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Hello I am interested in starting day trading, I have been trading the last year in long term investing but lately I have been getting really interested in day trading. I am from Canada and would like some pointers on where to start and what softwares, screeners, platforms etc to use here in Canada. Thanks in advance!
Swing trading stocks for beginners starting out with only $500 There are only a few different ways to be a market speculator - which way is best for you? You would either become an intraday trader, a swing trader or position trader. Swing trading is by far the easiest and fastest way for a beginner trader to make money right away in the their new trading business. If you do want to swing trade and only be in a position for 3-5 days or a little longer you will need to have the capital in your account to handle the overnight margin requirement of whatever your chosen instrument is to work in. CAUTION: If you are a new trader and have to use leverage to trade, you just shouldn’t trade. Stay out until you have sufficient capital to go into the market and be able to have a chance to make money. You can also even become a position investor and trader in the beginning and keep positions for a long term time horizon. Most position investors and traders are in a position for months and sometimes years; these are the most successful consistently profitable money making investors and traders in the business. It is this type of investing and trading which over the long term makes the most amount of money. One of the reasons this type of investing and trading is so profitable is because the expenses associated with this type of market action are low and do not add up as quickly as they do with other types of trading. Remember, it takes money to make money and also costs money to make money in the live markets, the more money you spend of fee's, commissions, and settlement costs the less money you have to build your capital account up and also build your wealth. If you would like to be more of an investor or position trader, then you will also need to be well-funded to sustain a draw-down on a position of as much as 50 percent. Should you not have the mental wherewithal to sit through a 50 percent draw-down on any given position in your portfolio, then again I recommend just staying out of the live markets until you have the psychological makeup to do so. I recommend picking one style of investing or trading and becoming an expert at it. Find a few instruments you like and study their price action and work in those exclusively, you do not need to work in every asset class there is, you also do not need to be in the market all the time because cash is also a position. Once you learn your method and have it down pat, have your rule based plan composed and can stick to it you can begin swing trading with as little as $500 to start off. One method that is very easy to learn for beginner swing traders is the End of Day method which only has you looking at charts one time a day a the end of RTH and is the most stress-free and relaxed approach to investing and trading that yields less risk and much more reward potential. Remember, you don’t need a job you need an income, right? End-of-day trading basically allows you to fit in trading around your schedule as a beginner when you are first learning how to trade and as I said, doesn't require a lot of time at your trading station. One thing is absolutely for sure in trading, and that is time equals money, and the longer term your perspective is the more money you will make. EOD trading allows you to be in the market for a longer period of time thus making you more money. End of day trading strategies are focused mainly on using the daily time frame, it’s easy because you only need one chart set up other than a weekly or a monthly for doing MTF analysis. As a beginner it is the easiest fastest method to learn to make real money right away in the live markets doing swing trading as a beginner. If you're getting into this business to make money right away this is how to do it the fastest easiest way. Have a look at the SWING TRADING FOR BEGINNERS COURSE in the suggested reading section if you are a raw beginner with no experience and want to learn how you can get going with only $500 this course tells you how to do that and then some. Just think of it this way you can make back what this course costs in one swing trade, AND THEN SOME! **Important** Share the knowledge you gained in this educational blog article. I would really appreciate if you share it on your social media with fellow beginner traders. Click the “Button” to add/share it to Facebook, post it on Twitter or where ever you are. Thanks a 100 million for your help in sharing these lessons with others. Remember: Trade smart OR JUST DON’T TRADE!