How Day Traders Make Big Money - Their Secrets Revealed!
There is excellent money to be made in day trading, but, unlike what some may think, it is not a simple job. To be successful, you'll need to put in some work.
Day trading stocks and commodities is a great job and a quite profitable one as well. It requires certain traits for success, and certain habits will need to be internalized.
Time management is the first important habit. You must be able to wake up early and alert first thing in the morning and be ready to evaluate how you'll play the market that day. All of this must happen before the opening bell, which starts at 9:00 a.m. in New York, 6:00 a.m. in California, and 5:00 a.m. in Alaska and Hawaii. Getting out of bed early is only half the story; you'll also need to stay on schedule and have a good internal alarm clock. If you're the type who can't function before 11:00 a.m. or has to guzzle down multiple cups of coffee before facing the day, day trading may not be the job for you.
The second important habit is good quantitative analysis skills and the ability to think on your feet. Though "gut" decisions can help you make (and lose!) money as a day trader, you'll need to be able to make informed choices from reading, perusing, and comprehending numbers very quickly. You'll need to be able to run numbers in your head quickly and accurately enough to figure out if something is a trend, or just an anomaly, and you'll need to judge what to do with that information.
Although you'll need some good quantitative skills, you don't have to be a mathematician to be a successful day trader. You can cultivate your quantitative skills with just a bit of practice.
A third important habit for day traders is observational skills combined with good short-term memory. You'll also need patience. Keep your cool even when you miss catching a stock at its highest point, or when you lose money because an anticipated low never arrived. Likewise, you must stay calm when you make a big winning trade as well.
Dedicated research is the fourth important habit for day traders. While you won't need to perform in depth analysis of accounting statements as in long term conventional investing, you will need to analyze the constant inflow and outflow of data to have a good knowledge base for making judgments on the fly. On the other hand, don't get so caught up in research that you lose the ability to think and act quickly.
Bear in mind that you don't have to do all of this research on your own. Top day traders have many tools and services available to assist in the research process.
If you think you are ready for a career change and that day trading may appeal to you, you'll need to start by creating a support team. At a minimum, you'll need a broker, and a few investors willing to help you level the market. Realize ahead of time that it's hard work, and will require savvy, dedication, and focus.
If, after reading the skills listed above, you think you have what it takes to be a successful day trader, day trading may offer you a challenging and fun way to make a great living. It's a job that can be a ton of fun, and can provide tremendous riches ? in more ways than one. - 23159
Day trading stocks and commodities is a great job and a quite profitable one as well. It requires certain traits for success, and certain habits will need to be internalized.
Time management is the first important habit. You must be able to wake up early and alert first thing in the morning and be ready to evaluate how you'll play the market that day. All of this must happen before the opening bell, which starts at 9:00 a.m. in New York, 6:00 a.m. in California, and 5:00 a.m. in Alaska and Hawaii. Getting out of bed early is only half the story; you'll also need to stay on schedule and have a good internal alarm clock. If you're the type who can't function before 11:00 a.m. or has to guzzle down multiple cups of coffee before facing the day, day trading may not be the job for you.
The second important habit is good quantitative analysis skills and the ability to think on your feet. Though "gut" decisions can help you make (and lose!) money as a day trader, you'll need to be able to make informed choices from reading, perusing, and comprehending numbers very quickly. You'll need to be able to run numbers in your head quickly and accurately enough to figure out if something is a trend, or just an anomaly, and you'll need to judge what to do with that information.
Although you'll need some good quantitative skills, you don't have to be a mathematician to be a successful day trader. You can cultivate your quantitative skills with just a bit of practice.
A third important habit for day traders is observational skills combined with good short-term memory. You'll also need patience. Keep your cool even when you miss catching a stock at its highest point, or when you lose money because an anticipated low never arrived. Likewise, you must stay calm when you make a big winning trade as well.
Dedicated research is the fourth important habit for day traders. While you won't need to perform in depth analysis of accounting statements as in long term conventional investing, you will need to analyze the constant inflow and outflow of data to have a good knowledge base for making judgments on the fly. On the other hand, don't get so caught up in research that you lose the ability to think and act quickly.
Bear in mind that you don't have to do all of this research on your own. Top day traders have many tools and services available to assist in the research process.
If you think you are ready for a career change and that day trading may appeal to you, you'll need to start by creating a support team. At a minimum, you'll need a broker, and a few investors willing to help you level the market. Realize ahead of time that it's hard work, and will require savvy, dedication, and focus.
If, after reading the skills listed above, you think you have what it takes to be a successful day trader, day trading may offer you a challenging and fun way to make a great living. It's a job that can be a ton of fun, and can provide tremendous riches ? in more ways than one. - 23159
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posted by X - Men @ 9:27 AM
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