How To Learn Day Trading From The Pros
A job as a day trader is a great way to make money in a very lucrative field. It is not, though, an easy way to get rich quick. You will need to put effort and work into it.
Day trading stocks and commodities is a great job and a quite profitable one as well. It requires certain traits for success, and certain habits will need to be internalized.
Time management is the first important habit. You must be able to wake up early and alert first thing in the morning and be ready to evaluate how you'll play the market that day. All of this must happen before the opening bell, which starts at 9:00 a.m. in New York, 6:00 a.m. in California, and 5:00 a.m. in Alaska and Hawaii. Getting out of bed early is only half the story; you'll also need to stay on schedule and have a good internal alarm clock. If you're the type who can't function before 11:00 a.m. or has to guzzle down multiple cups of coffee before facing the day, day trading may not be the job for you.
A second critical habit is a good set of numerical analysis skills. Making and losing money based on gut hunches is a given, but you'll also need to make educated choices based on what you've read, summarized, and synthesized so that you can make good judgments quickly with this background knowledge. All of this needs to be done fast, and you'll need to quickly judge trends in financial markets and apply these snap analyses to your trading decisions.
Let me just point out that you don't have to be a mathematician to be good at day trading. You can learn certain quantitative skills, even if you were never that great at math. Certain numerical skills will seem automatic to you once you've practiced them a bit.
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.
Dedicated research is the fourth important habit for day traders. While you won't need to perform in depth analysis of accounting statements as in long term conventional investing, you will need to analyze the constant inflow and outflow of data to have a good knowledge base for making judgments on the fly. On the other hand, don't get so caught up in research that you lose the ability to think and act quickly.
Remember that you don't have to do all of this research and analysis alone. High level traders have many research tools and tricks, and various data analysis tools close by.
If you decide to pursue a career change in the field of day trading, you'll need to start by building a support team, including a broker, and some investors who can help you apply leverage to the market. Recognize that you will need to work, and it's a kind of work that requires focus, drive, and dedication.
If you think you may possess these skills and traits, day trading can offer a thrilling way of earning a remarkable income. You can really have fun at the job, and if you have what it takes to be successful, you'll come away "enriched" in more ways than one. - 23204
Day trading stocks and commodities is a great job and a quite profitable one as well. It requires certain traits for success, and certain habits will need to be internalized.
Time management is the first important habit. You must be able to wake up early and alert first thing in the morning and be ready to evaluate how you'll play the market that day. All of this must happen before the opening bell, which starts at 9:00 a.m. in New York, 6:00 a.m. in California, and 5:00 a.m. in Alaska and Hawaii. Getting out of bed early is only half the story; you'll also need to stay on schedule and have a good internal alarm clock. If you're the type who can't function before 11:00 a.m. or has to guzzle down multiple cups of coffee before facing the day, day trading may not be the job for you.
A second critical habit is a good set of numerical analysis skills. Making and losing money based on gut hunches is a given, but you'll also need to make educated choices based on what you've read, summarized, and synthesized so that you can make good judgments quickly with this background knowledge. All of this needs to be done fast, and you'll need to quickly judge trends in financial markets and apply these snap analyses to your trading decisions.
Let me just point out that you don't have to be a mathematician to be good at day trading. You can learn certain quantitative skills, even if you were never that great at math. Certain numerical skills will seem automatic to you once you've practiced them a bit.
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.
Dedicated research is the fourth important habit for day traders. While you won't need to perform in depth analysis of accounting statements as in long term conventional investing, you will need to analyze the constant inflow and outflow of data to have a good knowledge base for making judgments on the fly. On the other hand, don't get so caught up in research that you lose the ability to think and act quickly.
Remember that you don't have to do all of this research and analysis alone. High level traders have many research tools and tricks, and various data analysis tools close by.
If you decide to pursue a career change in the field of day trading, you'll need to start by building a support team, including a broker, and some investors who can help you apply leverage to the market. Recognize that you will need to work, and it's a kind of work that requires focus, drive, and dedication.
If you think you may possess these skills and traits, day trading can offer a thrilling way of earning a remarkable income. You can really have fun at the job, and if you have what it takes to be successful, you'll come away "enriched" in more ways than one. - 23204
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It's my goal that this day trading advice gives you a head start into this profitable venture. Click Here to discover a proven trading strategy that is making plenty of people great money!
posted by X - Men @ 4:00 AM
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