The idea certainly is Hollywoodesque— reading charts like a mad scientist, making quick buying-selling decisions, and seeing millions stream into your bank account.
But in reality, day trading isn’t that sexy.
And there’s a good chance, if you’re not “very” prepared for it, you will end up losing whatever money you have. After all, there’s a reason why many pro investors advice against daily trading.
But then all these doesn’t mean you should kill your thrill for day trading. If you’re really serious about it and can commit to its rigor, there’s no reason why you can’t get your feet wet.
To help you get the right start, here are 4 tips to learn day trading without losing your mind:
1. Do you have the capital?
You must have a big appetite for risks when day trading. Because even when you’re best prepared, things might go wrong, and you might lose money.
So, the foremost thing you must consider is whether or not you have sufficient capital to cushion such risks.
If you have a day job that doesn’t pay you luxuriously, and/or if you’re a complete market rookie, it is best that you start very slow, which is to say—do not day-trade.
First, get into that zone financially where you’re comfortable losing small amounts every here and there.
2. Read, read and read some more
When making buying and selling decisions every day, your knowledge will be your biggest asset. The more you know about the market, the better will be your decisions.
Of course, a large part of your knowledge will come from your own experience. But that’s a long-term scope.
To grow your knowledge in the immediate term, you must read – and understand what you’re reading – as much as you can.
Find good blogs and books. Spend at least one hour in them to learn more about trading.
You will be surprised how quickly you would be able to know and understand a wide scope of day trading.
(Tip: If you don’t like reading, purchase audiobooks and spend time watching tutorial videos on YouTube.)
3. Find “that” person
The importance of having a role model – or, even better, a mentor – can never be undermined.
It’s a lot more than just about learning theories from them. It’s about following their journey closely to shape your own ideas and opinions.
These people are already where you want to go. They have done what you’re trying to achieve.
You can get an insane amount of insights from them by just talking to them and understanding their stories.
So, find one such person. Find a person who’s an expert in this niche and have a successful track record of day trading. Talk to her/him regularly; consult her/him when needed.
4. Enroll in Bollinger power trading course
Day trading is all about tackling market movements through effective strategies.
A technical indicator, Bollinger Bands can be of great help here. They can help you establish the direction of trends, monitor volatility, and spot potential reversals.
In recent times, the demand for Bollinger Bands trading courses has surged to newer heights. You should enroll in one as well.
Research a bit and find a course whose curriculum matches your needs, requirements, and goals.
Such course will not only arm you will the crucial details but will also take you step-by-step of day trading with real-life examples.
These are 4 tips that will help you learn day trading the right way. Sure, the path ahead won’t be easy—and neither will you be a pro trader in just a few weeks.
If you’re looking to make big money from day trading, you have to put a ridiculous amount of hard work into it.
But if you’re consistent and driven to chip in the work, you can bet that the rewards will be worth it.