As you wait for the phone call of your favorite co-worker, ready to update you on what tasks need to be done and you are sitting in your cube, wishing you had never gone down the path of middle management, it is comforting to know there is another way. There is a path to financial freedom that does not involve endless meetings, boring phone calls and annoying managers on the same level as you. It is called day trading and it is here to save you.
Spend some time in the day trading free chat rooms that dot the Internet in order to really understand how to get starting in the field. It takes a lot of time to understand the ins and outs of day trading. When you venture into free chat you can start to get a sense of how traders on the ground are doing their thing. You start to learn the lingo, get a sense of how to execute trades, how to look for stocks and how to protect your profits from unnecessary risk. Sometimes, you can even see a veteran trader live streaming the desktop as they take positions and make moves.
It is not hard to understand why you would want to be your own boss and why it makes sense to strive for financial freedom. But the work that needs to be put in is never talked about enough. When it comes to day trading, screen time is paramount. You need to spend the hours in front of the computer, watching stocks move up and down, reading advanced charting and ingesting spreadsheets until the patterns begin to reveal themselves. What you really need to do is get into a paper trading situation in order to log hours of screen time without hurting your life savings.
When you get into day trading from free chat, the next step is to get into a simulated trading environment that allows you to trade virtual currency. The benefits are endless. As long as you can find a real simulator that has Level II quotes, mimics the speed of the real market and brings a new level of realism to the process, you can learn a lot. You can learn how to work an online brokerage account, how to execute trades and how to take a loss. It is important to learn when a losing trade starts to go south and how to get out as soon as you can. There is no honor in sticking with a losing trade. The only goal is profits. Even if you lose a lot of little trades, you can hit good to great trades 60% of the time and then be profitable overall.
Simulated trading is just one step in the process. Once you spend a month or two paper trading and prove that you can be profitable day after day, then it is time to start trading for real. By they way, the free chat as you paper trade is a great way to go. You are following the same market as the regular traders so to see the community react to news and share tips and tricks is valuable, even when you are trading virtual currency.
After that, it is time to stay in the chat room and trade real money. Then you can really get to know what the camaraderie and community is all about in the day trading world.