By now You’ve probably already heard the old saying that 90% of traders lose money. People that start out with big aspirations, hopes and dreams soon find themselves eaten alive by the sharks of the industry.
Only 10% manage to get away and are able to make a handsome living for themselves. How to become one of those “lucky” few? What is really needed in order to know how to day trade profitably?
The simple answer is to be willing to learn harder and go further in learning the craft. This guide is put together to give you a comprehensive list of resources to learn from and highly increase your chances of success.
I am willing to claim that by vigorously studying through these articles will by itself advance you to the top 30% of traders.
Putting these lessons into practice and trying to constantly improve will be the final stepping stones towards advancing yourself to the magical 10 per cent.
How to Get Started
The biggest obstacle when you first start out is learning how to actually get started in the first place. What you should do where to begin with in the first place. Below you’ll find a list of topics that cover this in detail:
The Best Day Trading Strategies
Every successful trader has a strategy that they follow. Having a trading strategy that works is a vital part of becoming profitable. As there are many options to choose from, I advise you to pick something that makes sense to you and become the master of it.
A list of powerful trading strategies that work:
- The High Odds ABCD Day Trading Pattern – Investors Underground
- Trading strategies of a millionaire trader- Tim Grittani’s DVD
- First Hour Trading Strategy – Tradingsim.com
- Momentum Day Trading Strategy for Beginners – A step by step guide – WarriorTrading
- Top 5 Popular Strategies – Tradingmarkets.com
- The Best Forex Strategies – Foxytrades
Finding a Mentor
PROTIP: Most people don’t know this, but the fastest way towards becoming a profitable trader is actually through learning from someone who has already achieved the very thing that you are after. There are traders out there that offer mentoring. It usually comes with a cost, but this can be one of the wisest investments when it comes to learning to trade.
Pick a mentor whose trading style suits you and do all you can to emulate their success.
Below you’ll find a list of traders that offer mentoring:
- Timothy Sykes – beginner to medium level Day Trading
- Nathan Michaud – medium to advanced level Day Trading
- Paul Scolardi – beginner to advanced level Swing Trading
- Tim Grittani – medium to advanced level Day Trading
- T3 Trading program – beginner to medium level Day, Swing and Forex trading
NB! All are paid services, I haven’t found a free service that offer any real value, if you have, please let me know and it will be added here.
Finding the Best Broker
Picking the right broker is super important! Majority of new traders just pick the first broker they find or a broker that someone may have recommended to them.
However in order to actually increase your chances of success, you need to find an option that suits your trading style. Someone that trades a 50K$ account will most likely use a very different broker from a trader that is just starting out.
Also the choice really depends on whether you are looking to trade forex or stocks.
Unbiased articles on how to pick the right broker:
This is again something that only the professionals really focus on, while beginners neglect it entirely, and suffer greatly from it. Some of the greatest minds in trading have even claimed that in terms of success in trading, 20% is based on having the right strategy and 80% on psychology. Below you’ll find the best articles on the subject:
Analyzing and Adjusting
Only through doing your own statistics are you able to find out which strategy or price pattern returns profits and which ones keep draining your account. Once you know, you are able to only focus on the opportunities where you have high odds of success.
Below you’ll find a list of articles helping you to start a journal and massively improve your trading results. The easiest option is to use a paid version of Edgewonk (the fourth link), but you can also keep a journal in a plain Excel file.
Proper money management will keep you from blowing up your account and help you grow it exponentially if done right. Neglecting this vital part will hurt your odds of success and increase the chances of losing your investment.
The fastest way towards a 6 or 7 figure account is marrying a winning strategy with a good bankroll management system.