TuffTrade- Day Trade Smart: Day Trading Lessons: The Roadmap

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miracletech
I am a dynamic figure, often seen in the company of Quants, Arbitrageurs and Punk Rockers. During a lunchbreak, I once wrote the most daring refutation of the Black-Scholes theory ever to be published in Mad magazine. I translate ethnic slurs in 12 languages, I write awared winning operas, play Bluegrass Cello, and enjoy urban hang gliding. Using only a hoe and a large glass of water, I once single-handedly defended a small village in the Amazon Basin from a horde of ferocious army ants. I take rock climbing to a new level by using only factory-reject rope. On Wednesdays, after trading, I repair nuclear reactors free of charge. I don't pespire. I was scouted by the Mets. I have won bullfights in San Juan, cliff-diving competitions in Sri Lanka, and Spelling Bees in the Kremlin I once read Moby Dick, David Copperfiled and Doctor Zhivago all in one day, and still had time to do a little Day Trading in the afternoon. I have performed several covert operations for a government agency too secret to be mentioned here. I only sleep one a week; when I do sleep I sleep in a chair. Years ago I discovered a day Trading system guaranteed 97% accurate under all market conditions. Unfortunately my computer crashed and the file it was on was unrecoverable. I have been ejected from 3 separate stock exchanges. I was proven innocent of all charges brought against me my the SEC. For a hefty fee, I am available for speaking engagements on any of my exploits.
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This Blog is for educational information & exchange of trading ideas only. There is always a risk of loss in trading. Nothing mentioned here is to be taken as trading advice. Trades you make are strictly at your own risk. You should consult your broker or financial advisor before placing any trade!!!
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TuffTrade- Day Trade Smart: Day Trading Lessons: The Roadmap

Day Trading Lessons: The Roadmap

Posted by miracletech at 4/17/2008 5:27 PM

In my debut (debatable) post It’s harder to become a Day Trader than a Surgeon I make the point it’s so difficult to become a Day Trader because newbies lack a path or roadmap – a list of specific steps to follow to become a successful Day Trader. So I created this roadmap. There is no such thing a the one definitive roadmap - just as on a real roadmap there can be different paths to the same destination. Is this the only way to go? No. Is this the best way to go? Debatable. That said, here’s a pretty good roadmap based on me spending way too much time than is healthy reading everything I could about Trading, thinking about Trading, and of course, Trading:

1. Decide if Day Trading is really for you
2. Start a Traders Diary
3. Learn the basic terms and concepts related to Day Trading
4. Understand the importance of Discipline and Trader Psychology
5. Create Risk Management Rules
6. Determine how much money you will need to fund your trading acct
7. Get a good trading computer and Internet connection
8. Get a good Broker, Charting Package, Data Feed and Trading Front End
9. Decide if you want to Trade Stocks or Futures
10. Define your Trading Edge
11. Create a Trading Plan
12. Sim Trade profitably
13. Trade Cash

Follow this Roadmap and by the end you will be a TuffTrader, and maybe make a little money. WOW! There's a lot of hard work ahead. If you find it fun, then just maybe you have what it takes.

Before you read my stuff, then proceed to foolishly lose large amounts of money trading based on something I said, read this disclaimer first: This is for educational information & exchange of trading ideas only. There is always a risk of loss in trading. Nothing mentioned here is to be taken as trading advice. Trades you make are strictly at your own risk. You should consult your broker or financial advisor before placing any trade!!!

Thinking of ignoring steps 1 - 12 and going straight to step 13? Then you didn’t get the message in my post Accept it's going to take a long time to Learn