Become a Day Trader and Make Money

Becoming a day trader is a career choice that a lot of people have considered, that many have tried, and some people have never quite succeeded at. Some of the largest fortunes in stock brokerage (and some of the fastest accumulated) have been made doing day trading, and it's an excellent way to make money. Succeeding at it requires that you be able to do a number of things, and do them well, though there are automated tools that will help a great deal.

First, when you think of day trading, you probably have images of people on the trading floor shouting and trying to get their trades executed. The vast majority of day trading today is done over the Internet with automated trading software. You no longer have to get the attention of your broker to execute a trade, which means that volatility plays can be made easier for a dedicated home based day trader.

These automated trading programs are quite sophisticated, and a lot of them have routine trading parameters and data gathering metrics programmed into them. This means that so long as the market behaves within certain parameters, the software can be told what to do and it will work within the strategy you provide; this is much like having an automated broker who knows roughly what you want and will do exactly what you tell it.

It's when the market goes outside of the parameters that the software can handle that human judgment comes in, and that's where being a day trader as a skill, as a career, comes into its reason for being. If the day could be completely automated, the banks and investment houses would do it, and fire all their day traders with their commissions. Markets are chaotic; they are only predictable within certain boundaries. When they move outside of those boundaries, fortunes are lost, and occasionally made.

Part of your job is being able to read the market signals, set the strategy on the software, and knowing when to turn the software off and either ride out the market surge, or get out before that program loses everything for you. Sometime, like in poker, the winning move is to fold immediately and wait it out. That's something no day trading software can do for you, not even Day Trading Robot.

There are other techniques that day trading career professionals learn how to do - using leverage to expand the reach of their trades. (in essence, taking out a loan to buy shares of something, selling the shares after they've gone up, then paying off the loan. This can magnify profits considerably. It can also magnify losses to a terrifying degree.)

Short selling is another technique, where you borrow a share of a stock, sell it, use the proceeds to buy other stocks, then buy the original share of stock back at a lower price (if you expect it to go down) to keep the difference as your profit margin.

If you want to become a day trader, trading strategies and basic methodologies like this are essential.

Old school investing was only the beginning; with day trading software available, investors are dominating the market without an ounce of sweat.

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Peter Skotnicky