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Day Trading For Dummies – Ways To Make 10,000$ A Month From Trading
Day Trading For Dummies
From Day Trading For Dummies, 3rd Edition by Ann C. Logue
If you want to get started in day trading, doing some preparation before you dive in dramatically increases your odds of success. From setting up your trading business (and it is a business) and learning trading jargon to tracking the markets with technical indicators and calculating your performance, these articles get you on your way.
Equipment for a Day Trader’s Office
If you want to work as a day trader from a home office, the right equipment will let you act quickly when you need to trade and help you stay organized. Here’s the basic setup you’ll need:
A PC with a good monitor: Most personal computers sold nowadays have the processing power to handle day trading. Because you’ll be spending a lot of time in front of it, do yourself a favor and get at least one large flat-screen monitor so that you can have at least two windows open at once.
A second PC or mobile backup: Computers are fickle. No matter which brand you buy, you’re subject to different mechanical or software glitches that can shut you down. That’s why it’s good to have a duplicate of your system on a laptop or at least have your broker’s app on your phone so that you can switch over quickly.
High-speed Internet access: You need a fast, reliable connection with backup service. Period.
Spreadsheet software: Still haven’t figured out Microsoft Excel? It’s time. Spreadsheets will help you track performance and analyze returns. (Excel 2013 For Dummies, by Greg Harvey [Wiley] can help you figure it out.)
An online brokerage account: Several brokerage firms specialize in the needs of high-volume traders. They offer online access, real-time quotes, backtesting and other analytical services, and low commission to those who make many trades.
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