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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by Moore > 2019-09-05 13:01 | Report Abuse
Starting to day trade isn't a decision to be taken lightly. It is possible to be successful and earn a good living trading only a few hours per day, but that goal is many months away for people just starting out. If you still want to start day trading, there are five things you need to do in order to put yourself on the right path. #Create/Learn a Strategy Day trading isn't something to do on a whim. It requires a sound and rehearsed method that gives you a statistical edge on each trade you make. You can create a strategy by finding tendencies in the daily price action of an asset. Also, you can learn a strategy from someone else or you can learn from the courses. #Practice a Lot Practicing is key in day trading. To be good at a sport, you practice. Even at a minimum-wage job, the boss usually makes you practice what you are supposed to do before you do it for real. Practice only the strategy you are working on. Perfect it, and know it well. With the added pressure of trading real capital, when you switch to live trading, you don't want to still be thinking about whether you should take a trade or not. #Know the Capital Requirements Capital to a day trader is like inventory to a store owner. You need it to operate, and how much you have—and how you manage it—will determine your income. #Consider Goals and Constraints Before you invest time in creating or learning and then practicing a day trading strategy, consider your goals and constraints. #Choose a Broker While you are practicing and developing strategies, choose a broker. This may be the same broker you open a demo account with, or it may be another. Do you think it helps? Tell me!