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Get The ‘Inside’ Day Trading Information Like The Pro’s

Get The ‘Inside’ Day Trading Information Like The Pro’s

If you want to become a profitable day trader, then it is important to be constantly on the lookout for different information so you can come up with new ideas and tactics.

Because this is the “information age,” there are many different sources to get information from. The main question you should always be asking yourself is: “is this source is a reliable provider?”

You can get day trading information from various sources on the internet, television, offline publications, and your broker.

Getting the insider information

In day trading, your biggest advantage is going to come from identifying stocks, currencies, and commodities that have been priced too high or low. This then gives you the chance to place a trade where you can profit as quickly as possible once the stock starts to move.

To identify these under or overpriced stocks, it is essential to get access to some day trading insider information. The main hurdle you face when looking at information is whether or not the source is credible, because quite a lot of what you read may be biased and have an ulterior motive for giving out particular information.

One of the best places to look when gathering insider day trading information is the daily economic and market reports.

This will give you a lot of factual data on the prices that are being traded in various sectors, and can be a good way to gauge how other people in the marketplace are thinking and trading.

You can then combine this information with the news, views and opinions you get from many of the business television shows, radio shows, newspaper articles, and internet forums.

It is also a good idea to look closely at the reports and newsletters that your day trading broker publishes on a regular basis, as well referring to any day trading charts that you have available.

Compiling all of these different sources of information together can be time consuming but it is definitely worth it. It will give you a broader sense of what is happening in the market, and you will find that you are more prepared when the day trading session begins.

Don’t believe the hype

As mentioned earlier, not all sources of day trading information can be reliable, which begs the question…”who can I trust?”

There is no simple answer to this question, as in reality, this is something that can be learned only through experience.

As you start to consult from many different sources, you will start to get a better sense for who’s information is worthwhile to listen to, and who’s isn’t.

At the end of the day, you are the boss of your day trading empire, and it is your responsibility to find the sources of insider day trading information that can be successfully used in conjunction with your strategy to make consistent profits.

Be warned!

Tv news stations and internet feeds might not be the best source of day trading insider information. This is because they have a constant need to fill up air time and news slots, which means they often take even the most trivial news, and spin it to make it seem like it’s important.

Beginner Day Trading Mistakes

Beginner Day Trading Mistakes?

Avoid these basic mistakes to become great Day Trader

If you want to get rich day trading, then it’s probably a good idea to not make huge mistakes on a consistent basis. That’s not to say that the most successful day traders don’t make mistakes from time to time. In fact, making mistakes and experiencing failure is just part of the game, and should be treated as a learning curve to improve your skill level.

However, there are many day trading mistakes that can be avoided altogether. These are the type of mistakes that beginners make over and over again, and is one of the main reasons why they end up broke.

Instead of having to go through all of this yourself, it’s much easier to recognize them before they happen. You can do this by taking note of the following day trading mistakes.

Not having enough money

Because many beginner day traders are scared of risk and losing money, they are cautious of putting too much money in their day trading account. Sure, they might not go broke using this strategy, but they’re not likely to win big either.

Don’t be afraid to put extra money in your day trading account when you are just starting out. Yes, you might lose a lot of it, but you will gain valuable experience which will actually make you more profitable in the long run.

Treating it as a hobby

If you want a hobby then start collecting stamps. However, if you are serious about actually making money from day trading, then you need to start treating it like a business.

This means that you have to take the time to develop a plan and strategy, as well as putting the hours into researching the market. You also need to decide what your short and long term goals are, so you can track your progress along the way.

Becoming too confident

It’s very common for a new day trader to have a big success in their first few trades. They then start to think that they are a “natural” and “born to do it,” and start approaching new trades with a confidence that borders on being reckless.

There’s nothing wrong with being confident, but one of the biggest day trading mistakes is when that confidence turns into recklessness. The markets can be extremely volatile, and in the the blink of an eye everything can change. Professional day traders know that a mix of confidence and caution is the way to go.

Looking for the magic button

It can be very easy to get into the “get rich quick” mindset. You hear the story of that guy that made a million dollars overnight and you decide it will happen to you too.

Sure, some people do make a lot of money quickly in day trading, but it’s usually because they have many years of experience and knowledge to draw upon. If you are looking for the magic button in day trading, then you might stand a better chance by buying a lottery ticket.

What is the Average Income of a Day Trader

What is the Average Income of a Day Trader?

Are you an average Day Trader, or a pro?

This is the harsh cold reality folks: The majority of beginners to day trading never make any significant money, and almost always end up going bust in the end.

With this in mind, should you forget about your day trading dreams and go find something else to do?

Well, not quite, as there are a small percentage of firms and individuals out there who make big money from day trading. The key to making this big money is do the opposite of what the majority of other traders are doing, and follow a long term strategy that has been proven to be profitable.

Unfortunately, not many people do this, which is why they go bust and get frustrated.

So just what is the average income of a day trader? In fact, it’s actually impossible to really know. You see, there is such a large gap between successful day traders and unsuccessful day traders, that there is no way to really arrive at an average number.

But who needs to know what the average income of a day trader is anyway?

At the end of the day, you can make a lot of money working as a day trader, which is way into the 6 or 7 figure a year bracket. Plus, this can all be done from the comfort of your own home, where you are your own boss and in control of your financial destiny.

Day trading firms

Maybe the thought of working for yourself scares you, and you much prefer the security of a job? If that’s the case, then if you are good at day trading and can show real results, then you should have no problem in getting a job with a hedge fund or investment bank.

A recent survey in the USA suggested that an average day trader salary for junior employees at these kind of firms was approximately $200,000. However, this does not factor in things such as bonuses and other performance based rewards, so the real number is likely to be much higher.

Let’s put it this way…if you are a good day trader and working for yourself is not for you, then you can still make a well above average income in the world of day trading.

Fast and easy profits?

Perhaps you don’t care what the average income of a day trader is, and instead, you just want to make some fast and easy profits from the comfort of your computer? After all, day trading is a piece of cake…right?

Well, not quite. If this is your mindset then you will almost certainly end up frustrated and disappointed. Sure, you might hit it big right off the bat, with no real experience or knowledge, but you probably have a better chance of winning this weeks lottery.

In reality, you will most likely have to lose money first, as you gain experience and develop a winning day trading strategy. This doesn’t sound very appealing to the majority of newbie day traders, which is why they will never experience a big day trading income.

Day Trading - What “They” Don’t Want You to Know!

Day Trading – What “They” Don’t Want You to Know!

Most of the day trading advice out there is not worth listening to. The old saying “don’t take advice from broke people if you want to be rich” is more relevant than ever, in this internet age where anybody with a website can offer you their “expert” advice.

The truth of the matter is that only a small percentage of traders ever make any serious money. We are talking like 5% of people here. 95% just fight over the scraps or don’t make anything at all.

Elite traders have their secrets and they like to keep them close to their chest. If you want to be as successful as them, then you must learn their secrets.

Here are some of the secrets that “THEY” don’t want you to know…

Focus on one thing and screw the rest

Rich traders all have one thing in common…they become experts in one type of trading and then they put all of their focus on that.

Contrast this to the majority of traders. They typically try to learn everything about everything, and falsely believe that to make money requires being a jack of all trades. This approach rarely works though.

Sometimes, successful traders drill down even further. Instead of focusing on just one market, they go deeper and just focus on one currency pair. That’s it.

Don’t you think if you did this your chances of becoming more profitable would immediately increase? Specialized knowledge is key!

Patience will be rewarded

A lot of average traders trade just for the sake of it. They believe that “motion creates emotion” and that they must constantly be hustling.

This is the complete opposite of how millionaire day traders view things. In their world, patience is a virtue, and they understand that the rewards are far higher for those that are prepared to sit back and wait for the right conditions.

Once those conditions present themselves, they pounce, and watch their balance grow month after month.

Ask yourself, do you trade for the sake of trading? Do you often get involved in trades you really don’t know anything about? If so, then you might want to take a step back and spend some time watching the market instead of always being involved.

Go against the herd

This one is huge. The vast majority of people always look to what everybody else is doing… and then proceed to do the same thing.

Very rarely is mass opinion right, which is why successful traders often go against what the herd is doing. Just doing this and nothing else can be a profitable strategy in it’s own right.

Basically, the masses are almost always in reactive mode. This means they are always reacting to the market.

A better strategy is to always stay in control of your thoughts and to not just simply “react” to what is going on around you.

Trading against what everybody else is doing is one of the secrets that winning day traders like to KEEP a secret.

Awesome Day Trading Tips

Awesome Day Trading Tips

Our best Day Trading tips

Many beginners start out in the world of day trading with dreams of making millions. Unfortunately, these dreams quickly fade away, as the harsh reality of losing money hand over fist starts to sink in.

In order to be a successful day trader, there are certain day trading tips that need to be taken on board before any real profits can be made.

Learn the basics

It’s so important to get the basics right first. So many beginner day traders are so eager to jump in with the big boys, that they end up drowning in the deep end. In other words, they try to run before they can walk.

If you are just starting out in the world of day trading, then it is highly advisable to invest in a good day trading book for beginners, that explains everything in a simple to understand style.

Get a mentor

Reading books is a great way to learn, but if you really want to take things to the next level, then finding yourself a day trading mentor can be extremely beneficial.

A good mentor with a proven track record, will have an immense collection of skills and knowledge, and can give you invaluable advice when you’re just finding your feet in the day trading world.

Long term thinking

Understanding that day trading is not a race is one of the best mindsets you can have. Too many traders are overly eager to get their next big score and in they end up going broke in the process.

A slow and steady strategy is much more favourable, and is the way that almost all millionaire day traders amass their fortunes. Remember, you are not competing with anyone, so just simply focus on running your own race and having a long term vision.

Becoming too emotional

Day trading can be tough on your emotions. One day everything works out perfectly, and the next day you can’t do anything right. It’s this rollercoaster ride that sends most traders running for the hills.

When your money is on the line it’s easy to get emotional, but you must realize that it is these emotions that will cloud your judgement. It’s much easier to make the right decisions when you have a clear head and are thinking straight.

Risk

At the end of the day, risk is a huge part of the day trading game. If you can’t handle risk then you will ultimately fail as a day trader.

You must learn to respect the element of risk involved in day trading, without letting the fear of risk overcome your thoughts which then leads to worry and anxiety. Look at risk clearly and objectively, but stay in control of your decision making process at all times.

Walk away

One of the greatest traits of successful day traders is that they know when to cut their losses and walk away. Contrast this to a lot of beginners, who experience some losses and then start trading even harder to try and make up their losses.

Remember that you can always come back tomorrow, and the next day, and the day after that. Chasing losses is the one of the most common ways that people go broke.

When To Get An Accountant For Your Day Trading Business

When To Get An Accountant For Your Day Trading Business

So your day trading business is taking off like a rocket, profits are landing in your account daily, and life is extremely good. Everything is perfect.

Then, the thought suddenly hits you…”HOLY C**P! I need an accountant.”

The last thing you want is to do is avoid paying the tax man. If you do, then your huge day trading profits can quickly become a small chunk of change and the resulting legal problems can drain you of your valuable time and energy.

Getting a good accountant is essential for any day trading business. Not only will they get all of your finances in order, so you can stay out of trouble, but they will also end up saving you money in the long run as they work out ways to reduce your tax bill.

Shop around

You don’t have to choose the first accountant that you come across. In fact, it can be very beneficial to shop around until you find an accountant that seems to be knowledgeable about the day trading business, and has also has experience preparing accounts for other day traders.

If you are having trouble finding an accountant in your local area, then it is a good idea to talk to other day traders about who they use. This kind of insider information can be invaluable, and can lead to finding a great accountant for your day trading business.

Small or Large?

There are many different types of accounting firms out there, and which one you choose will depend on your own specific needs.

For example, there are many large accounting firms with hundreds of staff eager to take your business. While there are advantages to going with a larger firm, there are also a lot of downsides.

One of the major downsides is that it’s hard to build up a solid relationship with any one accountant. You might find that everytime you phone them, you end up talking to a different person.

On the other hand, choosing a small accounting firm is probably the best way to go. Not only will you be able to build a relationship with a small team of accountants, but as time goes by they will also become much more knowledgeable about your day trading business. This means they get better at saving you more money with each passing year.

Be clear on the fees

Before you hire any accountant for your day trading business, it’s very important to be perfectly clear on the fees you’ll be charged.

The best way to do this is to have a chat with an accountant before you hire them and get them to put all charges down in writing. This makes everything clear from the start, so you won’t have any nasty surprises down the line.

For example, there are some accounting firms that charge for making corrections to documents, even if they made the mistake!

Save your day trading business from needless accounting fees, by fully understanding fees and charges from the beginning.