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Things You Need To Start Day Trading

Tenacity

Day trading is definitely not for the faint of heart, neither is it for the individual who is not invested for the long haul. It is not something you can learn in a weekend course and be successful at it. You must treat it as any professional career path and expect to spend a couple of years learning to be a good trader.

A great analogy is the ocean. Waves rise and fall, but both have the same energy to propel great ships. In the same way, the wise day trader will use the ‘energy’ of the rise and fall of the markets to propel their ‘ship’ of investment. All traders have wins and losses but the successful day trader must be tenacious and determined. A commitment to stick with wise risk management skills in order to properly build and protect their trading account profits is required.

Training

Anyone with the desire can acquire the proper training necessary to become successful at day trading. Day trading must be treated like the true profession that it is, and that means gaining a lot of education through proper training.

Traders need to understand market fundamentals, the nuances of the different types of investment models, and the skills of proper position sizing, risk management and money management. They must learn how to read and interpret chart patterns, price action, volume action and support and resistance, all of which are fundamental trading skills necessary to achieve success.

During your education process you can still work a full time job because you can research and learn whenever it fits into your schedule. In addition, professional training is available, including through reputable online resources, making training convenient and self-paced.

Technology

The rapid advance of computer and internet technology has radically changed the world of the day trader. Traders can now project trends, switch investment strategies, evaluate indicators, and minimize loss almost instantly. One of the most advanced of these professional trading platforms is TradeStation.

TradeStation will support about any type of indicator and/or strategy you can imagine. Be sure to find and use TradeStation indicators that assist with the fundamental aspects of successful trading, such as price action, volume action, and support and resistance.

Software and hardware advances now allow the trader to understand the market in amazing ways and act very quickly. Many markets also trade after-hours, plus with active international markets it has truly developed into a twenty four hour a day opportunity.