Day trading is a high risk game of chance; it is for those that are willing to lose thousands of dollars in a matter of minutes in hope of gaining much more. This type of trading is not for the faint of heart or for those that do not have the time to watch the market constantly. That said, any tiny bit of day trading help or advice can save you thousands if you are a new or even a long-term day trader.
There are many day trading forums and day trading tips and techniques posted online. To get you started, we have put together a list of popular, active day trading forums and tips and techniques for beginners.
Popular Day Trading Forums
This website offers access to a variety of popular trading forums including thinkorswim, Speed Trader, Bear Trading, Mirus Futures, PureTick, Interactive Brokers, Trading Group, Epiphany Trading, AMP, Rithmic, eSignal, TradeStation Securites, TradeMaven, Trading Technologies, Velocity Futures, NYSE Liffe, FXCM, instaforex and more.
This site does not offer excessively active posting; however they do offer fairly up-to-date Breaking News and Top Stories that may be of interest to day traders.
Trade2Win provides an active forum, especially on the topics of general trading, beginning trading and FOREX trading.
MyPivots Day Trading Forum
MyPivots supports an active trader s lounge and support for Kane Trading members.
Trades Laboratory Forum
This forum offers numerous posts on topics from general trading to technical analysis to market profiles to coding forums. This is a good site for those that are looking for a forum that covers complex topics such as coding, automated trading, trading psychology and market analyzing.
Big Mike s Day Trading Forum
This popular forum offers articles, a question box and chat as well as an active forum that covers topics from beginning trading to programming to indicators.
Day Trading Tips and Techniques for Beginners
Set up an acceptable loss/gain proportion and stick to it. For example, a 1:3 proportion would mean that you would be willing to lose $1000 to possibly gain $3000. Once you decide the proportion you are comfortable with, stick to it; part of the success of day trading is not being impulsive but keeping to a set of rules that works for you.
Overcome Doubt and Hesitation
Long-term investors have the luxury of watching the market for days, months or even years; this is not the case for day traders. To become a successful day trader you must have the ability to move on a dime and dive into a trade within minutes, while the trend is still active. Those who hesitate often miss the favorable trend or invest too late and lose money.
Train Before You Enter the Big Race
Even though you may be really excited about the prospect of making fast money in day trading, keep in mind that you can also lose money fast. Becoming a successful day trader depends on being able to recognize trends quickly, it is a good idea to study as much as you can and take advantage of virtual or simulating trading platforms before you invest your hard-earned savings.
Master Your Trading Tools
Day trading software and online trading services offer powerful trading platforms and tons of market information. It is a good idea to take the time to figure out how you can make your trading software work for you, many offer market analysis and trend tools, charts, watch lists, alerts, graphs and much more that can help you become a shrewd and efficient trader.
Decide Whether You Can Become a Full or Part-time Day Trader
Often day traders evolve from full-time stock brokers or others that have heavy experience in the market. Since day trading may involve great losses of money in minutes, many have to make the choice to become full-time day traders. Though you can dabble a bit into day trading, it is not worth your money or time if you do not have the time to watch the market constantly or execute your trades exactly when needed. If you decide to become a part-time day trader or to play a bit with day trading, be sure that you have the funds to support it.
Day trading can be amazingly challenging and exciting, but just like all games of risk it is important that you walk into the game knowing the rules, your odds and just how much you are willing to risk. Day trading is a game of chance, quick-wittedness and courage; if you think you have what it takes, suit up and enter the game you may just win.