Earn Money Quickly!!

How to Become a Day Trader!

by eHow Personal Finance Editor

Things You'll Need:

• Internet Access
• Brokerage Accounts
• Computers
• Day Trader Training Program

Steps you Need to Follow:

Step1

Get educated. MTrader.com and other companies offer online training sessions that will help you master concepts and skills.

Step2

Shop for a training program that suits your needs and that will stick with you as you transition from student to trader.

Step3

Work with a winner. If you have a friend who is successful at day trading, ask if you can sit on the person's sessions.

Step4

Set aside money you can afford to lose. You will need at least $2,500 to establish a margin account with most brokerages. Regulators are considering boosting that to $25,000.

Step5

Paper trade initially. Make sure you are winning consistently before you start using real money. Give it at least a few weeks.

Step6

Analyze your mistakes and successes. Know what worked and what didn't and develop some strategies.

Step7

Open an account at a discount brokerage that will allow you to trade online.

Step8

Try "swing trading" before you shift to day trading. Swing traders hold stocks for several days or weeks; day traders hold stocks for shorter periods, capitalizing on volatility.

Step9

Ignore the herd. If other traders are racing to buy or sell, make sure you understand the phenomenon and that you aren't racing off a cliff with them.

Step10

Be prepared to take a beating.