How to Become a Great Day Trader
- 1). Seek expert coaching. You must learn from someone with a successful track record. Reading a book or attending a seminar is not enough. Consider working as an intern or apprentice or hire someone to coach you. You must invest time and money in your education.
- 2). Buy the right equipment. You'll need a high-speed Internet connection and high-powered computer equipment including multiple monitors, expensive software and access to up-to-the-second news feeds. Trying to save money by purchasing second-rate equipment will diminish your chances for success.
- 3). Have sufficient working capital. The SEC requires a minimum of $25,000 for day trading, but you're going to need more to buy several large positions on any given day. And don't forget that you're going to pay short-term capital gains taxes.
- 4). Plan your day and decide on a specific strategy or system. Don't break your own rules. The best day traders disregard emotion. Some won't even trade if they are ill or upset about something because they know their concentration will be affected.
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