Each trade is an independent event. The market does not remember if you lost or made dollars the last time you traded. Everything you need to get started in day trading is usually available online. A Day Trader attempts to produce a profit within a single trading day.
Those who do day trading usually buy and sell securities during the same market day. To be a Daytrader takes patience, education, determination, and discipline. In order to successfully day trade you must have access to real-time market data.
You need to master the psychology of day trading. In order to day trade successfully, you must develop a trading plan and consistently stick to it. A day trader will rarely hold a tock overnight as there are many other opportunities and a stock that takes hours to move is not worth holding.
A day trader should treat their as 100% risk capital and should not have to unduly worry that the whole amount of this capital may be lost very quickly. Remember that you can make a fortune day trading being right only 30% of the time, as long as you cut the losses on your 70% losers so that the profits on your 30% winners outweighs them. Virtually every trader has dabbled with or experimented with some sort of moving average.
Don’t begin your day trading with money that you can not afford to lose. 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. Day trading is not a get rich quick business. Day traders use only risk capital, which they can afford to lose.