Does Day Trading Work? 4 Secrets For Long Term Day Trading Success
Does Day Trading Work? 4 Secrets For Long Term Day Trading Success
When it comes to day trading, most people start off by learning too much of the wrong kind of information and they go down a less than profitable path. Instead, I'll ensure you get the cold hard facts about what's practical and what's necessary for you to start earning a genuine $100k+ day trading income as rapidly as possible.
Here are 4 things you need to know for the best possible day trading start:
1. Most newbie trading "apprentices" get caught up with learning 1,001 different technical indicators (and studying every obscure trading system under the sun). They mistakenly believe this will make them a great trader. For day trading success, less is more.
2. KISS (Keep It Simple, Stupid) is where you want to be. Focus on the most basic skills and minimize clutter on your charts. You want to be doing one thing as a day trading newbie, and that's getting a feel for how your chosen market trades in real time. You cannot day trade successfully without developing good instincts from watching the market.
3. While market-watching, the first of two key day trading skills you should be working on is reading market behavior. Where is the price going next and how far? How does the price behave after this pattern forms and that one? What time of day do the best runs occur? How far does the price move and how quickly?
4. The other key day trading skill is executing your trades correctly. This is where you put your money where your mouth is and test your analysis skills with real decisions. Surprisingly, this is the hardest skill to learn. On paper, it should be easy, right? But instead most traders find their decision-making goes to pieces when it comes to acting upon their carefully-developed analysis skills. Good trade execution is what sets apart the winners from the losers.
Good Trading,
Brian Heyliger
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