Day trading is an excellent way to make a living. You can avoid living in a gray cubicle in a thankless office job contributing to your retirement only via a 401k account, subject to silly requests from overbearing bosses and underperforming co-workers. You can achieve financial independence, in a comfortable home office, interacting with other traders in chat rooms that help you learn more about your industry and avoid living in isolation.
Chat rooms are a vital resource for day traders of all levels. You can learn in them as a novice day trader, absorbing the lingo and learning early tips and about hot stocks to watch. Chat rooms also provide a lifeline for veteran traders to keep up on news and new developments from traders around the world. The Internet allows ideas of all stripes to criss-cross the globe with an intense efficiency and day trading is no exception. Chat rooms are a great way for those ideas to gain credence. It is the way the world works now.
But becoming a profitable day trader is more than just hanging out in chat rooms. You need to spend time learning about day trading strategies from reputable day trading education sites. Warrior Trading is a great site to learn about the strategies that you need to approach each trading day. Momentum day trading strategies like gap and go are excellent for taking advantage of a volatile market. Gappers are stocks that are running higher in the morning pre-trading than they were at the end of the day before. Finding those gappers and seeing how they are about to break is part and parcel of the gap & go strategy.
Learning those strategies is very important to becoming a good day trader. Having a plan is how you need to begin every day and every trade. There is no substitute for a good plan. You need a base to work from and you need to learn how to make decisions in the moment.
Once you learn those strategies is when you begin to practice them in a controlled setting. Many traders learn by doing, which means they get thousands of hours of screen time, risking real, hard-earned savings in a unpredictable and complicated market. Paper trading allows you to get screen time in a simulated trading environment that allows trading in virtual currency. When you try the Warrior Trading simulator you will see that it trades at the speed of the market, offers Level II quotes and has advanced charting, just like the best platforms out there. The difference is that you won’t be risking real savings and you will be able to log screen time and make the mistakes necessary to learn how to trade.
Trading, at its essence, is all about being able to see patterns in real time. When you can predict what a trade is going to do, you can make some money. But you need to be cautious and prepared to lose at all times. Conservative risk management is the name of the game.