When you want to learn how to make a living day trading, you need to really dig into the terms, techniques and strategies of the industry. You need to get your personal spending under control, so that the profits you bank can lead to more profits down the line. The more you can risk, the more money you can make.
The first hurdle you have to cross is the $200 a day challenge. Which means, as an aspiring day trader, that you need to make that much money per day in a paper trading simulator in order to feel comfortable enough to risk real money in the real stock market.
Does that sound like a silly waste of time? It is not. The best day traders at Warrior Trading, a day trading education site dedicated to making day traders out of regular people, took their lumps in the regular market for years, before they got good enough to be profitable. That is why Warrior Trading offers the best simulator and a free chat room out there for novice day traders.
Paper trading means that you can risk virtual currency in a simulated environment that mimics the real stock market in speed and efficiency. That means you can make mistakes in real time and learn how to optimally implement all the strategies that you learn in the Warrior Trading online classes.
The simulator is set up so that veteran traders can monitor all of the trading activity and give out tips and pointers when they see something amiss. The day trading chat room is another place where you can learn along with others in the community as they call out trades and monitor the market in real time every day.
Once you learn momentum and reversal trading strategies and write your trading plan, you are well on your way to learning how to be profitable. Then it is all about practice and execution. Trading in the simulator for a month and meeting that $200 a day is a great way to get the confidence to really make money in the market. It is all about hitting the daily profit and loss goals, so that you can plan out your income at a steady rate.
The more money you make over time, means that you have more money to risk, according to the rules and regs of your strategy. That allows you to make higher profits, while hitting the same notes as a trader.
To get a sense of what others in the day trading industry think of Warrior Trading and its education, check out Warrior Trading on StockTwits.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.