Learning how to day trade is hard. Don’t believe all the hard sells out there that promise riches beyond your wildest dreams just from buying and selling penny stocks. What you need to do spend some time with the good people at Warrior Trading to learn about all the work that you need to put in order to become a functional day trader.
Take some time to read through Warrior Trading reviews to learn what other novice day traders think of the site and its benefits.
Ingest the Strategies
Whether you employ basic momentum day trading strategy or a slightly more sophisticated strategy like gap and go, you need to stick to the basics. Buy low and sell high. You want to find the hot stocks that are about to make big jumps and be able to find them at the exact right time.
Warrior Trading instructors can teach you the finer points of how to read stock scanning software to learn the indicators and find the best stocks to trade. And how to find the breaking news catalyst that will indicate what is about to happen to the stock. All of these are learnable skills.
Risk Management Basics
Once you have a basic understanding of the skills from the bunch at Warrior Trading, the most important tenet of day trading will be drilled into your head: Risk management. You are nothing as a day trader without proper risk management.
Learning how to keep your emotions in check and accept small, preset losses on individual trades makes for a successful day trader. Stop-losses are the key. You always need to set your tolerance for loss on every single trade you make. And then you need to stick to it. At the end of the week, you want your winners to be in the 20-30% range as far as gains, which will offset your smaller losses in the 5-10% range. That will result in actual profit at the end of each week. String together 52 of those and you are on your way to becoming a real, profitable day trader.
Practice With Virtual Currency
All students at Warrior Trading have a chance spend some time in the paper trading simulator. The gist is, you get $100,000 in virtual currency to make trades in a real-time market simulator. That means that you can make mistakes over and over with no money on the line, so you can learn exactly what not to do when you are risking your real money on the market.
Learn more about Warrior Trading on StockTwits, to get a sense of what people say about the day trading education site on social media channels.