As you start out in the world of day trading, you need to make sure you know what you are doing. More than 90% of traders lose money out on the market. That is due to the rookie mistake of taking a bunch of money and trying to make a killing as a day trader with no understanding of trading strategies and risk management.
So how do you make the leap from novice day trader to profitable day trader? Education. You need to find the right set of teachers and infrastructure to learn optimal day trading techniques and how to implement them on a daily basis.
That is where Warrior Trading comes in. This Warrior Trading review will provide a comprehensive understanding of what the day trading education site does and how it prepares day traders to handle the ups and downs of the market.
And ups and downs is the key phrase there. Day traders make their money on volatility. Following stocks as they are about to spike and then riding that momentum straight to profits. The key is always picking the right stocks, the ones that are about to move and buying shares at the exact right time. Finding those stocks is a matter of being able to handle stock scanning software and read advanced charts, while also identifying the proper technical indicators that will tell you what to do.
Warrior Trading can teach you that.
Then you need to execute the trade. Navigating a brokerage account and protecting yourself with stop-losses on each trade is important. Risk management is the lifeblood of a successful penny stock day trader. How can you make money if you can’t stop chasing bad trades down the y-axis into the red? Making sure that your trades are full of risk management strategies is a simple way to make sure that you are hitting your profit and loss targets each day, each week, each month.
One of the best ways to learn risk management is to trading in market-like conditions. That is where a paper trading simulator comes in handy. A trading simulator provides you with virtual currency, a brokerage account and real-time market conditions where you can trade and learn on the job. Warrior Trading’s simulator has Level II quotes and advanced charts that help you learn what it is really like to be a day trader. The experience that you get on the simulator is invaluable for your day trading education.