LiveTraders Expert Tips: How To Get Started In Trading Stocks

SUMMARY

• Day trading using technical analysis is a serious business for dedicated professionals.
• Day trading is NOT gambling. It only becomes gambling when you don’t follow the rules and do foolish things, like cost averaging down on losing positions and risking too much money too soon.
• Day trading using technical charts is no different than using a fundamental approach to investing, but with a shorter time horizon and clearer parameters.
• When you begin your career, be sure to get an education. Don’t be cheap in this area or you will regret it later, because everyone pays. Whether you pay the market for experience or you pay for an education, you will pay regardless.
• Choose the type of account that best suites you: Retail, Prop, CAP
• Use a professional trading platform that has direct access and reasonable trade fees. Fusion, Sterling Lightspeed, Trade Station, Interactive Brokers etc are all good platforms.
• Start small, and DO NOT risk a lot of money in the begi ing. This is the #1 mistake people make. You earn the right to raise your risk. The market doesn’t care about you.
• Trust your trading plan. It is there for a reason. It’s just a game of odds.
• Never trade with scared money. This means keep your day job or part-time job until you can replace it with trading. It will be much less stressful this way.
• The timelines to success varies greatly. It can be as little as several months and as long as 5-10 years. From my experience, it’s typically 1-3 years.

CONCLUSION