Daytrading

Practice Your DayTrading Skills!
Courtesy of www.lovemusiclovedance.com

When it comes to most things, we know we need to study and practice before we compete against professionals. We wouldn't think of walking up to the plate without batting practice.

Yet for some reason many of us jump in and start trading and daytrading against professional traders with very little preparation. These professionals have the best hardware and software in the world -- and they have spent a lot of time learning to trade. Many have paid a lot of "tuition" -- tens of thousands of dollars to learn. These pros didn't pay all that money to regular schools! They paid it to the school of "hard knocks."

That's the bad news. The good news is that there are some things you can do to prepare yourself -- fun things that will simulate live trading without the need to put money at risk.

First, I suggest that you practice trading using a simulator. You can practice any time -- day or night, even when the market is not open. You can watch charts of real data and execute practice trades and see how you would have done. The data is a "recording" of actual data from the previous real trading session.

CyberTrader Pro Simulator. By clicking on the link below you can download a free CyberTrader Pro Simulator.

(NOTE: if you decide to set up an account with CyberTrader and use them as a broker, be sure to give them the code CXRJF7J5 so you can get some free trades. )

Click here to download the free CyberTrader Pro Simulator

Suggestion: When using the simulator right click on a chart and pick Tools, then Studies. Next click on a study in the left column and move it over to the right. Accept the "default" parameters. Then decide whether you want the study to appear in the graph or in a window below the graph. Then click OK. At first, you may not know what many of the studies are. But just experiment with them. Then read about them study in Technical Analysis from A to Z. (It's a free online book)

Try using the study called CCI or Commodity Channel Index. Read about CCI in the free online book. Do that with several other studies. Develop some systems that seem to work for you. Experiment. Study. Practice. Have fun. Learn before you earn.

A final thought. If you set up an account with CyberTrader, be sure to attend the free live training sessions that are offered nearlyevery day. Also, I urge you to spend many hours using the CyberTrader Pro software in demo mode. Demo mode use real, live data and gives you an experience very close to real trading; however, no real money is at risk. Demo mode is different from the simulator. The simulator uses "recorded data streams," where as Demo mode uses actual live data, during market orders. When practicing in demo mode, make it real. Don't get lazy. Pretend you are really trading and really putting money at risk. Give yourself "fills" (prices) that are close to what you might expect when trading for real.

Courtesy of www.lovemusiclovedance.com