A few months later and this Dan Irish was still around, seemingly banking like a robot, day in day out. I soon found his YouTube channel and could see the clear process that he had developed over a period of years. It was real alright. I watched all his videos. Then I watched them again. Then I started watching other videos from people like Tim Sykes, Steven Dux and Jack Kellogg. I was hooked. I had a background in other forms of calculated risk and had done well. I understood probability and discipline. And I understood that I would become a day trader. I opened an account with TradeZero, deposited some money and started placing trades. This was December 2020 and it was the greatest bull market I’ve personally experienced. Everyone seemed to be winning. Everyone except me. In my first month I had a 20% win rate. I was wrong pretty much all the time.
Fast forward to almost two years later and I’m still wrong a lot. I’ve nonetheless learned a huge amount in those two years and my abilities as a day trader have come on in leaps and bounds. In this blog I am going to highlight some of the factors that helped me and that I believe can also help other new day traders.
Also check out this cool article by Yahoo Finance titled “What Is Day Trading And Should You Do it?”
Select The Right Stock Broker/Dealer
This factor can’t be stressed enough. Below is a brief list of the most important factors to be aware of when choosing a broker/dealer
Zero Commission Trading
Learning how to day trade takes time and most people are likely to lose in the early days. Paying commissions on top of day trading losses can soon become very expensive. Day traders residing in Canada can have zero commission trading with TradeZero Canada with the following terms:
- All limit orders are commission free. The symbol in question must trade at $1 or greater, must trade on the NYSE, AMEX or NASDAQ and the limit order must not create an immediate match. The order must also be for 100 shares or more. The minimum amount to trade is $500 and the PDT rule does not apply to Canadian residents. For full terms and conditions of service click here
Advanced Trading Software
Specialized broker/dealers such as TradeZero Canada provide cutting edge trading software and advanced tools such as the ZeroPro trading platform. These tools make day trading easier for clients with advanced charting and high speed order execution.
TradeZero Canada offer four trading platforms to choose from:
- ZeroMobile is perfect for both beginner traders learning the ropes and those with more experience who are on the move and often away from their desktop.
- ZeroFree is a completely free, browser based trading software that more than does the job for new and intermediate traders.;
- ZeroWeb is an incredibly efficient and user-friendly trading software suitable for traders of all levels.
- ZeroPro is a state of the art, dynamic and feature rich trading software. The charting, customizable windows and ability to save multiple layouts will help take your trading to the next level. TradeZero is also currently offering a free trial of the ZeroPro trading software. This is an offer not to be missed.;
(ZeroPro Charts - October 18, 2022)
Good Customer Service
Even after two years of day trading I still sometimes have questions. It’s common and TradeZero customer support has never let me down and always solve my problems within minutes. Just don’t sign up to a broker/dealer with poor customer service.
Treat Your Day Trading Like A Business
Day trading will eat you alive if you don’t take it seriously. Behave like an amateur and you will have amateur results. Make a pact with yourself on day one that you will behave like a professional. Journal your trades and be consistent with your study patterns. From day one be actively aware of the need to develop a process that you have faith in and that can take your day trading to the next level.
Have Your Personal Finances In Order
We would all love to begin day trading and start banking from the get go. Unfortunately for many, this is usually not the case. Keep the day job for the time being, my friends. Gradually add to your account as you gain experience, avoid blowing up and thus give yourself a better shot at one day making day trading pay.
Believe In Yourself!
The most crucial factor of all. This is an amazing time to be alive. Practically every human on the planet has free access to the US stock market. Think about that for a moment! It is an amazing privilege. Well, allow me to confirm for you that you are as good as any of the other billions of people with this privilege. 90% + of people who try day trading will not show profits in the long term, but everyone begins with an equal chance. Grab that chance. Don’t sell yourself short. Apply yourself properly to the task and see how far day trading can take you.
Maintain Discipline Outside Of Day Trading
This factor is very important. How we do one thing is how we do everything. If we are emotional and ragged in our behavior in the day job, trust me when I say that we will also be emotional and ragged when day trading. Strive to be calm, precise and logical in behavior away from day trading so as to increase the chances of being calm, precise and logical while day trading.
Everyone knows of someone, or has at least heard a story of someone, who has got rich from day trading. I was personally inspired enough by such a story to become a day trader myself. A vital part of becoming actively involved in day trading is to choose the right stock broker/dealer. I personally choose TradeZero as they offer zero commission trading, advanced trading software and great customer service. To increase the chances of day trading being profitable, it is also necessary to have personal finances in order, to treat day trading like a business, to maintain discipline in all areas of life and most of all, to believe in oneself.
This content (“Content”) is produced by John Maher. The Content represents only the views and opinions of Mr. Maher. Mr. Maher’s trading experiences and accomplishments are unique, and your trading results may vary substantially. TradeZero does not endorse the Content and makes no representations or warranties with respect to the accuracy of the Content or information available through any linked third party sites. The Content has been made available for informational and educational purposes only and should not be considered trading or investment advice or a recommendation as to any security. Trading securities can involve high risk and potential loss of funds. Mr. Maher is compensated by TradeZero for producing the Content and may also receive compensation for customers he introduces to TradeZero.
TradeZero Securities Canada, ULC (“TZC”), a subsidiary of TradeZero Holding Corp., is a Canadian broker dealer, member firm of IIROC and CIPF, that offers self-directed electronic securities trading to its customers. TZC does not provide financial or trading advice and does not make investment recommendations to its customers. This communication does not constitute an offer to sell or a solicitation to buy any security or instrument which it may reference. There is a risk of loss in online trading of securities including equities and options. Trading on margin is for experienced investors only as the amount you may lose can be greater than your initial investment. Likewise, short selling as a securities trading strategy is extremely risky and can lead to potentially unlimited losses. If you have any specific questions, please reach out to TZC directly at [email protected].
TradeZero - Homepage (October 15th, 2022)
Yahoo Finance - What Is Day Trading And Should You Do It? - Matthew Frankel - Feb 12th, 2019.
TradeZero Canada Pricing (October 15th, 2022)
TradeZero – ZeroMobile (October 15, 2022)
TradeZero – ZeroFree (October 15, 2022)
TradeZero - ZeroWeb (October 15, 2022)
TradeZero – ZeroPro (October 15, 2022)