Pazienza
Senior member
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Honestly, I would just demo to start with. When you're ready to trade, definitely start with a very small account.
You're going to make stupid mistakes, you need to get experience (this applies to everyone, without exception). Do it as cheaply as possible
.Trade demo / small size while you learn. Save your money to build a bigger stake to use when you start to become proficient.
HowardCohodas
Experienced member
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Day trading only defines the time dimension of your trading, not the product dimension. There are many trading vehicles that can be day traded.
My time plan requires monitoring the market approximately once every two hours. Some would call this day trading, some would not. Some days I will make no trades. Some days several. I'm in a trade an average of 16 days. 20.1 days for monthly options and 4.1 days for weekly options.
I have a very disciplined process for qualifying a strategy. First I paper trade it (my prototype step) to understand the mechanics of doing the trades in the time frame I have chosen to trade. There are some limitations to paper trading that I wont delve into here that may give you results that are higher than what you will get when you trade real money.
The next step is to trade for small money (my preproduction step). This is your first real taste of reality. In this step you can begin to truly measure your skill level and get a handle on the stability of the returns you get.
The last step is to trade for serious money (my production step). Here the psychological element is more in play as you recognize that this is serious money. Your results may be different from small money trading because of this effect.
A trading system is made up of two key components, the strategy and the trader. A successful strategy may still lose money because of an unsuccessful trader. The trick is to develop a process for detecting if your results are within expected variance for your strategy or a result of trader failure or a result of strategy failure. The key to this "quality assurance" program is the trading journal. I have written elsewhere on how to conduct this quality assurance process should you be interested in adding it to your arsenal for success tools.
ZED. Dont even bother reading it Mike.
neil
Legendary member
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Heres a typical trading method - takes a lot of study and time to practice maybe. There are others (search t2w). This looks to me to be similar to Captain Currencies method of approach to currency trading on T2W.
http://www.stratsforextrading.com/dokuwiki/doku.php?id=start