Everyone says the best way to learn how to do your job is to learn by doing. Get going in your position and learn from your mistakes along the way. Chalk them up to youthful exuberance and make your way to master of the job.
So how do you do that in day trading? A trading simulator. If you go out into the real market with $10,000 and a brokerage account to start day trading you will fail. You will become part of the 90% of day traders that lose money. You will have some experience and probably have some mistakes under your belt to learn from, but you will have no money left to turn those mistakes around.
Paper and penny stock trading is the answer. You can learn how to trading in a simulator that mimics the regular market. You get to go from a novice to an expert all without risking a single penny. You can make all the mistakes you want. And you will just be losing virtual currency.
Warrior Trading brings you into its simulated trading environment and gives you $!00,000 in virtual currency. You can trade with Level II quotes, in a place that feels like the real market. The brokerage account is structured just like it is in the real world and you can execute trades in real time. The only thing that isn’t real is the losses.
You also have a chance to read advanced charts in the simulator and figure out how to translate that information into trading wins. The advance technical indicators available on this simulator are great.
In a trading simulator the most important lesson you will learn is in risk management. Risk management is the one trait that separates the money makers from the money losers. You need to know when and how to get out of a losing trade. There is no valor in watching your profits leech away on a stock that you just know is going to rally.
Every trade needs a stop-loss, a pre-determined price where you are going to sell off your shares. That is how you limit your losses and learn how to pivot to winning stocks. Racking up wins and keeping your losses to a minimum will bring you a better profit/loss ratio, which means making money.
Keep an eye out for Warrior Trading on Facebook, where you can learn about the paper trading simulator and ways to make day trading your next venture.