Day Trading Training - What Makes The Pros So Good?
Day trading can be an excellent method for making a profit, if you have the stuff to do it. However, no matter how others may pitch it, it's not a smooth ride. You have to put a lot of work into it to succeed.
Day trading in commodities or stocks is, at base, a job. While it can be a highly lucrative job, it's also one that means you need some basic traits to succeed. You also need some specific habits, and they have to be so ingrained they're automatic.
Habit number one is having a good sense of time. Anyone who can't get out of bed first thing in the morning or has trouble thinking before that cup of coffee is someone who will only be made miserable by day trading. The best time to assess the way you should play the market today is right before the opening bell. That's at nine in the morning in New York Cit, or six am in California and five am in Alaska and Hawaii. You can't just be an early riser. You also have to have a great internal clock and a good scheduling system.
The second necessary habit is having good quantitative thinking skills. Working on hunches will allow you to make or lose money in day trading. You need to be able to read and understand the numbers without thinking about them if you want to make good decisions. You have to be able to convert and analyze the numbers in your head carefully, so you'll be able to tell if something is a blip or a lasting trend, and you have to be able to act accordingly.
You should know that this doesn't require you to be a mathematician. Numbers you'll need to know can be learned, even if you always hated math. There are a few numerical skills you can learn to the point of them being ingrained, once you get going in the game.
Habit number three is maintaining good observational skills, being incredibly patient, and learning to forget. This can be pretty hard, since you have to keep yourself from feeling let down when you don't catch a stock at its top, or when you lose money on a short sale that never turns up. Don't get caught up in either your wins or your losses, or you'll lose focus and money.
Dedicated research is also a must. Day trading doesn't require you to devour accounting statements like long term investing usually does, but you do need to constantly be able to deal with the flow of data and make analyses. You also have to be proactive about shares that you're buying or selling, and make snap judgments that you act on fast. The only way you'll know these judgments are the right ones are through the right research. However, don't let this desire for good research paralyze you.
Remember that a lot of the research and analysis won't need to be done by you directly. The best traders always have a number of tools at their disposal, as well as many different data services and research sources ready to access.
If you're thinking about getting into day trading, you'll also need to build up a support network. That requires dealing with a broker, as well as finding investors who will help you apply leverage to the market. You have to understand that this is work, and that this kind of work requires intelligence, focus, and a strong will.
If you've got all these skills and can develop these habits, day trading could be a great way to make a fantastic income. This is a job you can call fun honestly, and it can be pretty enriching, too. - 23222
Day trading in commodities or stocks is, at base, a job. While it can be a highly lucrative job, it's also one that means you need some basic traits to succeed. You also need some specific habits, and they have to be so ingrained they're automatic.
Habit number one is having a good sense of time. Anyone who can't get out of bed first thing in the morning or has trouble thinking before that cup of coffee is someone who will only be made miserable by day trading. The best time to assess the way you should play the market today is right before the opening bell. That's at nine in the morning in New York Cit, or six am in California and five am in Alaska and Hawaii. You can't just be an early riser. You also have to have a great internal clock and a good scheduling system.
The second necessary habit is having good quantitative thinking skills. Working on hunches will allow you to make or lose money in day trading. You need to be able to read and understand the numbers without thinking about them if you want to make good decisions. You have to be able to convert and analyze the numbers in your head carefully, so you'll be able to tell if something is a blip or a lasting trend, and you have to be able to act accordingly.
You should know that this doesn't require you to be a mathematician. Numbers you'll need to know can be learned, even if you always hated math. There are a few numerical skills you can learn to the point of them being ingrained, once you get going in the game.
Habit number three is maintaining good observational skills, being incredibly patient, and learning to forget. This can be pretty hard, since you have to keep yourself from feeling let down when you don't catch a stock at its top, or when you lose money on a short sale that never turns up. Don't get caught up in either your wins or your losses, or you'll lose focus and money.
Dedicated research is also a must. Day trading doesn't require you to devour accounting statements like long term investing usually does, but you do need to constantly be able to deal with the flow of data and make analyses. You also have to be proactive about shares that you're buying or selling, and make snap judgments that you act on fast. The only way you'll know these judgments are the right ones are through the right research. However, don't let this desire for good research paralyze you.
Remember that a lot of the research and analysis won't need to be done by you directly. The best traders always have a number of tools at their disposal, as well as many different data services and research sources ready to access.
If you're thinking about getting into day trading, you'll also need to build up a support network. That requires dealing with a broker, as well as finding investors who will help you apply leverage to the market. You have to understand that this is work, and that this kind of work requires intelligence, focus, and a strong will.
If you've got all these skills and can develop these habits, day trading could be a great way to make a fantastic income. This is a job you can call fun honestly, and it can be pretty enriching, too. - 23222
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posted by X - Men @ 12:04 AM
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