learn when you are getting started day trading is a need to be able to identify penny stocks that are about to make big gains, quickly and efficiently. The quickly part is key. You need to get in on the ground floor and have the discipline to lock in 5-10% profits, while getting out before the stock takes a dive. Day traders thrive on daily volatility, but undisciplined day traders get eaten alive by that same chaos. You need to learn to ride that dragon with aplomb.
Once you learn the proper techniques and strategies, practicing in a paper trading simulator is key to the next growth phase of your day trading career. Learning how damaging it can be to stick with a bad trade in hopes of a miracle recovery or staying in a hot trade too long and watching your big gains evaporate are both essential lessons for aspiring day traders. Trading simulators help make that less painful, because you are not losing real money.
To find out how easy it is to learn how to day trade, visit Warrior Trading on StockTwits.