Getting started in day trading... (Questions)

[bav]

Just an entertaining interlude... My brother decided to become a day trader for a few months. He lost money and stopped. He had no other income that year, so didn't file a 1040.

He was a little unhappy when he received the IRS letter stating he owed the government $300,000. Yeah, they really do pay attention to the docs the brokers file that show your stock sales.

Fortunately he kept good records and could substantiate the net loss for the year. Just had to do the paperwork to please the feds and they went away. But he claims his lifespan was shortened by a couple years upon reading the IRS letter demanding $300K.

[Sniper]

Tk, my advice would still be the same as posted in the other linked thread...

Start with the Trading Psychology+ books by: Elder, Douglas & Van Tharp

You should feel right at home with discussions of EV, etc

and take a look at the reading list sticky

Also, explore Tradestation as a possible broker choice.

[boogster]

tk79, I would invest in an education with one of the respectible online trading websites out there, like www.pristine.com or www.tradethemarkets.com. In my opinion, these two are the best. You can buy some of their books/dvds or subscribe to their live trading rooms. They're expensive, but in the long run, they are well worth the money. If you try to go in blindly, you will most likely lose all of your money. Only about 10% of all daytraders make money and these are professionals. Invest in an education first, that's my best advice...

There are plenty of daytrading blogs out there as well, including my own (Boogster's Blog). It's a blog about my daytrading/poker/sportsbetting adventures. I list all of my trades in near real-time, unlike all of those other donkeys out there who only list their winning trades.