When you start out as a novice day trader, you just want to survive. Less than 10% of day traders actually make money. The water is shark-infested out there. Just being profitable is a heck of a win.
But once you get past that stage, you want to win at day trading. Not just survive. So you need to learn the best trading techniques out there. And that is where Warrior Trading comes in. They are one of the best interactive brokers in the business. The day trading education site has tons of classes on the best trading techniques for winning in the market and it offers a daily chat room and virtual trading platform access on top of the online classes.
The key to day trading is finding that one or two hot stocks early in the day. Stocks that are set to make 20-30 percent gains. Those gains will wipe out any other losing trades or misfires throughout the week. But it is not as easy as it sounds. You need stock scanning software, a risk management strategy and a sound understanding of trading techniques like gap trading and momentum trading.
Warrior Trading has the expertise to teach you how these trading strategies work. There are a few main points that you will want to understand before you begin the journey to make day trading profits.
The most profitable day trading comes from trading on margin. That means trading on borrowed money. If you do not have a giant nest egg to start out, you will need to trade on margin to make significant profits. So trading on borrowed money leads to a very important rule for day trading.
You must be able to manage risk. Without solid risk management instincts, you can kiss your profits goodbye. It only takes one bad trade gone awry to bring down a whole week’s profit/loss ratio. Every trade needs to have a stop-loss attached to it.
Once you learn these trading strategies and learn the lessons of risk management, it is time to play in the virtual trading world. Warrior Trading has a trading simulator that lets you trade at the speed of the regular market so you can get used to making important buy/sell decisions in real time.
And then it is time to start day trading for real and building up your skills every day. Be sure to research Warrior Trading on StockTwits, so you can get a serious look at what other day traders and investment professionals think of the site.