How Day Traders Make Big Money - Their Secrets Revealed!
Day trading can be an excellent way to make very good money. But, it is not an easy job, as some may imply. You'll need to put in a lot of work to be successful.
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.
The first habit that must be cultivated a good sense of time. Day trading is not the sort of job for someone who is always late, or can't get out of bed before 11 AM. The best time for determining how you'll strategize to play the market on a given day is right before the opening bell. The opening bell rings at 5 AM in Hawaii and Alaska, at 6 AM in California, and at 9 AM in New York. Getting up early isn't the only requirement; you'll need to be alert and ready with a good internal clock.
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.
If you're thinking that you'll need to be a mathematician to get in the game, don't worry. Even if you weren't ever that great at math, you can learn certain quantitative skills that will quickly become second nature with just a little practice.
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.
Dedication to research is a fourth important habit. You won't need to pore over accounting statements like professionals in long term investing, but you will need to analyze trends that appear in the constant influx of information. You'll need to take an active role in decision-making, and choose trades based on this background knowledge. You can't make good judgments without the right research; but don't let an obsessive need to research cripple your ability to think and act on your feet.
Remember that you don't have to do all of this research and analysis alone. High level traders have many research tools and tricks, and various data analysis tools close by.
If day trading is a career that appeals to you, start by building a support network. Your team will include a broker, and investors to help you gain leverage in the market. Bear in mind that you will need to work, and word hard. You'll have to show intelligence, drive, and focus to succeed.
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. - 23221
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.
The first habit that must be cultivated a good sense of time. Day trading is not the sort of job for someone who is always late, or can't get out of bed before 11 AM. The best time for determining how you'll strategize to play the market on a given day is right before the opening bell. The opening bell rings at 5 AM in Hawaii and Alaska, at 6 AM in California, and at 9 AM in New York. Getting up early isn't the only requirement; you'll need to be alert and ready with a good internal clock.
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.
If you're thinking that you'll need to be a mathematician to get in the game, don't worry. Even if you weren't ever that great at math, you can learn certain quantitative skills that will quickly become second nature with just a little practice.
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.
Dedication to research is a fourth important habit. You won't need to pore over accounting statements like professionals in long term investing, but you will need to analyze trends that appear in the constant influx of information. You'll need to take an active role in decision-making, and choose trades based on this background knowledge. You can't make good judgments without the right research; but don't let an obsessive need to research cripple your ability to think and act on your feet.
Remember that you don't have to do all of this research and analysis alone. High level traders have many research tools and tricks, and various data analysis tools close by.
If day trading is a career that appeals to you, start by building a support network. Your team will include a broker, and investors to help you gain leverage in the market. Bear in mind that you will need to work, and word hard. You'll have to show intelligence, drive, and focus to succeed.
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. - 23221
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posted by X - Men @ 6:09 AM
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