Day trading is a rough and tumble business. Not everyone can make it as an everyday trader in the stock market. The day trader relies on volatility and violent fluctuations in the daily market. If you need to try to make it as a day trader you need a strong stomach. You need calmness in the face of a daily tornado of information.
So day trading education is very important. Part of your day trading education, especially at the very beginning, is the presence of chat rooms. Chat rooms are a great place to interact with veteran traders, learn the ropes and get a real sense of what it is like to be a day trader.
One of the cold realities of day trading is that less than 10% of traders actually make money. More than 90% lose money because they are trading by the seat of their pants and they don’t have any real strategies. That is where a day trading education comes in handy. Learn from veteran traders and understanding the strategies that they employ every single day is a massive step forward for aspiring day traders.
Momentum day trading strategies are not hard to learn. It just takes some time and dedication to get the basics down. The trick is then employing those strategies in the real world. How do you do that?
One way is to spend your time in chat rooms that offer more beyond just trying to sell you expensive DVDs and trading systems. Find a chat room that offers a veteran trader streaming his or her desktop. Watching a trade as the tick-tock happens and learning the real world application of a strategy is worth way more than a static DVD. Trading is unpredictable and hard to do well each day. When you find a chat room with traders that are doing live commentary on their trades and calling out positions with transparency, that is where you can further your day trading education.
Then it is time for you to get into the game. Getting screen time the the best way to pull yourself out of the muck of that bottom 90% and into the winning 10%. The trick is getting that screen time without risking real money. That is why you find a site like Warrior Trading with a paper trading option.
Paper trading is getting into a trading environment that mimics the real stock market and lets you trade with virtual currency. Getting a chance to make mistakes in a simulated trading environment is a great way to get off the ground as a trader. That means you are not losing real money but you are making actual progress.
When you are able to be profitable as a virtual trader to the tune of $200 a day, then you are ready to trade in the real world. That is a good benchmark. If you can transfer that ability and make $200 a day in the real world that is a great way to make a decent salary.