So, if you want to become a day trader, do you just take thousands of your dollars, open up a trading account, dump your money in, and hope you click the right buttons to profit? Or do you go by some level of guidance? Trading on a hunch could go either way. And trading on “expert” analysis can also lead to success or failure. So, what’s the best way to go about it?

DayTradeToWin has been a long-term online day trading education school, focusing on price action trading. Price action trading is all about using what the market has recently “done” in order to make a decision in the moment to place a trade (or not) and decide the goal (or not). The rules of engagement can be divided among trading methods or courses and taught and/or providing as trading indicators. This includes the Trade Scalper, Atlas Line, Blueprint, Roadmap, etc.

If you’re new to trading, you’re probably asking yourself the questions above. As covered in the last post, practice is important. It’s also important to learn what you can from people who have been in the business long-term, such as John Paul from DayTradeToWin.

In his latest video, he provides his analysis of what the markets may do in the later half of 2022. He expects price to continue to fall, but not in a steady pace. Rather, he expects considerable chop along the way down. As for 2023, the expectation is continued chop with an eventual upturn toward the end of the year, pushing well beyond prior highs. The expectation is this will be the buying opportunity of at least the last 10 years. If you have looked into DayTradeToWin’s free January Effect trading method, then you will have an understanding of how John Paul would trade this, using a 50% retracement back to prior highs to qualify an entry.

If you need a further introduction to some of these concepts, see how to get started day trading by DayTradeToWin. Once you download NinjaTrader, you can plug in a real-time (live) data feed. This is not for real-money trading, but it is close to it in the sense that the incoming market data is real-time, just like you would expect to get when using real-money to trade. Often times, platforms come with end-of-day or delayed data, which are not so great for creating the same sort of practice environment that replicates the real thing. After all, wouldn’t you want to practice as close to the real thing with as much safety and logging as possible? That’s what NinjaTrader provides. Regarding the logging aspect, NinjaTrader records all of the simulated/paper trades that are placed using the provided Sim101 account. Using the Account Performance tool, you can generate a report between two dates, see that report data, and evaluate and change your approach as needed.