I think the latest statistics show that you need about 4 years to get a grasp of the psychology of it all, and about 80% fail.
Seen it all too often, wannabes try daytrading in the "boom times" like we are experiencing, get on a few trades and they jump 30% or so, and they think they have discovered the holy grail of making money. Think they are invincible. Don't learn about FA or TA, think that every trade is going to be that easy, and start holding trades all the way up and all the way down. Dont cut losses. Start averaging down, borrowing..... then they become one of the 80% who fail miserably.
Read books like "art of trading" learn basic TA at least, learn how to read cashflow statements and know about basic geology (if you are going to trade mining stocks) so you can analyse the market sensitive news in the 15min they give you and have a general idea of what the stock is going to do.
Get a decent trading platform, that allows repetitous trading at minimal cost. Practice and confidence is everything. It cracks me up when I read the daytrading thread and people who use COMMSEC or ETRADE and class themselves as "professional daytraders". Unless commsec and e-trade have changed they still charge you PER TRADE something like $15 at least. When there are brokers out there that let you BULK trade for $30, that is you can trade in and out of a stock UNLIMITED up to $200k gross value. I have hit a stock 50 times for $30 brokerage. As a daytrader you need to be able to "play the levels on a 2min chart" to maximise returns and minimise RISK. You need to be able to go in and out at the same price if need. PLace 7 mixed orders at the 1 price level etc etc. To maximise returns you have to be cost effective.
One thing to note, only through repetition and actual trading experience will you ever be able to conquer the phscological aspect of trading. All the theory in the world, and paper trades wont get you there. To be a really good daytrader you have to become a "robot" when you are at the trading desk. No emotion, instant loss cutting, ability to buy back the same stock that you have just lost money on, 2minutes later, if a trade presents itself(, been trading full time for 4 years and have done hundreds of thousands of trades and still find that the hardest)
Probably a bit heavy for someone just looking to start out, but i worked for a period on a non advisory desk for a stockbroking firm, and saw some of the most painful failures by daytrader wannabes, and being non advisory I couldn't offer them any tips or help.
Get your foundations SOUND namely Psychology, TA, FA, trading platform, trading plan.
