Day trading is a term that fascinates many wanna be individuals/traders out there. You might have seen YouTube videos or read other blogs of a day trader’s claiming to make millions and millions and thought you could be one. Well, it’s a hustle. It’s not an easy profession at all and all those working professionals thinking to quit their jobs and start doing day trading without any prior experience in stock markets will find it hard and frustrating. Read this complete guide before you day trade or if you are making losses by doing day trading stop it for a while and start reading this guide. I am including my 17 years of trading experience in this guide for your well being. So let’s get started now.
What is Day Trading?
A trading style or approach where a trader takes a position(either buying or selling) during the market hours in any tradable financial asset listed in stock exchange during the market hours and exits their position within the end of regular market hours, without carrying positions for the next day(no overnight holding) is called day trading.Day trading definition
Who can do Day Trading?
Any individual who is above 18 and has a trading account can do day trading. Different stock exchanges from different countries have their own rules. So if you are in INDIA or US, you just need a valid trading account and of course capital to trade. You can also use some available trading simulators to practice day trading so-called paper trading(trading on virtual dummy accounts) without money.
Day trading is completely legal
You heard that right. Day trading is completely legal and can be done by any individual having a trading account.
Brokerage fees and transaction fees on day trading
Different stockbrokers charge differently and have different brokerage structure. For cheapest broking lookout for discount brokers in your country.
So now that you have read little theory about Day Trading, let’s start with real Day Trading content which will be really useful for you.
Stockwizaards complete day trading guide for traders
Links to the entire guide are shown below (you can start at the beginning, and each chapter page will take you to the next chapter):
- Chapter 1: Risk Management
- Chapter 2: Position Sizing
- Chapter 3: Types Of Orders
- Chapter 4: Using Stop-Loss
- Chapter 5: Market Direction For The Day
- Chapter 6: Stock Picking And Mistakes To Avoid
- Chapter 7: How To Use Daily Support And Resistance Levels
- Chapter 8: 5 Min And 15 Min Strategies
- Chapter 9: Advanced Filters And Scanners
- Chapter 10: Trading Journal And Trade Statistics
I hope you find the complete day trading guide useful for your journey as a day trader.
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