How Day Traders Make Big Money - Their Secrets Revealed!
A job as a day trader is a great way to make money in a very lucrative field. It is not, though, an easy way to get rich quick. You will need to put effort and work into it.
As it happens, trading stocks and commodities as a day trader is great job, and a financially rewarding one. It does require certain characteristics and habits for the highest chances of success.
A good time sense is the first important habit. Day trading is not the job for people who drag themselves out of bed in the late morning and can't think before their second, or third, cup of coffee. Day traders must be up and alert before the opening bell. In New York, trading opens at 9 AM. This is 6 AM in California, and a very early 5 AM in Alaska and Hawaii. The best time to plot trading strategy for a given day is before the opening bell ? you'll need to not only be awake by then, but alert and thinking on your feet.
A second critical habit is a good set of numerical analysis skills. Making and losing money based on gut hunches is a given, but you'll also need to make educated choices based on what you've read, summarized, and synthesized so that you can make good judgments quickly with this background knowledge. All of this needs to be done fast, and you'll need to quickly judge trends in financial markets and apply these snap analyses to your trading decisions.
Let me just point out that you don't have to be a mathematician to be good at day trading. You can learn certain quantitative skills, even if you were never that great at math. Certain numerical skills will seem automatic to you once you've practiced them a bit.
A third habit that breeds success for day traders is patience and the ability to make keen observations. These habits must be combined with an excellent short-term memory. Patience can be tough to muster when you face the disappointment of missing a stock at its peak, or when you lose money because your low never came to pass. Try not to let these challenges drag you down. Also be sure to keep your cool when you score a winning trade.
The fourth habit you'll need to cultivate is research skills. Day trading, thankfully, does not require the same kind of in-depth numerical analysis as long-term investments, but you'll need a handle on the flow of information so that you can use this knowledge base when making quick judgments. Doing your research ahead of time is the only way to make good judgments quickly. But, don't get bogged down so much by research that you lose the ability to think and act fast.
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 you think you may possess these skills and traits, day trading can offer a thrilling way of earning a remarkable income. You can really have fun at the job, and if you have what it takes to be successful, you'll come away "enriched" in more ways than one. - 23200
As it happens, trading stocks and commodities as a day trader is great job, and a financially rewarding one. It does require certain characteristics and habits for the highest chances of success.
A good time sense is the first important habit. Day trading is not the job for people who drag themselves out of bed in the late morning and can't think before their second, or third, cup of coffee. Day traders must be up and alert before the opening bell. In New York, trading opens at 9 AM. This is 6 AM in California, and a very early 5 AM in Alaska and Hawaii. The best time to plot trading strategy for a given day is before the opening bell ? you'll need to not only be awake by then, but alert and thinking on your feet.
A second critical habit is a good set of numerical analysis skills. Making and losing money based on gut hunches is a given, but you'll also need to make educated choices based on what you've read, summarized, and synthesized so that you can make good judgments quickly with this background knowledge. All of this needs to be done fast, and you'll need to quickly judge trends in financial markets and apply these snap analyses to your trading decisions.
Let me just point out that you don't have to be a mathematician to be good at day trading. You can learn certain quantitative skills, even if you were never that great at math. Certain numerical skills will seem automatic to you once you've practiced them a bit.
A third habit that breeds success for day traders is patience and the ability to make keen observations. These habits must be combined with an excellent short-term memory. Patience can be tough to muster when you face the disappointment of missing a stock at its peak, or when you lose money because your low never came to pass. Try not to let these challenges drag you down. Also be sure to keep your cool when you score a winning trade.
The fourth habit you'll need to cultivate is research skills. Day trading, thankfully, does not require the same kind of in-depth numerical analysis as long-term investments, but you'll need a handle on the flow of information so that you can use this knowledge base when making quick judgments. Doing your research ahead of time is the only way to make good judgments quickly. But, don't get bogged down so much by research that you lose the ability to think and act fast.
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 you think you may possess these skills and traits, day trading can offer a thrilling way of earning a remarkable income. You can really have fun at the job, and if you have what it takes to be successful, you'll come away "enriched" in more ways than one. - 23200
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It's my goal that this day trading advice motivates you to enter into this profitable venture. Click Here to learn about a proven day trading system that is making plenty of people great money!
posted by X - Men @ 1:49 PM
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