How To Learn Day Trading From The Pros
There is excellent money to be made in day trading, but, unlike what some may think, it is not a simple job. To be successful, you'll need to put in some work.
As it happens, trading stocks and commodities as a day trader is great job, and a financially rewarding one. It does require certain characteristics and habits for the highest chances of success.
A good time sense is the first important habit. Day trading is not the job for people who drag themselves out of bed in the late morning and can't think before their second, or third, cup of coffee. Day traders must be up and alert before the opening bell. In New York, trading opens at 9 AM. This is 6 AM in California, and a very early 5 AM in Alaska and Hawaii. The best time to plot trading strategy for a given day is before the opening bell ? you'll need to not only be awake by then, but alert and thinking on your feet.
A second necessary habit is the ability to make good decisions with quick quantitative analysis skills. While hunches can make and lose money in day trading, you'll need to read, synthesize, and understand numbers without having to ponder them at length. You'll need to be able to determine financial trends at a glance, and act quickly with that information.
If you're thinking that you'll need to be a mathematician to get in the game, don't worry. Even if you weren't ever that great at math, you can learn certain quantitative skills that will quickly become second nature with just a little practice.
A Third habit of successful day traders is the ability to make sharp observations, and to be patient when things don't pan out. Observations must be made quickly and with good short term memory. Though it can be hard, you must train yourself to stay calm even when you lose a trade, and just as importantly, keep your cool even when you make a winning trade.
The fourth habit you'll need to cultivate is research skills. Day trading, thankfully, does not require the same kind of in-depth numerical analysis as long-term investments, but you'll need a handle on the flow of information so that you can use this knowledge base when making quick judgments. Doing your research ahead of time is the only way to make good judgments quickly. But, don't get bogged down so much by research that you lose the ability to think and act fast.
Remember that you don't have to do this analytical research on your own. High ranking day traders use a variety of tools and have different research and data services at the ready.
If day trading is a career that appeals to you, start by building a support network. Your team will include a broker, and investors to help you gain leverage in the market. Bear in mind that you will need to work, and word hard. You'll have to show intelligence, drive, and focus to succeed.
If you think your skills are a good fit for day trading, this can be an incredible way to earn great money. It's an enjoyable profession that can "enrich" your life as well. - 23199
As it happens, trading stocks and commodities as a day trader is great job, and a financially rewarding one. It does require certain characteristics and habits for the highest chances of success.
A good time sense is the first important habit. Day trading is not the job for people who drag themselves out of bed in the late morning and can't think before their second, or third, cup of coffee. Day traders must be up and alert before the opening bell. In New York, trading opens at 9 AM. This is 6 AM in California, and a very early 5 AM in Alaska and Hawaii. The best time to plot trading strategy for a given day is before the opening bell ? you'll need to not only be awake by then, but alert and thinking on your feet.
A second necessary habit is the ability to make good decisions with quick quantitative analysis skills. While hunches can make and lose money in day trading, you'll need to read, synthesize, and understand numbers without having to ponder them at length. You'll need to be able to determine financial trends at a glance, and act quickly with that information.
If you're thinking that you'll need to be a mathematician to get in the game, don't worry. Even if you weren't ever that great at math, you can learn certain quantitative skills that will quickly become second nature with just a little practice.
A Third habit of successful day traders is the ability to make sharp observations, and to be patient when things don't pan out. Observations must be made quickly and with good short term memory. Though it can be hard, you must train yourself to stay calm even when you lose a trade, and just as importantly, keep your cool even when you make a winning trade.
The fourth habit you'll need to cultivate is research skills. Day trading, thankfully, does not require the same kind of in-depth numerical analysis as long-term investments, but you'll need a handle on the flow of information so that you can use this knowledge base when making quick judgments. Doing your research ahead of time is the only way to make good judgments quickly. But, don't get bogged down so much by research that you lose the ability to think and act fast.
Remember that you don't have to do this analytical research on your own. High ranking day traders use a variety of tools and have different research and data services at the ready.
If day trading is a career that appeals to you, start by building a support network. Your team will include a broker, and investors to help you gain leverage in the market. Bear in mind that you will need to work, and word hard. You'll have to show intelligence, drive, and focus to succeed.
If you think your skills are a good fit for day trading, this can be an incredible way to earn great money. It's an enjoyable profession that can "enrich" your life as well. - 23199
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posted by X - Men @ 4:01 AM
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