DAY TRADING TIPS?!?!?!?
I am a beginner day trader. I have a few co-workers that introduced me to it and im looking to get envolved. I was just wondering if there are any people out there that have been successfull with it and could shine some light on me and maybe recommend some stocks that i can start with to gain more experience that will turn around decent profits. Any advice of stocks that anyone has personal experience with is greatly appreciated.
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Learn to read charts.
Take the emotion out your trades. I win on 90% of my trades when my wife is not around. I lose 100% when she is.
You should learn all you can first and trade a mythical portfolio for practice. Eventually you should have a system and follow it. There are different types of traders. There are different systems. A lot to learn.
You might try Investor's Business Daily for a good source of info. Read widely and all you can. Learning takes years.
However I will also issue two warnings. The current stock market is in a larger secular bear market and starting another leg down. Becoming a day trader now could be dangerous. On the other hand if you learn to short stocks then this could be a great opportunity. The second warning is a lot of day traders lose their capital going in with little experience. They come out with some experience and no capital.
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i have attended a lot of seminars, read counless books on forex trading and it all cost me thousands of dollars. the worst thing was i blew up my first account. after that i opened another account and the same thing happened again. i started to wonder why i couldn,t make any money in forex trading. at first i thought i knew everything about trading. finally i found that the main problem i have was i did not have the right mental in trading. as we know that psychology has great impact on our trading result. apart from psychology issue, there is another problem that we have to address. they are money management, market analysis, and entry/exit rules. to me money management is important in trading. i opened another account and start to trade profitably after i learnt from my past mistake. i don't trade emotionally anymore.
if you are serious about trading you need to address your weakness and try to fix it. no forex guru can make you Professional trader unless you want to learn from your mistake.
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