Learn Day Trading
If you want to learn day trading it can be very overwhelming at first. To start of with, trading has it’s own language and just coming to grips with all the terms can be quite a task in itself. People often ask me what the best way is to learn short term trading. The short answer is to JUST START, but the long answer might give you a bit more insight on following the shortest route possible to success.
Learning day trading is not a quick process. It takes experience to make good trading decisions and regardless of how smart you are, you will have to go through the learning curve. Be warned: those who try and take short cuts, burn their fingers. Here are some of my best advice to get you off to a flying start.
1. Learn from the best
There are a lot of mediocre traders pretending to be the best. If you want to be successful with online trading you need to sniff out the very best day traders and learn from them. There are numerous books and DVD courses available. Personally I learned a lot from Bonni Turner, Chuck Mellon and A.J Monty. They all have very good books and for a mere $15 y can get all their wisdom.
2. Seminars
Learning has to become your passion. Only by learning more and making those small little distinctions can you become a good day trader. Attending seminars and learning first hand in that environment is priceless. Once you get involved in the world of online trading you will be surprised how many top traders have seminars where you can go and learn first hand from a pro.
3. Mentors and Masterminds
Trying to figure things out on your own and struggling alone in your home study is NOT the way to learn day trading. In fact, this is a recipe for disaster. Find a mentor or at least find a mastermind group where you can interact and learn from others. Not only will you learn a lot, but it will keep you motivated and save you a lot of trail and error.
4. Persist
Learning day trading is akin to learning a new language. It is often frustrating as hell and losing trade after trade can quickly become discouraging. Never give up. Just see it as part of your education. Most importantly, you have to learn from each and every mistake.
5. Become a Smart Investor
The sooner you start seeing day trading as a serious “job” the faster you will learn. Don’t just dabble in it. Go for it all out or don’t go at all. Although I am a big supporter of using software and stock pickers, you still need to learn the WHY. Don’t just rely on the software to do it for you. Sophisticated investors can think on their feet and they have taken the time and effort to learn the why and the inner workings of each trade.
