My name is Carl and I am an experienced day trader. I’ve been trading for over 20 years. Regularly, I am approached by new and experienced traders who ask the same question. They want to know the best way to learn how to day trade. It’s easy to find programs and courses that make big promises. Unfortunately, the industry contains too many products that do not deliver. Because of my experience working at a top U.S. trading firm and years of refining my approach, I can share my techniques with you. Learning to day trade should be a straightforward process. Learn how to spot trades with high potential. Learn how to use the trading platform to ensure your trades are being placed correctly. If you can master these concepts, you could very well be on your way to becoming a successful trader.
There are about two ways to become a trader: self-education and experimentation or learning from a reliable coach.
The former way requires a serious time commitment and thousands of dollars. Yes, to self-educate, you will be on your own to learn how the trading platform works. This is certainly possible, but you will need to run trading software during the ideal times to trade to truly get a feel for what it’s like to trade in live conditions. Many people are at work and cannot install trading software on work computers or regularly take time off to develop trading skills. Some trading platforms like NinjaTrader offer Market Replay (also called Playback Connection) that let you play back previous market activity as though it’s live. This is a great feature. However, you will still need free time in the evenings or before work to practice. Most of us lead busy lives with family and other obligations. Is devoting one hour a day to learn and practice enough? Maybe not – a common rule of thumb is that it takes 10,000 hours to truly become an expert. Practice makes perfect, but perfect practice hastens skill development more efficiently.
Another problem with the “teach yourself” route is money. Not all trading platforms offer free real-time data, which is crucial for proper practice. Those that offer such data may do so in a limited trial basis. Furthermore, this problem is compounded if getting real-time data requires you to pay for it; whether outright or via a broker who offers this data after requiring a hefty deposit to set up a simulated account. And then we must consider the inevitable. After trading for a while, it’s possible you may be tempted to see what trading with real money is like. After funding your account with thousands and possibly purchasing a license for your trading platform, you could lose much more money without a proper trading technique. Just because you developed a strategy that has been profitable for a couple of weeks, that does not mean it will continue working as well in the future. It may be best to instead learn a tried and true technique, which brings us to the suggested way of learning to day trade.
Learning to Day Trade (Recommended Approach)
Indeed, when asked about the best way to learn day trading, I recommend learning from an experienced mentor. A mentor is someone who has real trading experience and can actually teach. Not all successful traders also possess the skill to educate others. This is why I help traders learn through an eight-week coaching program called Mentorship. In this coaching course, I teach traders from all skill levels and backgrounds my proprietary techniques that have been refined over the years. My goal is to make you a competent trader who can face whatever the market throws your way. In total, expect to learn over 10 price action methods. This means that you’ll learn how to spot exact patterns and what to do when they occur – how to place your trades, risk mitigation, and looking at performance. The instruction is online in a webinar format. This allows me to engage with traders from all over the world. I also conduct one-on-one sessions for those looking to receive personal attention or have unusual schedules. In my opinion, this truly is the best way of learning to day trade.
If you want to learn more and sign up for the next class, click here to become a professional day trader.