A short guide on successful day trading

Posted on

How to become a day trader:

1. The First Requirements

My 1st Requirements for Day Trading
Start saving small
Start trading immediately when your savings reach the amount of 300$ /day
Open up to at least 3 different accounts in different financial entities
Include your savings account, bank accounts, and/or investment accounts
Your Bank Accounts:
Your stocks must be held in different financial entities
The majority of your stocks must be in your personal bank account

2. Steps to become a Day Trader

Pass all above requirements to own 3 Financial assets
Open up an account in your brokerage firm
Open an account in an online trading platform
Join the trading communities of your favorite trading platform
Use a trading software to do price corrections and enter your orders
Use different software to set entry and exit points of your orders
Use different software to set your average costs
Use different software to automatically cancel your orders
Move your account to an online trading platform which is open 24/7

3. Common Mistakes

What are common mistakes we make as day traders
The first and the most common mistake is to think too long term
If you open an account to day trade without having a big investment of your savings, it will not work
To be a profitable trader you need to know your market
To be a successful trader you need to have a specific plan to open an account.
Many people don’t know how to make your trades without opening a new account
The second mistake is too low limits
The major mistake you can make in an account is too low investment
In a day trader account you must have at least 300$ per day to trade
I recommend you to get a broker account. For more details please check my article here
The third mistake is closing an account
Many traders are happy with their accounts but they don’t look for new account.
The reason is that they don’t know how to open an account and they don’t know what they can do with the profits they are made
In my opinion, opening a trading account in another financial entity should be very good for you.
It helps you to open up a strategy and this is the key of day trading

4. Do Some Free Research

Before you open your account it’s important to do some research to increase your chances to make a profit.
Here are some free research tools:
Free trade stockcharts.com
If you are looking for an automated trading software I recommend you to use Simple Trader
Here is a simple but powerful system
Trader indicator
Here is another trading platform called eTrade P2P. You can get started with a free demo account.
You can get started with a free demo account
Here is my trading philosophy:
The easiest way to make money is with large financial assets, not with small stocks and low volume.
Always choose the stocks with the highest quality as these stocks will earn you the most money.


Leave a Reply

Your email address will not be published. Required fields are marked *