I am interested in day trading in the stock market? Please help me?
December 16th, 2009
Basically, I am trying to educate myself on the subject of day trading. If you can recommend me to a very thorough book which covers every aspect of day trading, I would greatly appreciate it. Also, I would like to know the average income of a successful day trader. Please recommend me to the most thorough books you know of. Any books that will teach me how to invest. Not those "be a millionaire over night" books, but books that explain the concept of investing, how to invest, how to day trade, the concept of trading, how to analyze important graphs regarding the stock market, how to analyze a company’s statements and such. Books that will make me a more successful day trader, and investor. Also any information you can provide is welcome. Perhaps the average income of a successful day trader on a yearly basis?
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Posted in Stock Market Basics | 
Tags: average income, day trader, day trading, graphs, Investor, millionaire, Stock Market, Trading Stock
There are many books on day trading. A good one or two wouldn’t hurt, and one simply on short-term investing. From there you need the same knowledge of any other trader that is doing it as a sole source of income… and a whole lot more. Technical analysis is your religion, along with the stop loss. You need to learn to read charts inside and out, and once you have the basics that just comes with practice, and lots of it. Unless you have money to burn do it on paper.
"How Technical Analysis Works" by Kamich is a good foundation, but the more you read the better you’ll be and again PRACTICE.
The more successful day traders have a ’system’. They use certain indicators and built support and resistance lines on their charts based off certain rules. They have enter and exit points based on those rules and they stick to them. Emotion in day trading, specifically fear and greed, are your worst enemies. These successful traders also spend over a grand on their charting software like MetaStock.
This year, starting last September, is going to be a good one for day traders. I’ve heard a few day trading website owners say that a day trader with experience that doesn’t make $100K this year should get out of the business. I don’t agree with putting a price tag, some traders are probably tickled to make $50K and others upset at less than a quarter of a million. It all depends on your initial investment, learning curve, etc. I would like to point out a few scary statistics for you:
90% of all short-term traders fail (go bust) in their first six month and never go back
It takes, on average, 6 months of regular trading to earn consistently. I’ve heard these a few places, there’s a book, I believe "Short-Term Trading" that beats these facts in so you approach it like a business and not a casino.
Pattern day traders, defined by the SEC as making more than 3 intraday trades in a five business day period, must meet certain requirements.
1. They must be able to trade on margin
2. They must at ALL times maintain $25,000 in cash equity in their account.
Failure to do so locks you out of the markets for 90 days. All you will be able to do is sell anything you have. This means if you invest all of it, and you lose $10,000, you will need to cough up another $10,000 into your account in a big hurry.
It sounds like you have one thing figured out, and it’s an important one. You won’t become a millionaire overnight, but if you have the passion, the drive, and the discipline, you can live off your earnings.
You can have my finance book from college which goes over day trading pretty well, but there is so much more then just analyzing graphs. I suppose that a day trader income would vary depending on how much money they have to invest.
There is no average income. It just takes years of persistance.
Reading stock charts is called by traders "Technical Analysis"
Most traders use candlestick charts to monitor price momements of stocks.
A good book: "Trading For A Living" by Dr Alexander Elders
http://www.amazon.com/Trading-Living-Psychology-Tactics-Management/dp/0471592242
Professional charting Software: Meta Stock (Highly Recommended)
http://www.equis.com/
I’ve been trading for a few years now, and have been getting about 20% a year. How much money you can make depends a lot on how much money you have, so it can take a while to get to a point where you can earn a living just from trading (unless you can get a job as a money manager).
I’ve set up a site that offers free courses on trading and learning technical analysis. You might find some of the courses on there to be of use:
http://www.informedtrades.com
I have only recently attended a seminar on
day trading in Melbourne, Australia. It was
run by "Safety in the Market”, a Sydney based
company owned by David Bowden. W.D. Gann
was the first best trader in the world.
Followed by David Bowden. The company runs
educational courses on successful trading.
You can buy books from this company on
David Bowden’s method of successful trading.
David could foretell the market before an event
and is a very wealthy man. His system teaches
unique, proven trading techniques, and guarantees
success if you follow his system. Home study is
also available. The company runs live seminars
every year in each State of Australia.
Stay away from day trading as it very harmful to your financial health.Most day traders fail due to trying to achieve short term profits n etc.I would recommend stock options or forex as these are great financial instruments in which to make awesome profits with half of the volatility of day trading.The internet is a great tool to learn about opportunities such as these.I currently trade forex n stock options n am very happy with my result so far.
Hi
there’s no best book or a formula to become a successful day trader.My advice to you is to start with little. You will learn a great deal by doing not by only reading. See your initial captital investment as your tuition fee.
To become a successful trader you must loose before you win.Experience is the best teacher.
I’ve read alot of books, But I achieved success by doing.
feel free to keep inouch. I will be glad to assist you.
Oliver