Becoming A Day Trader – The Tools That You Need To Trade

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Becoming a Day Trader – The Tools That you Need to Trade – Sign up for our 5 day Video Boot Camp at

This is part three of the how to trade video series which talks about becoming a day trader.

We already covered things like, what is a day trader, and figuring out what exactly you are best suited to trade. This video goes over what tools of the trade you need to have in order to succeed in becoming a day trader.

Obviously the first which we covered in video one was: having something to trade. Make sure this fits your personality. Some of us aren’t built to trade certain things.

2. Charting Platform – A charting platform is the single most important thing that you will require. Without it you will not have any charts available to you in real time. The charting platform that I prefer to trade on is NinjaTrader. You can try it out for free when you sim trade.

The best types of charting platforms are those that allow you to customize your charts and add indicators to them.

3. Data Feed – This is basically your connection to the market and graphically represents the transactions that happen in the market in the form of price action. There are also many data feeds that you can use on a trial basis. Search Google for trial futures data feed.

4. System – There are two ways of acquiring a system. One is coming up with your own through the use of identifying patterns and then back testing the probability of those patterns.

The second method that you can use to get a system is by buying one. Understand that there are advantages and disadvantages to buying a system. We will go over these in a future video.

5. Stop management – In order to become a successful trader you will need to have some sort of stop management in place. Any good system should already have this in place. You should have it automatically pop up when you take a trade that way you don’t have to bother chasing your stop.

6. Bankroll management – This is really going to depend on what type of trader you are going to be. Are you going to become a professional or do you have a day job that will give you a solid income while you continue to learn. Make sure to have enough money set aside when you begin on your journey.

7. Review and Practice – I like to say that you should treat this like you are a professional athlete. Understand that this is the only way that you are going to make big money.

8. Mindset – This is the single most important thing to train in order to become successful. Prior to meeting Jared Tendler I was an average poker player who made six figures a year, and after working with him my salary increased to six figures per month. It’s just that important.

That’s it for becoming a day trader. Stay tuned for part 3.