Day Trading For Dummies - Part 5
Ever wanted to work on Wall Street? Do you have big dreams of becoming a mover and shaker in the stock market? Do you have a sound understanding of the stock market and want to put it to use? Are you tough? Instinctive? Want to work from home? Then BOY wouldn’t you love this; day trading for dummies!
This is where you’ll find all your day trading info from day trading for dummies, to how to read a day trading chart. It’s all here, it’s all free, and waiting for you!
First with the head...
Knowledge! Knowledge! Knowledge! The day reading definition is, opening and closing stock on the one day, dealing with tiny time frames within the stock market.
Is that what the day trading definition is to you? Find your own day trading definition, one that makes sense to you. Your day trading definition should define you and what you want to be when you become a day trader.
There’s plenty of day trader information out there and you need it all! In order to become a day trader you must firstly read all the day trading info you possibly can from ‘Day Trading For Dummies’ to the Financial Times and everything in between. Any little bit in information you can get your hands on, absorb!
Go to day trading courses in fact you should go to a hundred day trading courses! The more opinions and different views and angles you can learn and master the better position you’ll be in to start trading.
If you have friends that are day traders go and watch them during the day, see what they do and how they trade, make sure you ask them lots of questions. Whatever you can do to build a solid foundation of knowledge is going to advance you further and further and give you enough confidence to go out on your own sooner.
Paper trading is also a very good way to learn how to day trade before you go out on your own and start spending your own money. Paper trading is not using money; it’s a simulation many traders use before they get on and trade live. Make sure you do some paper trading with someone who is already a day trader and let them guide and help you through the process.
Make sure you also develop a sound knowledge of day trading charts and how to read them, these will become essential in helping you buy and sell shares daily. Day traders constantly use day trading charts to help them decide as to what they’re going to do in live market.
Knowledge will Build your Strategy, Strategy is your Beacon
Knowledge of the markets, and how they’re moving, plenty of day trading info as well as a month or more of paper trading will build your day trading strategy and this is going to be priceless. Too often do new traders fall on their swords by abandoning their strategy or changing it half way through trading. This will loose you money, every time.
Do have a very particular and focused day trading strategy, this is what is going to get you through every time and cushion you many times against losing your money. It is you beacon in the craziness of online day trading. Have an idea that if something negative or positive does happen you will already know your exact course of action.
If something goes wrong for example you know how you’re going to exit out of the stock. Put all your stops in place before you start trading and have you entry and exit strategy in place also. Read your charts before you go in. Be prepared. Do not do anything on a whim unless you are sure of what you are doing, and be sure never to follow a crowd unless you know the exact reason why everyone else is in a flurry and you are not.
Day trading is risky and dangerous so it helps to have all your strategies in place, more often than not this will save you, and this is when you’ll see you day trading start to grow into a business rather than a Las Vegas gambling room!
The Rules
Even though it’s not a game day trading has its own set of rules that need to be adhered to and stuck but they are there for your and everybody else protection. Do not think you are above these rules as you will soon find out that no one is above the rules of day trading. Unless you are dealing with currencies you need at least twenty five thousand dollars with a mortgage brokerage to trade stocks.
You also must limit your losses, and soon as you hit your loss limit, pull out.
Don’t stay in longer than you should, your life could change overnight if the market takes a dive. Remember to have a separate account for your day trading; it is not for all of your money but instead a percentage. Follow these rules to protect yourself and you never know you could be on to a winner!
This is where you’ll find all your day trading info from day trading for dummies, to how to read a day trading chart. It’s all here, it’s all free, and waiting for you!
First with the head...
Knowledge! Knowledge! Knowledge! The day reading definition is, opening and closing stock on the one day, dealing with tiny time frames within the stock market.
Is that what the day trading definition is to you? Find your own day trading definition, one that makes sense to you. Your day trading definition should define you and what you want to be when you become a day trader.
There’s plenty of day trader information out there and you need it all! In order to become a day trader you must firstly read all the day trading info you possibly can from ‘Day Trading For Dummies’ to the Financial Times and everything in between. Any little bit in information you can get your hands on, absorb!
Go to day trading courses in fact you should go to a hundred day trading courses! The more opinions and different views and angles you can learn and master the better position you’ll be in to start trading.
If you have friends that are day traders go and watch them during the day, see what they do and how they trade, make sure you ask them lots of questions. Whatever you can do to build a solid foundation of knowledge is going to advance you further and further and give you enough confidence to go out on your own sooner.
Paper trading is also a very good way to learn how to day trade before you go out on your own and start spending your own money. Paper trading is not using money; it’s a simulation many traders use before they get on and trade live. Make sure you do some paper trading with someone who is already a day trader and let them guide and help you through the process.
Make sure you also develop a sound knowledge of day trading charts and how to read them, these will become essential in helping you buy and sell shares daily. Day traders constantly use day trading charts to help them decide as to what they’re going to do in live market.
Knowledge will Build your Strategy, Strategy is your Beacon
Knowledge of the markets, and how they’re moving, plenty of day trading info as well as a month or more of paper trading will build your day trading strategy and this is going to be priceless. Too often do new traders fall on their swords by abandoning their strategy or changing it half way through trading. This will loose you money, every time.
Do have a very particular and focused day trading strategy, this is what is going to get you through every time and cushion you many times against losing your money. It is you beacon in the craziness of online day trading. Have an idea that if something negative or positive does happen you will already know your exact course of action.
If something goes wrong for example you know how you’re going to exit out of the stock. Put all your stops in place before you start trading and have you entry and exit strategy in place also. Read your charts before you go in. Be prepared. Do not do anything on a whim unless you are sure of what you are doing, and be sure never to follow a crowd unless you know the exact reason why everyone else is in a flurry and you are not.
Day trading is risky and dangerous so it helps to have all your strategies in place, more often than not this will save you, and this is when you’ll see you day trading start to grow into a business rather than a Las Vegas gambling room!
The Rules
Even though it’s not a game day trading has its own set of rules that need to be adhered to and stuck but they are there for your and everybody else protection. Do not think you are above these rules as you will soon find out that no one is above the rules of day trading. Unless you are dealing with currencies you need at least twenty five thousand dollars with a mortgage brokerage to trade stocks.
You also must limit your losses, and soon as you hit your loss limit, pull out.
Don’t stay in longer than you should, your life could change overnight if the market takes a dive. Remember to have a separate account for your day trading; it is not for all of your money but instead a percentage. Follow these rules to protect yourself and you never know you could be on to a winner!