Day Trading

http://stocks.dlngroup.com/education/books.php

You might also want to visit DDs blog, indias no.1 Technical analyst. He posts quite interesting concepts and also helps you with your trading activity.

http://www.ddstockblog.com

Here are some suggestions (to start);
Read;
Mastering The Trade, John Carter
Trading In The Zone, Mark Douglas
Trade Your Way To Financial Freedom, Tharp
High Probability Trading, Link
There are plenty more books to read. The typical trader reads a book every month or two (I average every 6 weeks)… I re-read them also.

Every night I watch videos on the market;

http://www.alphatrends.net/

http://www.tradingwithtk.com/

Weekend (Sunday) video;

https://www.shadowtrader.net/videoArchive.html

My broker has weekly “chats” that may be of interest;

https://www.thinkorswim.com/tos/displayPage.tos?webpage=onlineSeminar

In one word there’s only one way to be successful: Disipline

Here’s another web page that may be of interest;

http://www.mytrade.com/

Training for a fee;

http://www.investools.com/

Good luck….. it’s been a rough year! I’ve been a position trader for 30+ years. A swing trader for the past 1.5 years. I’m just getting into day trading (also)……………………….

In November there’s a TradersExpo in Vegas… if you can, it’s well worth the effort.

Some good places online to share info with others and learn are;

investorshub.com (my favorite)
siliconinvestor.com
ragingbull.com

many boards are devoted to trading at the above sites. you can sign up for free memberships at all 3. Ask the traders on the trading boards what software they use.

I have been a trader, investor, broker, etc. and it is rare to see anyone who is not a professional trade for a living. If you got it, then you will know pretty soon. You have to be able to set your stops, take your losses if needed.

Also read "trading for a living" "come into my trading room" both great books from Alexander Elder.

The books recommended by others here are great. It's hard to advise you further not knowing how much you do/don't know about the market. The paper trading practice sites are an essential. Try those out in earnest and you'll save yourself from unnecessary mistakes later when errors cost real money.

I find that it's important to do a few things:

1. Chart the S&P for uptrends and downtrends – when you see an established trend the market will tend to move that way, and stay within the down slope and up slope "channel" in its daily activity for multiple days. This gives you added confidence as to when to "buy", when to "add to" your position, and when to cash out. When a stock busts out up or down that can be the opportunity to get in or out (depending on direction) of a given index, ETF, or stock. This will also help you stabilize your stock monitoring because you will focus on the stocks at present which are near "support (floor)" or ceiling (resistance)" positions. To help me do this, I've found it is incredibly valuable to have a second computer screen (I use two PCs because I'm mobile when I want to be) with several key screens of data/chart references.

One screen has no more than 6 stocks I'm watching that day, with charts on each screen.

One screen has all major sectors' charts on it – by sector fund (USO, OIH, etc.)

One screen has 52 week uptrending stocks I'm monitoring for pullbacks

Other screens are categoric (e.g., AG companies)

2. Using other resources such as the 52 week high stocks (WSJ, YahooFinance, Google Finance, etc.), and Top 100 (IBD.com) are also opportunities to check for trends, and determine whether to jump on this momentum during a given day, or to wait for a pullback and get in before a multi-day upswing for a multi-day "swing" trade. If you put in the time, you will identify pending breakouts.

3. Listen to Fast Money to pick up on hot trends and expert interviews that can indicate stocks to watch since they have such a wide audience.

4. Keep track of volume levels and beware of low volume days.

5. Track sector movement and rotations. Institutional buyers will dictate what will move, whether it "makes sense" to you or not.

6. Listen to Art Cashen (sp?) – every morning about 9:15 AM EST before the market opens. His insights are usually good indicators to align with or watch for. Good pulse on the market.

7. Know that a margin account can be traded every day with no interest if you don't carry it over night. Non-margin accounts will have a 3 day carry cycle until you can reinvest the funds.

Best wishes for success. Cramer can be a goof on some topics, but knowing what he's tracking can also give you one or two key stocks to watch for the next day if conditions align to support those stocks. His trading rules lists are very good.

Limit orders will only fill at your specified Limit price or lower (for a buy). If the stock goes up you won't get a fill.

If you don't want partial fills you can use "all or none" order. They will fill the whole order or nothing.

Another thing you should know is you don't place an order for $100,000 worth of stock. You bid for a number of shares at a specified price (limit price). Market orders you only specify number of shares.

No offense, but you should really do some reading before you start trading. It's a risky business and the more you know the better. The web is full of information, but so is a bookstore or a library.

Good luck.

Most highly trained professionals refuse to day trade. Many amateurs think they are smarter than the pro's and try their hand at day trading. Fools rush in where wise men fear to tread…

Read these links:

http://www.sec.gov/investor/pubs/daytips.htm

http://www.ftc.gov/opa/2000/05/daytrading.shtm

http://www.ftc.gov/bcp/conline/pubs/invest/daytrade.shtm

http://www.fool.com/investing/small-cap/2004/12/27/daytrading-dangers.aspx

Also read Tom Busby's book, Winning the Day Trading Game.

They'll give you a good primer. Fantastic books to get you started. After that, you'll have a much better sense on what and where to go next.

One option would be to work with a mentor. Todd Mitchell looks interesting at tmitchell.com or tradingconcepts.com for trading.

Though if you go to daytrading, you'll need to practice a lot more than a couple of weeks. Most successful day traders I know practiced at least months before being somewhat successful as there's all sorts of nuances, the shorter the timeframe that you trade in.

Let me know if you have any questions.

Hope that helps!

Any person, website, company that is going to charge you for trading tips is most likely making more money on you than they ever will following their own advice.

The whole premise behind active trading is that the market is ineffeicient and thus, short-term opportunities arise to take advantage of such innefficiencies. The problem is that once an inefficiency is identified and gets mass publicity, it ceases to work as the trading/investing community starts to discount that information into the price.

What you need is education, not tips. Its the difference between being given a fish and learning to fish. Some strategies very well may work 80-90% of the time IN SOME SCENARIOS. But nothing will work 80-90% of the time in every kind of market.

There are really 2 main kinds of strategies out there.

1.) Those that work in a trending market
2.) Those that work in a range

The only thing these paid services are SOMETIMES good for is leads. Its up to you and your education & judgment to determine if these leads are good enough to implement with your hard earned cash.

But in order to decide this, you must have some method that you are consistently using to discriminate between what makes a good and what makes a bad trade. If you are not willing to take the time to learn this, then you should simply put your money in an ETF and/or mutual fund and be happy with getting your 8-10% on average.

If you are willing to educate yourself there are a number of resources available to you.

http://www.EliteTrader.com is a thriving community of traders where you can get brokerage reviews, vendor reviews, educational material reviews, etc…well worth looking into.

http://www.WilyTrader.com is a blog where you can see first hand what it is like to be an active trader and get a feel for the different kinds of strategies that are necessary for success.

http://www.traderfeed.blogspot.com is Brett Steenbarger's website where he talks about the psychological aspects of trading

http://www.Amazon.com : and look up the following books/authors:
The Master Profit Plan
Mastering the Trade
Brett Steenbarger (Get both of his books)
Trading For a Living

In short, just be very careful about any service offering you the sky. I guarantee you that such rewards to not come without great risks, and more often than not, those risks will come to fruition way before you see a dime of those rewards.

Hope this helps

While day trading is neither illegal nor is it unethical, it can be highly risky. Most individual investors do not have the wealth, the time, or the temperament to make money and to sustain the devastating losses that day trading can bring.

Here are some of the facts that every investor should know about day trading:

Be prepared to suffer severe financial losses

Day traders typically suffer severe financial losses in their first months of trading, and many never graduate to profit-making status. Given these outcomes, it's clear: day traders should only risk money they can afford to lose. They should never use money they will need for daily living expenses, retirement, take out a second mortgage, or use their student loan money for day trading.

Day traders do not "invest"

Day traders sit in front of computer screens and look for a stock that is either moving up or down in value. They want to ride the momentum of the stock and get out of the stock before it changes course. They do not know for certain how the stock will move, they are hoping that it will move in one direction, either up or down in value. True day traders do not own any stocks overnight because of the extreme risk that prices will change radically from one day to the next, leading to large losses.

Day trading is an extremely stressful and expensive full-time job

Day traders must watch the market continuously during the day at their computer terminals. It's extremely difficult and demands great concentration to watch dozens of ticker quotes and price fluctuations to spot market trends. Day traders also have high expenses, paying their firms large amounts in commissions, for training, and for computers. Any day trader should know up front how much they need to make to cover expenses and break even.

Day traders depend heavily on borrowing money or buying stocks on margin

Borrowing money to trade in stocks is always a risky business. Day trading strategies demand using the leverage of borrowed money to make profits. This is why many day traders lose all their money and may end up in debt as well. Day traders should understand how margin works, how much time they'll have to meet a margin call, and the potential for getting in over their heads.

Don't believe claims of easy profits

Don't believe advertising claims that promise quick and sure profits from day trading. Before you start trading with a firm, make sure you know how many clients have lost money and how many have made profits. If the firm does not know, or will not tell you, think twice about the risks you take in the face of ignorance.

Watch out for "hot tips" and "expert advice" from newsletters and websites catering to day traders

Some websites have sought to profit from day traders by offering them hot tips and stock picks for a fee. Once again, don't believe any claims that trumpet the easy profits of day trading. Check out these sources thoroughly and ask them if they have been paid to make their recommendations.

Remember that "educational" seminars, classes, and books about day trading may not be objective

Find out whether a seminar speaker, an instructor teaching a class, or an author of a publication about day trading stands to profit if you start day trading.

Check out day trading firms with your state securities regulator

Like all broker-dealers, day trading firms must register with the SEC and the states in which they do business. Confirm registration by calling your state securities regulator and at the same time ask if the firm has a record of problems with regulators or their customers. You can find the telephone number for your state securities regulator in the government section of your phone book or by calling the North American Securities Administrators Association at (202) 737-0900. NASAA also provides this information on its website at www.nasaa.org/QuickLinks/ContactYourRegulator.cfm.

Instead, read the Intelligent Investor and follow Warren Buffett. Get a great job and invest the proceeds wisely.

Best Regards,

Docmase