Part 1 - A few comments on day trading in general

Id like to start by saying im no guro or trading genius I like many other traders have strived to become succesful in this very difficult arena called day trading.I often read books that had comments like ..

'I lost for 3 yrs broke even for 3 years then made money in my 7th year'

I now know that in the majority of cases thats true.As an electricain takes 5 years a doctor take 10years why should a trader not take 2-3 years to become adept at his art.This blog is about my own personal adventure the implementaion of a system and the evolution into the current system.

I would appreciate any feed back,suggestions,and or critisms to be sent to me direct at

paul.naylor5@btinternet.com

Paul

ps oh ..and yes I know i cant spell !


A few comments on trading in general..

Is it true that 90% of people that try to make money day trading fail ?
I can only comment on the people I have known over the last 8 yrs,but that percentage figure is about right

Do you need to be full time to make mony from day trading
No but you do have to watch what times you trade

Do you need to be wealthy to start day trading
You can start with as little as £1000 depending on the future you wish to trade

Do I need to take any special courses
No but knowledge of account managment and risk control will increase your chances of success

Can I trade as soon as my account is open
Yes but a wise precaution would be to paper trade 1st ..this is called simulation trading and will help you get to know the charting software,broker screens,and execution software all of which you have to thoroughly know