Day trading for a living can be a very respectable job that can earn you a respectable income working right in the comfort of your own home.  How does one begin day trading?  Before you begin day trading you must understand some very important information.

1.    Day traders cannot avoid losses. If someone claims that they have a 100% day trading profit each and every trade, they are lying!  Your goal is to have a plan which will profit consistently over the long haul.  One day you may profit and the other you have a bad day but minimize your losses.  Many people lack the discipline to sell their stock after making profit on it.  If your stock begins to make profit, must day traders get greedy and hold onto it in hopes of it continuing to rise.  Your best bet is to sell as soon as you start making a profit.  This strategy is very vital to your success in this industry.  Cut your losses and maximize your profits is key to your success.  In whatever you do, DO NOT give up!  Keep practicing and you will become an expert in this highly profitable industry.

2.  Practice Makes Perfect
In this day trading industry, you must practice, practice, and practice some more.  The great thing about day trading is that you can practice for free as if it was using REAL money!  You can get a feel for day trading by using play money accounts.  Once you master play money accounts, then you should only invest in real money accounts.  Many people make the mistake of jumping into day trading using real money without any practice.  Most of the time, these day traders fail miserably and just give up.  It is EXTREMLY important that you practice.  Many day traders make the mistake of jumping into day trading without any practice.  If you are thinking of jumping into day trading for a living without any practice, you are going to fail miserably.  Keep practicing until you are consistently profiting using play money accounts.   I wish you the best of luck!

For Some Gret info on Succeeding at day trading for a living CLICK HERE

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For margin accounts, if you’re marked as a pattern day trader, additional rules kick in. One example is a $25,000 minimum equity requirement, special margin limits, and additional ways you can get a margin call.

I don’t know anything about a rule that blocks you from trading for a week, though if you violate some of the rules, you account can become treated as a cash account for 90 days.

Check this website (and the one it links to) for more details: http://www.patterndaytraderrule.com/

Anyone else make it a personal holliday?

I did it before in like grade 8, but then missing a day’s worth of school made me fall behind as I moved to grade 10. So that’s why I check during lunch at the library computers.
It was great when I had it going. A big bag of chips, and a 6 pack of coke, and sitting infront of Sportsnet. But now since I’m at grade 11, I can’t do that anymore. I have a education to obtain, so I can move to post-secondary.
Trade Deadline Day is almost like Christmas, if you treat hockey like a religion, which I do =)

test it with quotetraker freeware

Through trading I have learns many different ways to trade. The topic I will focus on is trading penny stocks with the technical aspect. Here are 10 things to help you in making trading decisions on a technical basis.

Background Information – Check the major averages and market sector. It is important to also look at the technical picture for the average(s) of which it is part–if available, and examine the market sector chart.

Look at all time frames – Daily, weekly, monthly and beyond. Study longer term charts, volume, and indicator patterns before making any decisions based on the daily charts. Look at the daily chart and indicators, if trading on an intraday basis.

Trend Considerations – Examining whether there is a trending or consolidation pattern apparent on the char. Basically, this is always having an eye as to whether the market is trending up or down, versus being in a sideways consolidation or trading range. If in a trading range, is it well-defined, wideranging or relatively narrow, and how long has it gone on? For example, is its duration as long as the prior trend in terms of weeks and months? When a consolidation has gone on as long or longer than a prior price movement of a similar nature, be alert for any trend change.

Overbought/oversold considerations – Long and short-term. As a further technical backdrop, it is recommended to be aware from day to day or week to week, of the relative position of price momentum oscillators like RSI and MACD for daily, weekly, and monthly timeframes. Be aware if the market or stock is approaching an overbought or oversold extreme, whether momentum up or down has been strong, or has slowed significantly. If an extreme reading is at hand or if momentum measured by these indicators has stalled, then it’s imporant to follow the price and volume patterns closely for signs of a reversal, while keeping in mind that there are many consolidations along the way in a trend. A sideways trend bears watching in terms of protecting existing profits if the high of the price range already got near price objectives. It may be time to take profits or raise protective stops.

Predictive Patterns – Price and volume. Make a determination of what patterns, if any, are developing, such as rectangles, flags, triangles, double bottoms, double tops, and so on with a possible measurement of an associated minimum upside objective. Volume is something to look at along with price, to determine if the volume pattern is confirming price action or not.

Trendlines and price channels – Construction of any relevant trendlines and price channels is very basic to effective technical analysis and a study of the trend, even if you merely use a straight edge to make more of a mental check of where trendlines are forming or get pierced. While not an everyday occurrence, a return to a previously broken trendline often offers a second opportunity for a trade or investment entry.

Retracement calculations – For the markets and individual items you follow, calculations for any return or rebound of 38%, 50%, or 62% of a prior price swing is essential. A strong move that retraces more than 62% up to two thirds or 66%, often suggests that momentum will carry back to the prior high or low.

Moving Averages – It is suggested that you keep track of some of the basic and key moving averages, such as the 21, 50, and 200 day moving averages. These can help confirm other indicators regarding a current or upcoming trend.

Oscillators – Another frequent check is of the relative position of at least one of the popular oscillator-type indicators like RSI, slow stochastics, or MACD on both daily and weekly or monthly chart basis. This is more than just seeing if they are at an extreme (overbought or oversold), as oscillators are a basic indicator of price momentum. On daily charts, I especially keep track of the RSI indicators with a length calculation of either 13 or 14 and 21 days as well. On weekly charts check the MACD oscillator.

Divergences – One of the great values of the oscillators, and volume indicators as well, is to highlight points when they diverge from price action, such as failing to accompany prices to a new relative high. This type of divergence is much more crucial when the market has been trending for a long period and is, or has been for some time previously, registering an extreme. Such divergences are not by themselves indications to buy or sell, but alert you to a possible reversal. This situation should then cause you to check where key trendlines or moving averages would be violated. Surprise often is the enemy of quick market action, as there is initial disbelief in a reversal. Preparedness is important.

Article Written by Dave of Stockhideout.com Best Penny Stocks

rob rens
http://www.articlesbase.com/finance-articles/technical-basis-of-penny-stocks-97550.html