Traders Academy Club Review 5 Easy Steps to Become a Professional Trader!

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10 Steps to Becoming a Day Trader

In a world where everyone has easy access to online trading, why are there only a few succeeding as day traders? After all, what investor has not dreamed of becoming a day trader – working comfortably at a home computer, being your own boss, watching profits roll in? While many aspire, few actually succeed.

Key Takeaways

  • Day traders actively engage with the market, employing intra-day strategies to profit off quick price changes in a given security.
  • To become a day trader, you must be sure to be well-enough capitalized and have access to an affordable and functional trading platform.
  • Day trading can be a lucrative undertaking, but it also comes with a high degree of risk and uncertainty.
  • A thorough understanding of markets, financial securities, and behavioral finance – along with personal discipline and focus – are necessary for success.

What Does a Day Trader Do?

A day trader actively buys and sells securities, often multiple times during the day, but without carrying any open positions to the next day. All buy/sell positions taken during a trading day are squared-off on the same day before the market closes. Day traders are different from active traders who may hold a position for multiple days, or from investors who invest for longer periods. Day traders also use leverage to increase their intraday trade exposure.

How To Become A Day Trader

1. Conduct a Self-Assessment

Successful day trading requires a combination of knowledge, skills, and traits as well as a commitment to a lifestyle. Are you adept with mathematical analysis, full of financial knowledge, aware of behavioral psychology (in yourself as well as others), and do you have the stomach for entrepreneurship? Contrary to the perceived notion of an easy life or easy money, day trading actually requires:

  • Long working hours
  • Very little leave from work
  • Continuous self-learning with no guidance
  • Risk-taking abilities
  • Never-ending commitment to daily activities of the job

The right mindset is the most important (and the very first) requirement in becoming a day trader. Unless one is prepared to devote time, self-learn and be mentally prepared to take risks and suffer losses, do not try day trading. Books like “Trade Your Way to Financial Freedom” by Van Tharp and “The Psychology of Trading” by Brett N. Steenbarger are good resources for learning more about day trading and performing a self-assessment.

2. Arrange Sufficient Capital

No one can generate profits consistently. Intermittent and extended losses are part of the day trading game. (For example, a day trader may suffer eight loss-making trades in a row and only recover with profit on the ninth trade.)

To handle these risks, a day trader must have a sufficient cushion of capital. As Van Tharp explained in “Trade Your Way to Financial Freedom,” entering the trading world with only a small amount of money is a sure path to failure. Before quitting your job to trade full time, Tharp recommends having at least $100,000 for trading. Novices can start with smaller amounts, depending upon their selected trading plan, the frequency of trading, and other costs they bear. To actively day trade it is required that you maintain a balance of $10,000 in your trading account.

3. Understand the Markets

Day traders need a solid foundation of knowledge about how the markets function. From simple details (like exchange trading hours and holidays) to complex details (like the impact of news events, margin requirements, and allowed tradable instruments), a trader needs to have a broad knowledge base.

4. Understand Securities

Stocks, futures, options, ETFs, and mutual funds all trade differently. Without a clear understanding of a security’s characteristics and trading requirements, initiating a trading strategy can lead to failure. For example, traders should know how margin requirements for futures, options, and commodities significantly impact trading capital or how an interim assignment or exercise of an option position can shatter the trading plan completely.

Lack of knowledge about these necessities specific to securities can lead to losses. Aspiring traders should ensure full familiarity with the trading of selected securities.

5. Setup a Trading Strategy

Novice traders entering the world of trading can begin by selecting at least two established trade strategies. Both would act as a backup of each other in case of failure or lack of trading opportunities. One can move on to more number of strategies (with more complexities) later, as the experience builds up.

The trading world is highly dynamic. Trading strategies can consistently make money for long periods but then fail at any time. One needs to keep a close eye on the effectiveness of the selected trading strategy and adapt, customize, dump or substitute it depending upon the developments.

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6. Integrate Strategy and Plan

Selecting the right trading strategies alone is not sufficient to succeed in the market. The following considerations need to complement the strategy, to come up with the trading plan:

  • How the strategy will be used (entry/exit strategy)
  • How much capital will be used
  • How much money per trade will be used
  • Which assets will be traded
  • How frequency to place trades

7. Practice Money Management

Let’s say you have $100,000 as trading capital and an excellent trading strategy that offers a 70 percent success rate (7 trades out of 10 are profitable). How much should you spend on your first trade? What if the first three trades are a failure? What if the average record (7 profitable trades out of 10) no longer holds? Or, while trading futures (or options), how should you allocate your capital to margin money requirements?

Money management helps you address these challenges. Effective money management can help you win even if there are only 4 profitable trades out of 10. Practice, plan and structure the trades according to money management and capital allocation plan.

8. Research Brokerage Charges

Day trading usually involves frequent transactions, which result in high brokerage costs. After thorough research, select the brokerage plan wisely. If one intends to play with one-two trades per day, then a per trade basis brokerage plan would be appropriate. If the daily trading volume is high, go for staggered plans (the higher the volume, the lower the effective cost) or fixed plans (unlimited trades for a fixed high charge)

Apart from trade execution, a broker also offers other trading utilities, which includes trading platforms, integrated trading solutions like option combinations, trading software, historical data, research tools, trading alerts, charting application with technical indicators and several other features. Some features may be free while some may come at a cost which can eat into your profits.

It is advisable to select the features depending upon your trading needs and avoid subscribing to ones which are not needed. Novices should start with the low-cost basic brokerage package matching their initial trading needs and later opt for upgrades to other modules when needed.

9. Simulate and Back Test

Once the plan is ready, simulate it on a test account with virtual money (most brokers offer such test accounts). Alternatively, one can backtest the strategy on historical data. For a realistic assessment, keep consideration for brokerage costs and the subscription fee for various utilities.

10. Start Small and Then Expand

Even if you have sufficient money and sufficient experience, don’t play big on the first trades of a new strategy. Try out a new strategy with a smaller amount and increase the stakes after tasting success. Remember, markets and trading opportunities will remain forever, but money, once lost, may be difficult to re-accumulate. Start small, test to establish, and then go for the big ones.

The Bottom Line

Aspiring traders should beware of websites and courses that promise foolproof day trading success or endless profits. The limited percentage of day traders who have managed to be successful do so by investing their time and efforts into building trading strategies and following them religiously.

A day trader is on his own in this big trading world. Before giving up your job to become a day trader, be sure that you have the motivation to continuously learn, design your trading strategies, and take accountability for your decisions and actions. If you’re looking to jump into the world of day trading, you can use one of the best stock brokers for day trading.

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Consumer Reviews

Service use: Live

Length of use: 6-12 Months

Service use: Live

Length of use: 0-3 Months

Hey guys,
I’ve been with TAC and Vladimir Ribakov for 2 months now and it’s been an overwhelmingly positive experience.

I day traded Futures before, so I had trading experience, no idea how to trade Forex mid- to long term though.

The first thing I was impressive with is the sheer amount of learning content Vladimir provides, you’ll learn anything you need to know to trade any market on any timeframe. There are video series explaining with a lot of detail how to analyze an instrument top down, using his unique style of cycles & divergence. You’ll learn how to create a hypothesis, develop a plan and identify setups in that direction and invalidation signs.

There is no more second-guessing. It is a lot of material to digest though, I’m a nerd and it still took me over a week to go over all of it. But once you got it, you’ll be able to go through your watchlist like – No, No, No. YES!

On to of that, there is live sessions every day with Vladimir or Yordan, where they go through the Weekly watchlist, explain the developments in detail, what to look for and how to trade it.

However, they dont provide entry signals, they just give you direction and invalidation, which is a good thing in my opinon, because it forces you to pay attention yourself and truly master the skill of trading, which eventually will lead to becoming an independent trader, if you just follow someones signals, you’ll never be free.

Furthermore, there is the Telegram group, where not only Vladimir and Yordan, his head of trading, are constantly present to answer questions and comment on peoples chart, there is an active community of successfull traders that trade all kinds on strategies – such as Price Action Patterns, Elliott Wave, Harmonics you name it. You’ll get views from multiple different minds, when their opinions line up – which they often do, you have some amazing setups.

So to summarize, overwhelmingly positive, very great experience, best trading decision I have made in my life, been out there alone for a year and it’s not been working. Trading itself is hard enough, no need to fight out there alone. So don’t hesitate, join us for a ridiculously cheap price btw!

How to Become a Trader

Updated: March 28, 2020 | References

This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. Together, they cited information from 19 references.

wikiHow’s Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high quality standards. Learn more.

Traders have to be able to quickly analyse lots of information and make well-informed decisions under high levels of pressure. Trading can be very profitable, but is also high risk. You can work for a financial institution, trading with the bank’s money, or money from the bank’s clients. You can also work with your own clients, advising them on good investment opportunities.

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What is Traders Academy Club?

Traders Academy Club is an Online Centre designed by Vladimir Ribakov, who has over 12 years of experience in the forex market as a professional trader and mentor. Vladimir decided to create this exclusive club for selected members out of the community, who has a passion for trading and has shown increasing interest in trading the markets. Being a member of this club, you will be given the right education necessary to take your
trading to a higher level and improve your trading career.

Leaning on his years of experience as a professional trader and a mentor, analyzing the habits and attributes of many traders making
mistakes time after time, he established the Traders Academy Club.

In the club, Vladimir provides the right tools for traders to avoid the common pitfalls and supplies them with a sound trading
approach, technically, fundamentally and psychologically.

Discover new trading ideas, chat in our closed private Telegram group with other successful traders and learn practical trading strategies
under the guidance of professional trader Vladimir Ribakov.

Forex, CFDs and stocks traders of all levels, beginners as well as experienced, are welcome!

The Live Trading Webinars

Every weekday, Vladimir and his team conduct 1 live trading room session, 30 to 50 minute each, where trade recommendations and the mechanics behind each and every trade are explained. So you’re not just getting “buy” and “sell” directions, you’re learning the analysis behind the signals so you can eventually master the markets on your own. The two live sessions are held during European and American time zones. However, if you miss a live webinar or cannot attend, you can always view a saved version of each day’s videos in the Media Zone section. The best part is, once you’re a member of Traders Academy Club, in addition to daily trading room sessions, you’ll also have access to 2,000+ trading videos providing analysis you won’t find anywhere else.

The Education

If you are completely new to the forex market, we have everything you need to hit the ground running. Browse through thousands of educational trading videos, beginners’ guides, trading tools, ebooks and connect with our live support 24/7, and get full access to all of our trading products.

For the experienced trader, in additional to all the trading tools and ebooks you will receive, we have hundreds of detailed reports that show profitable trades and explain how to identify similar setups in the market. We always include charts in our trading videos and reports, so you can learn to identify technical analysis patterns that work. New live trade room sessions are conducted every day, where trades are analyzed and you can ask Vladimir any question.

The Community

From complete beginners to seasoned veterans, traders of all abilities have a place here. You can chat with each other in the live chat room & Telegram groups, and you can directly interact with Vladimir and get all of your questions answered.

Our members meet annually with Vladimir in different countries and have turned an online community into a real home for like-minded people.

Guest Traders

Guest traders, some of whom are independent traders not related to the club, and some are veteran club students from the early days of the service who have succeeded to become profitable traders, are also an integral part of the club. They will share from their priceless knowledge by participating in the Live Trade Room sessions, in special webinars and will publish their own trading ideas and strategies. We welcome traders with proven experience who would like to contribute to the community, to become part of our team.

The Service

When you join Traders Academy Club, you’ll be able to watch Vladimir trades the markets in real-time using proven technical analysis methods (i.e. Hidden Divergence, Fibonacci Retracements, etc.). Also, Vladimir and the guest traders will demonstrate how to best use his successful algorithmic trading programs:

  • ForexTriple B 2.0
  • sRs TrendRider 2.0
  • Forex Crystal Ball
  • DU Trading

Each trading software constantly scans the market for profitable trading setups based on years of historical data. Buy and sell recommendations will be generated by these programs at any hour of the trading day, so you can trade virtually 24/5 with a proven edge when you use these programs.

Simply put, by trading with Vladimir live, you will learn the best way and time to use each strategy and to truly become a master of the market.

Daily Market Analytics

For every live webinar, you willl receive a detailed analysis of all of the trading strategies that were used in that particular session and why they were used. You will receive two detailed reports a day that explain everything in detail.

These reports will guide you through the rest of the trading day. Not only will you receive an explanation behind the trades, but you will also receive specific instructions for the rest of the trading day, like the best trading program to use and which currencies/products to trade for the highest probability of profit.

RESOURCEFUL DOWNLOADS AREA

Free access to a selection of invaluable tools Vladimir has prepared over the years. For example: a trading simulator that enables you to test any strategy, simulate your trading, find out how to improve strategies and even invent new ones. Trade Management Plus robot for managing existing trades, 80/20 Scripts tool for opening multiple trades, Harmonic Signals Indicators for harmonic patterns analysis, and much more.

Comprehensive Media Zone

Access our media library with hundreds of webinars for beginners and advanced traders, thousands of recorded trading simulations and analysis videos, as well as recordings of previous and new Live Trade Room sessions.

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