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Here’s the cold, hard truth about day trading…
90% of day traders lose money.
We’re not saying this to scare you away from trading!
But it’s important to be realistic, so that we can prepare ourselves for what day trading requires.
Besides, there’s a reason most traders lose money.
They’re trading without a plan!
You can’t blame them though… there are so many online gurus who make it seem like day trading is easy… and they promise their followers fast cars and big mansions.
Unlike those guys, at Stock Navigators we tell you the opposite… we tell you the truth!
Day trading is difficult.
But it is a learnable, straightforward skill that can be developed with consistent practice.
So whether you’re trading stocks, futures, cryptos, etc…
If you want to be one of the few who successfully hone the craft…
There’s something you need to know.
Day trading is a zero-sum business.
That means if you win money, someone else is losing it… and other people in the market are doing everything they can to beat you.
So we absolutely need to make sure that we have a step-by-step trading process.
Planning your strategy is the most important part of the trading process.
Because you better bet everyone else has a battle plan.
And today, I’m going to share my trading battle plan with you.
Let’s get right into it, here’s my complete step-by-step process on how to get started with day trading.
1) Develop a trading power - What’s your edge?
This is what separates the winners from the losers.
In trading, someone always has to lose… so what’s your trading power to make sure you’re winning?
Whether it’s an education on technical analysis… or fundamental investing principles… insider trading information… or even the news…
Figure out your edge, and figure out how you’ll use it to execute trades.
At Stock Navigators, our trading power is technical analysis.
We teach people how to read the stock market - click here to see how other people are using our trading strategies.
2) Open a trading account and start trading with paper money
Look, if you want to get good at trading… you gotta learn how to use your tools.
It takes a couple months just to get a “natural feel” for the trading program you’re using.
How to send in an order, buy at the market price, limit order to sell, Whether it’s ThinkorSwim… or TradeStation…or any platform you pick and choose to execute your trades.
Your tools are a part of your craft.
Not to mention…
You’ve also got to learn how to play the stock market.
So when you first start trading, do it on a simulated account.
Use paper money to trade while you learn the ropes… and learn how to use your trading program.
3) Journal your trades
There’s only one way for you to:
1) Understand yourself…
2) Know what kind of trader you are…
3) Learn how you behave as a trader…
4) Validate your consistency.
It’s by keeping a trading journal.
There’s no two ways around it.
Recording your progress is the fastest way to improve your trading results.
4) Once you’re consistent, go live
When you’re starting to make consistent profits on your simulated account, it’s time for the real deal.
Put some cash in your account and start trading with real money.
As a general rule of thumb, you should only risk 2% of your account per trade.
This way, you prevent overtrading… which is a fast way to destroy your portfolio.
5) Join a community of like-minded traders
Once you’re making consistent profits on your own, the fastest way to scale your gains is by bouncing ideas off of other traders.
There’s a quote that says, “As iron sharpens iron, so one person sharpens another.”
If you’ve been searching for a community of like-minded traders… Stock Navigators may be the place for you.
If you’d like to develop your technical trading skills alongside other successful traders, click here to learn more about Stock Navigators.
Stock Navigators has one mission - to help people improve their lives via trading. And it's all made possibly by our team of stay-at-home day traders who provide the most up-to-date analysis every single day. With over twenty years of combined trading experience, Stock Navigators helps you stay on top of the market.
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