How To Do Day Trading

Caution!  Day trading is not for the novice.  It is a business that must be understood fully and practiced over a period of time before any expectations of profit are to be realized.  Do not be fooled by any slick copywriter's marketing ad or direct mail copy.  You must be educated in the fundamentals of day trading.  Now that you have been duly warned, we can proceed with some basic concepts that are critical to the business of day trading.

First, decide on a reputable investment school that specializes in courses for the day trader.  Look on the Internet or in your local yellow pages for a list of these institutions.  Do your due diligence before making a choice as to which one you will attend for your instruction.  The tuition, class schedules and length of training will vary.  Always get references of former students to check the quality of the instructors.  Decide on your school and complete the course work.  Reputable institutions will allow students to have access to their continuing education programs after the initial course is completed.

You will need to subscribe to a trading platform which will be explained in your class.  This is what is called a Level II trading program that a brokerage company will offer to day traders.  The program electronically connects the user directly into the trading floor of the stock exchange.  The buy and sell orders are executed and filled instantaneously.  You will be in total control of your buy and sell orders.  No middlemen to contend with here. There is a monthly subscription fee that will be deducted from your trading account each month, depending on the trading program you choose.

Here are the steps to follow in order to become a successful day trader: 

1. Educate yourself with quality instruction.
2. Develop your daily trading plan that you will follow faithfully, based on what you've learned.
3. Practice your trading principles using stop losses on all your trades.
4. Allow at least 12 to 24 months of practice for you to master some of the principles of successful trading.
5. After following the preceding 4 steps, and assuming you still have funds left in your trading account, you may now engage in the business of day trading.

A profitable bottom line from day trading is certainly attainable.  But unlike most work at home ventures, this one demands the time and effort necessary to succeed - more than twenty-four hours worth.