How to Become Day Trader

There are many of us who would like to know exactly how to gain financial freedom through day trading. This is becoming an increasingly popular way to supplement your regular income, because you can work whenever you feel like it without having to answer to anyone. The first thing you need to do is to make sure you have the basics: a high speed internet connection, a charting service, real-time quotes and a broker service. However, keep in mind that if you truly want to become a day trader you need to possess a number of skills that are essential for your trading success.

Here are 7 useful tips to become a successful day trader:

1. Don't use borrowed money: Stocks are unpredictable and can fall at any time, so only trade with money you can afford to lose.
2. Start small: don't invest too much money on your first try. Wait until you have gained enough experience and then gradually increase you investments.
3. Learn from you mistakes: every time you fail you should carefully examine what where the factors that led you to failure. There are many people who keep repeating the same mistakes without ever questioning their techniques.
4. Don't give up too early: as soon as they lose some money many traders quit, believing that this is just a waste of time. You need to stay strong and focus on the target.
5. Always record your trades: keeping a record of every action that worked or failed will help you develop your own profitable strategy.
6. Establish a stop loss policy: money management is a very important skill. Don't risk wiping out your whole account.
7. Learn from the best: finding a great mentor and getting a good trading education is critical for your success. You need to learn how to analyze market trends and develop the correct money management strategy.