Watch our video on day trading for beginners and learn the concepts of day trading without the headaches.
There are many different ways to make money in the market, and day trading is one of the most popular. Maybe its the appeal of hitting the buy button and 30 seconds later hitting the sell button and being several hundred, or thousand dollars richer? I think what draws people in is the ability to "get rich quick" or an escape from the 9 to 5. The video above will give you a high level overview on day trading for beginners and set some reasonable expectations on day trading.
The goal of trading is to make money. As a result, finding the best and proper trading technique will give you the best probability of becoming a successful trader. Did yo know the biggest parts of trading are:
Having these three things under your belt and watering them daily is going to make your trading account spout green leaves.
So, we know day trading is a popular strategy among traders. What is it? Well, its a strategy of buying and selling a stock within a day. That means you can get in and out quickly or hold until the end of day. But the bottom line is you're buying and selling something (a stock or option or commodity) the same day.
What is the goal of any trader? To be a consistently profitable trader. That's their mission in life. In order to do that, you have to be willing to learn. Many times people see the success stories of others claiming they made millions off one trade.
As a result, they want to jump into trading and make their millions right away. However, be wary of those types of stories. Typically if it sounds to good to be true, it is.
There are a lot of trading services out there. As a result, it's all about finding the service that fits you. Here at the Bullish Bears stock market trading community, we're big proponents of becoming self reliant traders.
The stock market in and of itself is a game of emotion. Day trading is no different. Greed and fear move markets and stocks.
Day trading is no different. The thrill of making a winning trade is addicting. It makes you greedy. You feel like you can't miss.
Then you do. That results in fear the next time you place a trade. In fact, that fear can last a long time. It makes you second guess every trade you place.
That means you miss out on better entries and exits. That may be why many people want to follow a guru in and out of trades. They don't have to second guess themselves.
However, that's the wrong way to trade. Penny stock trading can be fast paced. Especially if you love low float stocks. You need to be in control of each trade you make instead of following someone in and out of theirs.
Day traders are hunters of volatility. That volatility moves prices and then you profit. If you're a hot key day trader, then you're in and out within seconds.
That style of day trading doesn't allow for a lot of thinking or second guessing. As a result, you have to concentrate and be confident.
Did we mention day trading requires study? That might not be something most people want to hear. People have busy lives and don't want to take time to study.
However, if you want to be good at day trading then you need to study. Read day trading books, watch videos, listen to podcasts. Become a day trading sponge.
You'll never regret the time and effort you put in to become a consistent and profitable day trader. Does a doctor regret med school when he's sipping a cocktail on the beach in the South of France? Does a pro footballer regret the grind in high school and college to get to the super bowl? You know the answer. If you want to make big money, you have to put in big effort, and often change the direction and course of your life.
Did you know that 90% of traders fail? Don't let that scare you. Many give up because they didn't take the time to study or they just didn't want to put in the effort. People drop out of college. They quit the navy seals because they couldn't get through the training. This is no different, in some respects. (Navy Seal training is much harder though, respect!)
You see the commercials promoting all the money being made and the lifestyles being promoted on social media. That attracts people. Both intelligent, and not so much..
Then they find out it's not as easy as it seems. Reality sets in. We mentioned earlier that it's emotional. As a result, many people find out it's a lot more emotional that they realized and that can be discouraging. If you want more stock training then take our free stock investing courses.
Once you've started to study day trading, open a paper trading account and put what you've learned into practice.
A lot of times you'll hear people say trading in a simulated account isn't the same things as using real money and they'd rather just jump right in.
While there is truth to that belief, trading in a simulated account keeps you from blowing up your brokerage account. In fact, if you have less than $25,000 in your account, you're limited to 3-4 day trades a week.
Indeed, you need to make those few trades count. Paper trading allows you to find a day trading strategy that works for you. Then you can work out the kinks and maybe learn a little but about keeping your emotions under control.
Make hundreds of practice trades before using your hard earned money. When you do go live, start small and work your way up. That way you can get emotions under control.
The emotional aspect of trading is probably the hardest part to grasp and even prepare for. However, practice helps when you know you have a strategy that works. Check out our make money in the stock market post for more.
Day trading penny stocks is the strategy of getting in and out of a trade the same day. Learning how to day trade successfully is all about finding the best resources available.
That's why here at the Bullish Bears we developed our own day trading course. It's filled with knowledge that we were looking for when we started out. You won't have to pay a car payment a month either.
We also have a day trading room and a live stream each morning. That way you can watch us in real time teaching and trading.
The day trade room provides a great source of community. It's filled with traders who love helping others and all have the same goal.
You'll find that having a community is a great way to stay grounded. They've all experienced or are experiencing the same things as you. As a result, you can find a support system when things get crazy.
They will get crazy. We don't sugar coat things here at the Bullish Bears. We want to be honest with our community. That way you're prepared to become the best day trader you can be. Check both our day trading and swing trading rooms. The whole team hopes you enjoyed our day trading for beginners post and that you're ready to roll up your sleeves and start learning the ropes! Keep it lean and green!
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