Stock Markets Exposed

Can someone make a decent living by day trading. What is the best way to get started. Software programs?

I will be losing my job in May (plant closure). I have about 15 years experience in investing (stock, mutual funds) mostly long term investments. I would like to retire in about 5-6 years.

Public Comments

1. Yes, but can your heart takes it and do you have enough guts to pull the trigger on buy and sell when you are wrong? Esignal, trade station and vectorvest.
2. Try this federal government website to find out about day trading. The second website is further advice.
3. As a day-trader, i only can tell you this, cut your loses soon. That is the only advice, if you adhere to this you will make money. Believe I am still learning and make mistakes from time to time. Also, if you plan to pay more than $7 per trade, dont even think about day-trading. You need a direct-access broker. I use interactive brokers, but there are plenty of brokers for day trading individuals.
4. The best way to get started: LEARN as much as you can about the market. And then start trading on a paper trading account to gain experience. If you are new to trading, then you should definitely take a look at trading systems. Here's why: Every minute more than 150 Million Dollars change hands in the electronic index futures markets like the e-mini S&P and e-mini NQ. You can win or lose thousands of dollars in a few minutes; the futures markets can make you rich in a few weeks or months or wipe out your account with no mercy. If you want to compete in the “game of games” and play against the best traders in the world, then you need to get ready. Too many gamblers are entering the arena without any plan or strategy, completely unprepared, and that's why they lose. Trading a system will dramatically increase your chances to succeed in trading, because it eliminates five of the top six reasons why unprepared traders fail. Here are the top six reasons why traders fail, and how a trading system eliminates them Let's take a look at the reasons why traders lose money: 1. Lack of a Trading Plan 2. Lack of Discipline to Follow the Plan 3. Failure to Control Emotions 4. Failure to Accept and Limit Losses 5. Lack of Commitment 6. Over-Trading By all means you have to avoid these mistakes if you want to win. Here's how a trading system eliminates 5 of the 6 top reasons why traders fail: Solution #1: Having a trading plan Having a trading system means having a pre-defined set of rules you have developed to guide your trading. Therefore you HAVE a trading plan, eliminating the No.1 cause for failure. Solution #2: Following the trading plan The easiest way to follow a trading plan is to automate it. Almost every trading system can be automated, and you could let the computer trade for you. You won't have to worry about your discipline any longer, as the computer mechanically trades every setup for you. Solution #3: Controlling emotions Trading with a system removes emotions from trading. If you don't have a strategy and you try to make decisions when the market is moving, you are liable to become emotionally attached to positions. You may experience panic and indecision when the market does not move in your favor, as you do not have a prepared response. That's when most traders lose their money. If you follow a system you will know what to do no matter what the market does. Solution #4: Controlling your losses You probably have heard the saying “Let your profits run”. Unfortunately most traders let their losses run. A trading system will get you out of a position when the predefined stop is hit. Unless you override the system to “give the trade a little bit more room” it will stop the loss and therefore limit your losses. Solution #5: Commitment You won't believe how many traders show a lack of commitment and therefore lose money. Lack of commitment means that they stop trading after the first loss, and don't give their system a chance to make back the money they lost. Trading is not a one-way street, and losses are part of our business. If you can't accept the fact that there will be losses, you shouldn't trade. Fortunately a trading system can help you to overcome this problem; an automated trading system continues trading according to the rules, and therefore adds much more consistency to your trading. As you can see, five of the six top reasons why traders lose money in the markets are simply eliminated when you start trading with a system. Without any guarantee, your chances of making money rise incredibly when starting with a profitable trading system. Hope that helps.