Day Trading: The Realities

The fastest ground mammal on the planet is the cheetah. It can zoom at speeds up to 75 miles per hour. In the swift paced forum of trading stocks and finances in general, the day trader is akin to the cheetah, devising his moves comparable to cat like movements and mind blowing pace, leaving the trend trader behind in abject bewilderment. Knowing how to day trade can be learned, but having the innate capacity to single out the right stocks and be aware of when to move them is almost certainly something you are either born with or not. Of course, it goes devoid of saying that having the skill to day trade involves understanding the many types of trading, as well as the advantages and disadvantages of each type. It also helps to recognize that the label "day trader" should not be predestined to imply that these traders just soar by the seat of their pants, completing hit or miss, random trades without careful consideration. There is a lot of know-how and refinement that goes into understanding how to day trade, so you can make good trades and succeed, The ugly side of this business is you can make a few bad trades, lose all of your trading capital, and no longer be able to trade. To get started as a day trader, it is certainly advisable that you be intimate with the stock market in general, preferably working closely with a broker, or even better find an expeirenced day trader as a mentor. Another very effective path is to select a trading system that offers training and an online forum of day traders to solicit questions and seek guidance. Start by making "paper only" trades. It is highly advised to use a trading system simulator. It is essential to document and evaluate pretend trades for performance. Be familiar with the ins and outs of the market in general before striking out on your own. Be acquainted with the day trader regulations, including how to calculate day trade buying power (DTBP) and what the new minimum equity requirements are for day traders. Awareness of margin guidelines is a must. Be knowledgeable about which market you will trade, and which is the most agreeable to day trading in general. Also identify which financial instrument (futures, stocks, currency, commodities, etc.) that you plan to trade, some of which are better dealt with by the day trader, and others are better off handled in the more traditional market. As stated before, it is paramount to use a trading system that is better suited for the day trader. You must evaluate which program best meets your needs and trading level.The life of the day trader can be moderately sedate, or it can turn into a fully blown chaotic windstorm in the window of just a few hours on any particular trading day. Economic, trade and industry news may cause an assault of trading activity in the markets that may affect your every trade. You must be able to roll with the punches, know your financial limits and perform to your own strengths. If you have the knowledge and the nerves, being a day trader can net you vast, fast returns. Remember, in life, there is the understanding how to, and the understanding why you do it. Understanding how to day trade may seem simple to those suited to the career, but they might have more problems answering the why. Create a trading plan, then execute your plan with complete dedication! If you can abide by your plan with discipline, you will be well on your way to being a consistent, profitable day trader.--Armando Pena has been trading online since he was employed at the Chicago Board Of Trade in the early 1990's. Trading quickly became one of his passions. He remains an active trader and shares his experiences within the trading community.Source:

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