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Don't try to master all markets at once. This will divide your attention, and it may take longer to make money.

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Pick one market so that you can focus your learning. Once you learn to make money in one market, it is easier to adapt to learn other markets. So, be patient. You may already have a market in mind, but here's the background in a nutshell.

It comes down to what you like, but also what you can afford. A pattern day trader executes four or more "day trades" within five business days. You need a few basic tools to day trade:. Having two monitors is preferable, but not required.

The computer should have enough memory and a fast enough processor that when you run your trading program discussed later there is no lagging or crashes. You don't need a top-of-the-line computer, but you don't want to cheap out either. Software and computers are constantly changing, so make sure your computer is keeping up with the times. A slow computer can be costly when day trading, especially if it crashes while you are in trades or its slowness causes you to get stuck in trades. Day trading isn't recommended with a sporadic internet connection.

You should be using at least a cable or ADSL-type internet connection. Speeds vary across these types of services, so strive for at least a mid-range internet package. The slowest speed offered by your internet provider may do the job, but if you have multiple web pages and applications running, then you may notice your trading platform isn't updating as quickly as it should. If your internet goes down a lot, see if there is a more reliable provider. Download several trading platforms and try them out.

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Since you are a beginner, you won't have a well-developed trading style yet, so just try a few that your broker offers and see which you like best. Keep in mind you may change your trading platform more than once within your career, or you may alter how it is set up to accommodate your trading progress. NinjaTrader is a popular day trading platform for futures and forex traders. There are loads of stock trading platforms.

For forex and futures traders, one of the best ways to practice is using the NinjaTrader Replay feature, which lets you trade historical days as if you were trading in real time. Your broker facilitates your trades, and in exchange charges you a commission or fee on your trades. Day traders want to focus on low-fee brokers since high commission costs can ruin the profitability of a day trading strategy.

That said, the lowest fee broker isn't always best. You want a broker that will be there to provide support if you have an issue. A few cents extra on a commission is worth it if the company can save you hundreds or thousands of dollars when you have a computer meltdown and can't get out of your trades. Major banks, while they offer trading accounts, typically aren't the best option for day traders. Fees are typically higher at major banks, and smaller brokers will typically offer more customizable fee and commission structures to day traders.

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As a day trader, both as a beginner and a pro, your life is centered around consistency. One way to generate consistency is to trade during the same hours each day. While some day traders trade for a whole regular session a.



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EST, for example, for the U. Trading only two to three hours per day is quite common among day traders. Here are the hours you'll want to focus on:.

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As a day trader, you don't need to trade all day. You will probably find more consistency by only trading two to three hours a day. Before you go any further, you need to know how to control risk. Day traders should control risk in two ways: trade risk and daily risk. Trade risk is how much you are willing to risk on each trade. This is accomplished by picking an entry point and then setting a stop loss , which will get you out of the trade if it starts going too much against you. The risk is also affected by how big of a position you take, so learn how to calculate the proper position size for stocks, forex, or futures.

Therefore, set a daily loss limit. With a sound strategy, that shouldn't happen very often. Once you hit your daily cap, stop trading for the day. Once you are consistently profitable, set your daily loss limit equal to your average winning day. If you lose more than that, stop trading. The logic is that we want to keep daily losses small so that the loss can be easily recouped by a typical winning day. When you start, don't try to learn everything about trading at once. As a day trader, you only need one strategy that you implement over again and again.

You don't need to know it all. Find one strategy that provides you with a method for entry, for setting a stop loss and for taking profits. By Market Traders Institute. About Market Traders Institute. Related Articles.

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