How to Start Day Trading

By | March 24, 2021

Post COVID many of the housewives, students and service men got inclined towards the stock market. The reason behind this is that the pandemic made everyone think about the passive ways of income. And many people find trading as the most efficient ways of earning.

But being a beginner it is difficult to understand where to start from. Hence, we are providing a few basics to keep in mind so that you can get proper knowledge from the sources. You can go for free online video lectures or can choose the courses from top institutes for moving further.

Try to learn things from scratch if you want to get in depth knowledge of the market.

To start trading you have to choose a broker who will help you execute the trade. The broker chosen by you should be reliable so that the money invested by you remains safe. 

Below we are mentioning some points that you can consider while choosing one:

  1. Costs: The lower the fees and commission rates, the more viable day trading is. Active traders will be trading often – minimizing these costs is vital
  2. Regulatory Compliance: Look for a broker who is regulated. Regulated broker is legally responsible to protect your financials. 
  3. Speed of Execution: Speed of execution is the most important thing to look for, because the no.of trades you are able to execute in a day depends on speed only. 
  4. Trading Platform: Another important thing to consider is trading platform because this is the main thing that delivers you tools and options that let you do analysis.
  5. Support: Even if you’re good at trading, you still need support at some point. It may be related to anything, not only trading. Hence, look for a broker who gives a fast response to the issue.
  6. Spread, Leverages & Margin:  As a day trader you want competitive spreads – you might also want certain leverage levels and low margins.

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Books 

Books are the most common form of gaining knowledge about any topic. They teach you about technology, risk management, strategy, trader psychology and fundamental & technical analysis. 

However, searching for good books is as difficult as looking for perfect courses on the internet. There are lots of books written by many authors about the topics related to the financial market.

We are providing you names of some of the best books according to their category, you can check them if you like to learn from books instead of videos or live lectures. 

Intraday Trading Books for Beginners

When you thought of entering the market, you must keep in mind that it has very deep & complex operations. You should try to gain some knowledge before jumping into the same. Once you start learning, you will find it complicated because charts, tables, patterns and indicators all are a bit difficult to understand. 

Here are some books for beginners which help them understand the basics of the market.

trading

1. A Beginner’s Guide to Short Term Trading – Toni Turner

This is an amazing book written by a trader and an educator for those who wanted to make their career in the financial market. He has provided details of risk management, technical analysis and how to set trading plans. 

The book is solely dedicated to newbies wanting to learn everything about short term & long term trading.

2. Start Day Trading Now: A Quick & Easy Introduction to Making Money While Managing Your Risk – Michael Sincere

Written by an experienced trader, this book revolves around technical analysis and also has some money management lessons. It initially explains about charts, patterns & indicators. The author also made his points valid with the help of some examples done in practice. 

It also has interviews of some of the top traders that will help you understand the things in a better way. 

3. Day Trading for Dummies – Ann C Logue 

The author is not a trader, her book covers almost all the topics needed to learn as a beginner.It did not focus on any specific topic. However you will not get detail but still you can understand them easily and comprehend in practicality. 

Remember a book for beginners is straightforward and is simple in language so that they can absorb things easily.

Best Intermediate Books for trading 

  1. High Probability Trading: Take the Steps to Become a Successful Trader – Marcel Link
  2. The Truth About Day Trading Stock – Josh DiPetrio
  3. Mastering the Trade – John Carter
  4. Day Trading & Swing Trading the Currency Market: Technical & Fundamental Strategies to Profit from Market Move – Kathy Lien 
  5. The Disciplined Trader: Developing Winning Attitudes – Mark Douglas
  6. Digital Day Trading – Howard Awell
  7. The Simple Strategy – Markus Heitkotter 
  8. Day Trading Grain Features: A Practical Guide to Trading For A Living – David Bennett

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Live Webinar & Trader Courses

You can find webinars and courses everywhere. Broking platforms also provide live webinars and curated courses for its customers. Hence, you can also choose some good broking platform where you can learn & trade at the same time. 

Other options are youtube, linkedin, coursera and more also provide certificate courses in different topics. You can go for these if you want a certificate after completing which you will not get if you learn through a broker website. 

Other Format 

You have other options in the form of ebooks & audiobook. These make your learning more easy, you can read & listen to them anywhere, anytime. You do not even require to carry different books with you. 

Ebooks allow you the facility to keep all the books at a single place, which makes it convenient. Audiobooks are another impressive format one can use, you can listen to them during workout, or in a coffee house or while driving the car. 

Technology has made things easy. You can also get books in pdf, as free downloads. 

Bottom Line

You will easily get lots of books online, but which book to select is a difficult thing to consider. First you have to understand what you want to learn, then search for books which offer what you are looking for. 

Are you looking for books related to strategies, day trading, long term investment, forex, futures, options or anything else? Looking for books that have just stories or examples or want in depth knowledge of the topic? 

Answer these questions to yourself then analyse the book on behalf of that. Different formats are also there, so also take care of the matter that you want to learn which format.


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