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Guide to Building a Day Trading Empire

Guide to Building a Day Trading Empire

Despite what you may have heard, anybody can make money in the world of day trading. It doesn’t matter what your background is, how many grades you got in school, or how high your IQ is.

That’s not to say that you are guaranteed success however, as there are certain steps that you must take in order to increase the likelihood of making winning trades on a consistent basis.

Also, you don’t need any fancy high tech equipment, or an office in the financial district of a large city. In fact, you can easily build your day trading empire from the spare room in your house, all with an average computer and high speed internet access.

Thousands of people all around the world are doing exactly this, quietly getting rich by employing simple to understand strategies that could be taught to just about anybody.

Are you interested to find out more? If so, then here are some step by step instructions to get you on the right path to becoming a trading mogul.

Educate yourself

Before you even think about risking some money in the markets, it is important that you take the time to educate yourself first. That’s not to say you need to become an expert overnight, but you should spend some time familiarizing yourself with the basic phrases and how everything works, so you can get a better overall understanding as a whole.

A good way to do this is to go to a site like Amazon and then find a beginners book that is written in simple and easy to understand language. Also, check the reviews for the different books before you buy, to see what people are saying.

Open a broker account

Do some research on the internet to find an online day trading broker that is both reliable and experienced at dealing with new traders. It is important to understand that most brokers will charge a fee for every trade that you make through them, as well as taking a commission from any profit that you make.

Usually, these charges are not high, and only work out at a few dollars per transaction. It may seem quite a lot once you first start trading, but once you are bringing in the big bucks you will glad to give the broker their cut.

Teaming up with a broker can also help you through those first initial steps in your day trading career. They will have a team of staff on hand to answer any questions that you may have, as well as giving you access to range of online tutorials and software.

Keep your focus

Keep your focus

Once you are initiated into the trading world, and have got a little bit of experience under your belt, the next step is to narrow your focus onto one market.

The main reason why most people fail to make any money, is because they have no area of expertise. In other words, they try to become an expert at all of the markets, but end up only having a very basic knowledge in a any of them.

Learning about just one market will give you a serious advantage over the other traders, as you will gain a keen eye for opportunities that other people miss.

Try to focus on a market that you have an actual interest in, as you learn quicker when you enjoy what you do. Read as much as you can in relation to the market, and stay on top of all the current news and trends by reading financial publications and watching news stories.

Understand your limits

One of the biggest lessons that everybody must learn is to firmly understand where their limits are.

For example, many day traders take a big loss during the course of the day, and then spend the rest of that afternoon trading even more in order to make their money back. Trading in this way can be crippling to your balance, as you begin to trade on emotion, which leads to bad decisions.

Instead, set stop losses in every trade that you make, so you can get out once things start to go bad. Then, if you find yourself in a position where things are not going right for you that day, be prepared to walk away and take a break. You can always come back tomorrow and start again.

Act fast

Day trading is a business where mere seconds can be the difference between making or losing thousands of dollars.

For this reason, if you are ever going to be successful then you need to get into the habit of making decisions on the spot and acting fast. If you see an opportunity in the market, there usually isn’t the time to wait around for a few hours while you think about it for a bit. You have to become confident in your abilities, so you can make quick decisions on the spot.

As many people have found out, hesitating too much in crucial moments will severely hinder your chances of success, and in the end you will find it hard to make any substantial profit.

Conclusion

Day trading is a business with many rewards. It gives you the chance to quit your job, work at home, and gain the financial independence you have always wanted.

Not many people in the world can say they live this kind of lifestyle, so if you really want to make it work, then you should be prepared to invest the appropriate amount of time and energy into your business until you start to see positive gains.

Take the time to learn the business and you will be paid many times over. However, if you try to shortcut your way to success, you may find that your day trading account is empty after only a few months trading.

How to use Forex Day Trading Strategies to Profit!

How to use Forex Day Trading Strategies to Profit!

Are you looking to profit as quickly as possible in Forex day trading? If so, then you might have notions about making large sums of money overnight using some kind of push button Forex robot, or a secret strategy that almost nobody else knows about.

In reality, those type of things don’t really work. If you want to make money at Forex, then you better be prepared to put in some ground work and be in it for the long haul.

Not many people get rich overnight, only those that get lucky with the lottery. Using proven Forex day trading strategies is the best way to make consistent profits while trading in the currency markets.

Sure, they might not seem very sexy, and they even require that you put in some effort, but at the end of the day it will all be worth it.

Think about it for a second. Do you want to be your own boss so that you can work from the comfort of your own home, with the ability to set your own hours? If you do, then you should definitely read the rest of this article very carefully, as the following Forex day trading strategies is what everyday people just like you are using to create their dream lifestyles.

Simply choose the strategy that you feel most comfortable with and then stick with it. That’s the most important point, as you need to give any strategy time, so you can ultimately reap the long term profits.

Also, it’s important to understand that a good Forex day trading strategy is not the be all and end all. Sure, it’s a major factor, but there are other things you need to get right in order to become a well rounded day trader who makes consistent profits.

For example, working on controlling your emotions is a vital skill to have as a trader, because if you are always running on high emotion, then even the best Forex trading strategy in the world won’t help you.

There are many popular Forex day trading strategies that you can follow. For example, there is trend trading, range trading, breakout trading, swing trading, and news trading, to just name a few. If you search long enough, then you would come across many more.

Here is how to use a strategy to start making profits.

Choosing a strategy

The best way to choose a Forex day trading strategy is to find one that makes sense to you and also one that feels comfortable.

There is little advantage to choosing a strategy that you don’t really understand, as you will be spending the majority of your time trying to work it out!

 

Which brings us to a major point: find a Trading Strategy that is simple to use and implement. Anybody who tells you that trading Forex is complicated is lying, which is why you only need a simple strategy that focuses on basic elements to be successful.

Stick with it

When you choose one of the Forex day trading strategies to follow, it’s essential to stick with it for a certain amount of time.

It’s no good using it for a few days and then deciding the system doesn’t work. You need at least a month to give any strategy a fair roll of the dice, maybe even a few months.

Many beginners to the Forex markets get distracted much too easily, which can only be described as “shiny object syndrome.” The main problem with this is that they never stick with anything long enough to see positive results, which leads to them getting frustrated.

Paper trade

How to use Forex Day Trading Strategies to Profit!

If you are new to the world of day trading, and you still feel a bit uncomfortable with the thought of risking money, then you should consider testing out different strategies by way of paper trading.

This way, you get the benefits of seeing if a particular strategy is right for you, while not having the burden of putting any of your own money on the line.

Also, it’s been said that the best way to trade in the markets is with no emotional attachment at all, and what better way to learn how to do this than with zero money on the line.

In order to paper trade, you can get a demo account with one of the Forex brokers or software programs, or you can simply use a pen and paper to keep track of the trades that you make.

Make adjustments

Once you have followed a Forex day trading strategy for a certain amount of time, then you will basically come to a point where you have two options; either you can drop the strategy altogether, or you can make adjustments.

No strategy is perfect, and traders are constantly making tweaks and adjustments to make everything more efficient, and most importantly, more profitable. If you adopt this philosophy of constant adjustments, then your Forex income will continue to grow year after year.

Conclusion

If you read enough books and blogs, then you will probably come across hundreds of different Forex day trading strategies.

Ultimately, it’s not going to do you any favours to try and learn every single one, and instead it’s a much better idea to just stick with one strategy for a few months.

Also, it’s worth noting that you shouldn’t be afraid to adapt your own individual style to the Forex day trading strategy that you decide to follow. This is what all successful traders do over time as they gain experience, and what you will end up with is your own unique successful system that favours your strong points.

As mentioned previously, it’s important to spend time focusing on other areas away from your Forex day trading strategy. Things such as learning how to use software, controlling your emotions, and finding the right broker, are all equally important, and will have a major impact on the amount of money you end up making as a day trader.