close
Want to Become a Successful Day Trader? 4 Quick Helpful Tips
In order to become a successful day trader, you have to understand the fundamentals of how the stock market works; that means you have to have some knowledge of what it is you’re buying and selling.
So, here are some tips.
1. Research is essential
If you don’t do the research on the market segments you’re investing in, you’re going to lose money. Research in this case means knowing what companies whose shares you’re buying make, what it sells for and who it sells to. You also need to know what their competitors make. There are constant disruptive innovations in a market space – the most recent and high profile example is the iPhone, which redefine ‘smartphone’ and made it a consumer gadget, not a fetish for nerds.
Now that the iPhone has come out, other companies are trying to meet the challenge and build a ‘better one’ to carve out market share in an expanding market. However, if you don’t know what the iPhone is, or what the Palm Pre is, or what a Blackberry is, and why they appeal to different people, your chances of finding the next Apple, Palm or Research In Motion is effectively nil.
2. Knowing how to read signaling data is just as important
Signals are hints on the wind about where the market is slated to move; these mostly come from watching prices, and watching the trading volume. The trick here is to read what other traders are doing as a group, and act accordingly. Because day trading is largely about volatility plays – looking for how a stock will change price in the short or long term, signaling data is where most of the money, and most of the skill involved in day trading comes in.
3. Automation is part and parcel of a day trader’s life
You cannot be afraid of numbers, spreadsheets or statistical analysis if you’re going to become a successful day trader. A solid background in mathematics, understanding statistical regression models and more is essential to make money with day trading as your job; there’s a reason why most day traders have college educations, and mathematics is the basis of that reason.
4. Learning how to forget your mistakes
Because you’re going to be doing lots of trades, you cannot take the time to beat yourself up over a bad trade; learn where you went wrong and go forward. There will be other trades to be had, and if you don’t obsess about them, you’re likelier to succeed in them.
There is no ‘fast secret’ to becoming a successful day trader. It’s a job, it’s a job that requires reasoning and judgment. You need to focus on automating out the day to day drudgery so that you can focus on the strategic decisions and information management that separates successful day traders from the wanna bes who blow through a lot of money using canned ‘sure fire’ tips. If you don’t treat it as a job, you’ll end up paying the price with your own money.
Old school investing was only the beginning; with stock picking software available, investors are dominating the market without an ounce of sweat.
You can do the same by choosing a great software that can help you. Tackle the issues surround day trading by letting a professional software find the next big penny stocks for you.
Begin realizing your financial independence immediately at http://www.your-daytradingrobot.com
It is completely RISK F-R-E-E for 60 days. Test it, see if it works for you and if not just get all your money back. 100% MONEY BACK GUARANTEE !
Peter Skotnicky
Tags: Become, Helpful, Quick, Successful, Trader
View this post on my blog: http://stocktips.valuegov.com/want-to-become-a-successful-day-trader-4-quick-helpful-tips/
全站熱搜
留言列表
