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The Beginners Guide to Successful Day Trading

The Beginners Guide to Successful Day Trading

Day Trading For Beginners

Day trading has become increasingly more popular in recent years, and it’s easy to see why…as the traders who get it right and make successful trades on a consistent basis can make big profits extremely quickly.

This is in complete contrast to some other types of trading, where the action is slow and profits come in at a snails pace. Day trading certainly has more risk, but with that high risk comes high rewards. Curious to find out more?

What exactly is day trading?

In very basic terms, day trading is all about trading on the stock market during the course of a single day. This makes it extremely fast paced, as traders mainly focus on buying and selling stock during this time frame to make a quick profit.

Many people who are involved in day trading on a full-time basis do so on the internet, which means that stock can be bought and sold instantly. This is extremely important for a successful day trader, as they need the ability to act fast due to the fact that tiny fractions of a point can mean the difference between a profit or a loss.

The benefits of day trading

If you are looking to get onto the fast track to wealth, then day trading has a lot to offer. The most successful day traders have made large amounts of money in a short amount time, and given themselves a lifestyle that others can only dream about.

One of the major advantages of day trading is the ability to set your own hours. Because there is action on the stock market at all times of the day, in the four corners of the globe, there is no need to have a set schedule.

Can you become a day trader?

At the end of the day, anybody with an interest in day trading can become a day trader, whether it be on a full or part time basis.

However, although the essence behind day trading is actually quite simple, it is far from being easy, as people often make rash decisions based on their emotions and lose money as fast as they earn it.

With that being said, there has never been a better time to be a day trader. Due to the internet, there is now a huge selection of day trading strategies, resources, analysis, news and information available at the click of a mouse, which makes it easier than ever to trade smart. For more information visit the Suzuki Makassar

If you are really serious about day trading and the have the desire to make it work then there is no reason at all why you can’t be successful.

The most important aspect of day trading

Patience, patience…and even more patience!

If you are ever going to be a successful day trader than you must have patience. Unfortunately, this is not a characteristic that many people possess, which leads them to jump the gun and make bad decisions.

Avoiding knee jerk reactions and sticking to the basic principles of day trading will see you make profits in the long term. This is how every successful day trader makes their money, and if you want to join them, then you would be wise to follow their lead.

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Day Trading – Are you a Gambler or a Trader

Day Trading – Are you a Gambler or a Trader?

Is Day Trading a gamble or a skill?

Interestingly, many people who get into day trading often come from a gambling background. More specifically, gamblers who have a history of betting on the horses seem to end trying to make a living being a day trader.

Why is this?

Well, making a living at the racetrack can be a hard thing to do, so these gamblers look for something that is a bit more stable and predictable.

Day trading is far from being the most stable profession in the world, but there are elements of trading that are more predictable than horse racing. For example, stocks don’t fall at a fence or break a leg.

In reality, there are not many people who make a full time living as a gambler. Sure, they might experience success for a short period of time, but usually that is followed by a massive streak of losses.

Put simply, in the world of gambling, the bookie or casino always ends up winning.

So why is Day Trading different?

In the world of day trading this is not the case, and you have a far better chance of being a successful trader over the long term. There are many day traders all around the world that make an above average income, and enjoy a lifestyle that most other people can only dream about.

The main problem with moving from the gambling world to the day trading world, is that many ex-gamblers still keep a lot of the bad habits that is common amongst gamblers.

These bad habits cause the gambler to be always looking for the next big win, which means they start chasing it. The main problem with this way of thinking, is that when you start chasing something, it tends to run further away.

If you approach day trading with this kind of mindset there is no doubt you will eventually lose money. Throwing good money after bad is not the golden path to being a successful day trader, and it will quickly leave you broke and frustrated.

To successfully transition from gambler to day trader, there are a few simple “tweaks” that you need to apply to your way of thinking. Here are a couple of them.

Winning small is the key

This is the complete opposite to how most people approach gambling. When looking for bets, a gambler is always on the lookout for a big score. That underdog that will make them thousands.

In day trading this is not a winning strategy. Instead, the key to being profitable is to win small on a consistent basis.

Losing is okay

Gamblers hate to lose. They were sure that horse was going to win, and when it didn’t they are devastated. In order to gain their money back, they place more money on the next race, which sets in place a vicious cycle of losses and failure.

This is a very bad strategy in day trading, and is one of the main reasons why many ex-gamblers will never make the transition.

Understand that the majority of day traders are not overly concerned with their losses. They look at the bigger picture and stick to their strategy.

Guide To The Different Styles Of Day Trading

Guide To The Different Styles Of Day Trading

The Different Day Trading Styles

If you are new to the world of day trading, then it can all seem a bit overwhelming at first.

There are many different styles of day trading out there, and choosing one that best fits your personality is the key to making long term profits as a day trader.

Selecting a day trading style that doesn’t feel comfortable will never be a good fit. This is why you should never follow a trading plan just because your friends are doing it, or because some expert said that you should.

The saying “run your own race” has never been more appropriate.

So how do you find out which day trading style is the best fit for you? Well, the only way to really find that out is to test different things.

Once you find something that feels right, stick with it. If you are a beginner and don’t like the idea of risking your money just yet, you can still do this by way of paper trading.

Below are some of the most common styles of day trading. This is not a complete list, but it will give you a better idea of what’s out there.

Trend following

The trend following strategy is very popular amongst day traders. Basically, trend following is where a trader looks to invest in a trade where the stock is trending in a particular direction.

A trader will look to ride the trend for as long possible, but once it shows signs of reversing, they look to get out quickly.

Scalping

The whole philosophy behind scalping is that it’s easier to make a profit on small moves in a stock price, rather than looking for the large moves.

Traders who follow the scalping method, or “scalpers” as they are more commonly known, basically buy or sell blocks of shares, and then look to quickly “flip” them for a small profit.

This is more of a patient strategy, as the the focus is on small consistent gains. Traders looking for long term predictable profits are amongst those who follow this day trading style.

The main downside to scalping is the fact that many trades need to be made over the course of the day. Not everyone has the time to do this.

Technical trading

This style of day trading is perfect for people who are analytical and like to have a more “scientific” approach to things.

Technical trading makes heavy use of things such as charts and index graphs, as day traders try to analyze the history of trades and look for patterns.

Once they find a pattern, they will base their current actions on that pattern, believing that if something happened before, it has a good chance of happening again

Conclusion

At the end of the day, there is no foolproof way to guarantee success in day trading, regardless of the strategy you decide to implement.

All of the different styles of day trading come with their pros and cons, and once you gain more experience in the market, you will find yourself developing your own unique system based on the elements found in the various styles.

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Looking For Day Trading Secrets

Looking For Day Trading Secrets?

If so, then you are in the right place, as we’ve compiled some of top secrets to take your day trading to the next level.

Preparation is the key

Sure, getting experience by actually making trades is essential to your development as a day trader. The ability to interpret data on the spot, quickly identify trades in a matter of seconds, and take confident action without hesitating are all important skills to have.

However, this is all worthless without the proper preparation. As somebody once said “If you don’t plan, you plan to fail.” This is very true in the world of day trading.

This means getting to your computer early before trading begins, so you can look through the latest news feeds and analyze pre-market trading. It means spending time working on and evaluating your day trading strategy, even when you are away from the computer.

The market never sleeps, and you need to keep both eyes open at all times to be successful.

Simple is the way to go

The amount of things you are exposed to in the day trading world can become overwhelming. All of the software, the constant news feeds, forums, chat rooms, books and the endless data.

Of course many of these things are an important part of making successful trades, but sometimes the amount of information just become too overwhelming.

That’s why the simple way is often the best way to go. You need to sharpen your focus and only pay attention to the things that are related to your main strategy. Everything else can be pushed into the background.

Relax

In the world of day trading, it’s so easy to slip into a hurried state of mind. It can sometimes feel like you don’t have time to think, and that if you look away for a second you might miss that one golden opportunity.

The truth of the matter is that there is an abundance of day trading opportunities. So what if you miss a few? There will be more tomorrow…and the next day…and the day after that.

Being in a relaxed state of mind will lead to clearer thinking, which will end up making you more money.

Be honest

The day trading world is full of people who fool themselves. They think that they’re moving forward, when in fact, they’re going backwards. By the time they realize this, it’s too late.

You have to be completely honest with yourself on a daily basis. Don’t shy away from looking at your mistakes, because you can only fix your mistakes if you admit them to yourself first.

The people that can look objectively at their day trading strategy to see where there is flaws, are the traders that make the most money. Removing your emotion is the biggest secret to being a successful day trader, as high emotion will lead you to make huge errors of judgement.

The above day trading secrets won’t be mastered in a day. It can take time to master these skills to the point where you become highly successful at what you do. Commit to turning yourself into a better day trader one small step at a time, you’ll reach your goals in the end.

Day Trading for Dummies – A Quick Start Guide

Day Trading for Dummies – A Quick Start Guide

Our Day Trading Quick Start Guide

The world of day trading can be a scary place. If you don’t have a basic understanding of what you’re doing, then you will lose money, and probably end up so frustrated that you never want to make another trade again.

Understand that every day trader starts out knowing nothing, and they got started learning the basics first.

Below is a brief introduction to what day trading is, and a quick overview of the equipment needed to get started.

What is day trading?

Day trading is slightly different from other types of investing, as the securities are only held for one day. This certainly reduces the risks compared to long term investing, as there is no chance of big losses occurring overnight.

However, because everything is done during the course of one day, it means trades often runs at a frantic pace. It take a while for a beginning day trader to adapt to this fast way of trading. Some people never adapt at all.

At the end of the day, this form of trading is a crazy business and not everybody is cut out for it. If you think that you are, then it will pay you in the long run to build a solid foundation and learn the business properly.

Learn more about the different day trading strategies and then decide which one will be the most suitable for you to follow. Once you pick a strategy, stick with it, and don’t be distracted by shiny objects.

What equipment do I need to start day trading?

Although it is not essential to spend thousands on day trading equipment to be successful, there are a few basic things you should invest in to get you started.

A good PC

The majority of personal computers available to buy will have the required processing power so you can start day trading. One thing to keep in mind is the size of the monitor, because when you are spending large amounts of time in front of the computer a small monitor can be punishing to your eyes. A large monitor will also allow you to have multiple windows open at any one time, so you can do more trading.

A backup PC

It doesn’t matter how expensive your PC is, it will probably break down at some point or suffer from technical glitches. It’s for this reason that it is always beneficial to have a backup PC nearby, so you can quickly switch over and not lose any time day trading.

Internet access

A dial-up connection just won’t cut it. In day trading speed is the key, and often decisions need to be made in a matter of seconds. For this reason, it’s essential that you have high speed internet access that is reliable.

Microsoft Excel

Once you have decided on the day trading strategy you will be following, it’s important to track your performance so you can analyze everything at the end of a days trading. Using a software program such as Microsoft Excel will allow you do this.

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Skeptical About Day Trading Courses

Skeptical About Day Trading Courses?

It takes special skills and a certain kind of mindset to be a successful day trader. Fortunately, these things are something that anybody can learn, which is why enrolling in one of the numerous day trading courses available can be very beneficial.

Day trading is a lot different to other forms of investing. For example, long term investors usually take their time to study companies before parting with their money, and then they can often hold that investment for many years before selling.

On the other hand, day trading is the complete opposite. Instead of taking a long term view to investing, day traders will often invest in stock for only a few hours, while looking to make a quick profit.

Because of this different strategy, many people have a hard time adapting to this form of investing, which is why day trading courses are becoming more popular with each passing year.

If you are thinking of taking a day trading course, here are a few factors for you to consider before you part with your money…

Do some research

Don’t just blindly hand over your money because a particular day trading course has a good sales pitch. Sure, they might be the best thing since sliced bread, but it doesn’t hurt to do some extra research.

One way you can do this is by searching the internet for reviews of the course from people who have been enrolled in the past.

You have to be persistent when doing this though, as not all reviews will be that helpful. It can take a bit of digging around to find the inside information that you are looking for.

Be sure of the exact price

Once you have decided which day trading course is the right one for you, then it is important to be absolutely sure on the exact price you are expected to pay.

Some courses might have hidden fees down the line, and you might not get access to all of the course materials with the initial price you pay.

Also, there are certain courses that may put you on an automatic monthly payment system without your knowledge, so you end up getting your credit card charged at the end of each month. Being totally clear about the price from the start will save you a lot of frustration down the line.

Is online the way to go?

Did you know that not all day trading courses are only available online? In fact, there is actually a growing number of courses that are held exclusively offline.

Local college’s can be a good place to start enquiring about day trading courses, as sometimes they will offer classes on this subject. You should also keep your eyes and ears open to other types of events related to day trading, such as independent seminars with expert guest speakers.

Conclusion

The most important thing to keep in mind when considering different day trading courses is the specific topics covered in the training.

A particular course might have its main focus on Forex day trading strategies. If this not something you plan on doing, then it would be a waste of time to take the course.