Day Trading For Dummies - Part 3
Day trading for dummies. Sounds strange doesn’t it? Surely a dummy could not day trade. It’s hard and it’s tough. Day trading for dummies just doesn’t exist. In part this is true, yes you have to have some form of intelligence but day trading for dummies is not as bizarre as you would think.
Mainly, you need a very strong knowledge of the stock exchange and stock markets. You need to be able to almost predict what is going to happen. Killer instincts often help with making the snap decisions that need to be made. Change you life one day, change it again the next, the life of a day trader.
But is it as hard as everyone says it is? No. Although it’s also important to not always believe the hype that every second person is now day trading from their home and are quitting their jobs because they’re filthy rich!
Generally and unfortunately this is not always the case. In many cases at the end of the day, day traders are often down.
Still, you want to learn don’t you?
Train Hard
When starting out in day trading it is important to have extensive knowledge. This is going to be what gets you through, so therefore it’s extremely important to do day trading courses. Do one, do two, do as many day trading courses as you can! The more day trading courses you go through the more opinions, interpretations and knowledge you acquire which is going to be priceless when it comes to your own trading.
Your Dedicated Computer and Software
To help you along and to develop a more focused state of mind it is important to have your own desktop for day trading with day trading software. When it comes to software some free day trading software can be really fabulous, but really it’s only wise to go for the free day trading software sample.
This is free day trading software that you pay for after a trial period of say fourteen days. You get to test it out and see if it works for you, after a period you must pay for it or it stops working.
Purely free day trading software is usually a disaster waiting to happen. Its running time is generally not fast enough and it takes up a lot of space on the desktop slowing it right down. Try a few trial periods with the software and see how they go and work for you.
Don’t just get the software that everyone says is great; use the software that works for you and that you find easy to use, because if you’re wasting trading trying to work out your software you will loose out.
The best software is generally one that will do a bit of the work for you. It will ‘read’ the paper and register any details of companies or stocks that seem like they may be doing well and give them to you as an option for trading. This software is excellent for beginners as it takes some of the mind work out for you and you can still make your own decisions on buying and selling stocks.
These software programmes are also extremely helpful during hard to read financial times such as this. These programmes can still analyze a market and individual stocks and predict how said individual stock may perform, taking so much of the guess work out for you. Programmes like this also help with training.
You can analyze why the programmes went for a certain stock, to further your knowledge and then decide to buy. These systems help you eventually become just as intuitive as your computer programmes. Make sure you also pick a computer day trading programme that allows you to paper trade as well as do live trade.
Although these programmes are good for taking the guess work out of trading, do not become reliant on these programmes, for they are not completely foolproof and when they lose, they lose big. These programmes can be an expensive snare for new lazy traders.
It´s Not a Fun Fair!
When trading it is important not to get caught up in the ‘game’ aspect of day trading. Time and time again new traders get bored with using small amounts of capital and consistently increase their capital, turning it into more of a gambling game than a steadier business.
It’s all gambling but with good strategy and systems one can build a better foundation that looks more like a steady business than a gambling system.
Patience is a Virtue!
The most important thing to remember when you are just starting out as a day trader and finishing your day trading for dummies training is patience; patience is the key to learning to be a good trader. The more patient you are and the more time you take to learn the tricks of the day trading trade then the more fortunate and prosperous you will be. Do not rush into wanting to trade live. It is the fastest way to lose your money!
Mainly, you need a very strong knowledge of the stock exchange and stock markets. You need to be able to almost predict what is going to happen. Killer instincts often help with making the snap decisions that need to be made. Change you life one day, change it again the next, the life of a day trader.
But is it as hard as everyone says it is? No. Although it’s also important to not always believe the hype that every second person is now day trading from their home and are quitting their jobs because they’re filthy rich!
Generally and unfortunately this is not always the case. In many cases at the end of the day, day traders are often down.
Still, you want to learn don’t you?
Train Hard
When starting out in day trading it is important to have extensive knowledge. This is going to be what gets you through, so therefore it’s extremely important to do day trading courses. Do one, do two, do as many day trading courses as you can! The more day trading courses you go through the more opinions, interpretations and knowledge you acquire which is going to be priceless when it comes to your own trading.
Your Dedicated Computer and Software
To help you along and to develop a more focused state of mind it is important to have your own desktop for day trading with day trading software. When it comes to software some free day trading software can be really fabulous, but really it’s only wise to go for the free day trading software sample.
This is free day trading software that you pay for after a trial period of say fourteen days. You get to test it out and see if it works for you, after a period you must pay for it or it stops working.
Purely free day trading software is usually a disaster waiting to happen. Its running time is generally not fast enough and it takes up a lot of space on the desktop slowing it right down. Try a few trial periods with the software and see how they go and work for you.
Don’t just get the software that everyone says is great; use the software that works for you and that you find easy to use, because if you’re wasting trading trying to work out your software you will loose out.
The best software is generally one that will do a bit of the work for you. It will ‘read’ the paper and register any details of companies or stocks that seem like they may be doing well and give them to you as an option for trading. This software is excellent for beginners as it takes some of the mind work out for you and you can still make your own decisions on buying and selling stocks.
These software programmes are also extremely helpful during hard to read financial times such as this. These programmes can still analyze a market and individual stocks and predict how said individual stock may perform, taking so much of the guess work out for you. Programmes like this also help with training.
You can analyze why the programmes went for a certain stock, to further your knowledge and then decide to buy. These systems help you eventually become just as intuitive as your computer programmes. Make sure you also pick a computer day trading programme that allows you to paper trade as well as do live trade.
Although these programmes are good for taking the guess work out of trading, do not become reliant on these programmes, for they are not completely foolproof and when they lose, they lose big. These programmes can be an expensive snare for new lazy traders.
It´s Not a Fun Fair!
When trading it is important not to get caught up in the ‘game’ aspect of day trading. Time and time again new traders get bored with using small amounts of capital and consistently increase their capital, turning it into more of a gambling game than a steadier business.
It’s all gambling but with good strategy and systems one can build a better foundation that looks more like a steady business than a gambling system.
Patience is a Virtue!
The most important thing to remember when you are just starting out as a day trader and finishing your day trading for dummies training is patience; patience is the key to learning to be a good trader. The more patient you are and the more time you take to learn the tricks of the day trading trade then the more fortunate and prosperous you will be. Do not rush into wanting to trade live. It is the fastest way to lose your money!