Day trading can be a high risk activity and is not suitable for everyone.
It’s important to thoroughly educate yourself and assess whether it’s the right fit for you before getting started.
If you are more emotional than others, if you struggle to focus or have many distractions during the day you could find it difficult to deal with the up and downs that traders experience every day.
With that being said, let’s get started on how you can get started on your trading journey.
- The first step to day trading is to choose a brokerage.There are a lot of options out there, so it’s important to do your research and choose one that meets your needs.
Look for a brokerage that has low fees, tight spreads (so you do not give away too much between the buy & the sell prices) a user-friendly platform, and a good reputation.Here are my top 2 broker recommendations: - Next, you’ll need to choose what you want to trade.Some common options include stocks, options, futures, and currencies.
It’s important to choose an asset class that you feel comfortable with and have some knowledge about.I find spot Gold a good market to trade as it is not as influenced by economic news as Forex pairs or stock markets, so it could be better for more price action focused traders.
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. - Once you’ve chosen your brokerage and asset class, it’s time to start learning.There are a ton of resources out there, including books, online courses, and forums.
It’s important to have a solid understanding of the markets and trading strategies before diving in.I have a lot of free education on my YouTube channel.
- Another important step is to practice with a simulated trading account.Most brokerages offer these for free, and they allow you to practice trading without risking any real money.
This is a great way to test out different strategies and get a feel for how the markets work
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. - When you feel comfortable and have a solid trading plan in place, it’s time to start trading with real money.It’s important to start small and gradually increase your trading size as you gain experience.
It’s also crucial to have strict risk management strategies in place to protect your capital.
- The first step to day trading is to choose a brokerage.There are a lot of options out there, so it’s important to do your research and choose one that meets your needs.
That’s it! These are the basic steps to getting started with day trading as a beginner. Remember, it’s important to thoroughly educate yourself and start small. Good luck on your trading journey!
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