Successful day trading requires specialized knowledge. To acquire it, a novice trader needs to pass training courses and learn how to analyze charts, effectively manage capital, use indicators of technical analysis, and apply risk management. The most affordable way to learn day trading is self-study.
It is currently possible to find a lot of useful literature and even free educational video courses on the Internet. However, the primary disadvantage of this method is the lack of practice during training and no possibility for clarification of lingering points that remained incomprehensible. A beginning trader has to develop a personal trading strategy, and independent training can only help partially.
Short and long-term trading courses provide more systematic knowledge with an explanation of many nuances related to day trading. Their cost depends on the duration, reputation of the company that organizes them, and time devoted to the practical part of the training. At the same time, many professional day traders have their own online schools offering regular webinars, workshops, and podcasts.
Can you become a day trader without a degree?
No academic degree is required to become a day trader. No one will ask a novice day trader to show proof of a university diploma and undergo a competitive selection. However, this does not mean that any person can do it without proper preparation.
A trader needs to know financial and economic terminology and understand how exchanges work. It is also essential to read charts, as well as apply technical analysis and put an individual strategy in practice.
The psychological aspects of trading also matter. So, a novice day trader is able to open an account, hire a broker, and start trading. However, failure is certainly guaranteed if due theoretical and practical preparation is not followed beforehand.
How do I start learning to day trade?
First of all, you need to start reading articles and watch themed videos on day trading. It is also recommended to read some books about this business and understand whether it suits you. Then, you may start looking for a trading mentor or a trading academy to further your training.
Can I make a living by day trading?
The issue of earnings by traders is purely individual. There are neither fixed amounts or the highest earnings nor guaranteed minimum that any trader definitely earns in a day or month. Such uncertainty is associated with the specific nature of this business. The financial market is not the most reliable employer, and it cannot guarantee profitable transactions for any trader but just for hard-working and persistent ones.
The goal of a day trader is practicing all the time and mastering personal strategies. Only after having spent time and effort, a trader can start earning sufficient and steady profit in order to make a living solely by day trading.
How can I become a good day trader?
Before you begin real trading, you need to study primary information. Now, you can find a great deal of suitable information on the Internet. If you feel that you have mastered all the basic concepts, then you can try trading using a demo account. This way, you will improve your practical skills and work out an individual strategy.
If after some time you see that you can trade for a profit, you may open a real account and try to trade using real money. Then, master your skills, communicate with like-minded people, subscribe to publications from professional traders on social networks, and improve psychological aspects. In a nutshell, this is the way to become more and more successful at trading.
The list of the best trading academies
- TeleTrade – Trading Courses Reviews
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