None of these tips or tricks or eBooks or any type of video tutorial will actually help you become a trader in real life. Right now every Tom, Dick and Harry is making boatloads of money on the stock market like every Tom, Dick and Harry made back in crypto in late 2017 and eventually the markets will trade sideways or bearish and people will lose all their realized gains.
The only way to become a profitable trader is basically to have experience and you can't teach experience. Just because a few kids made $1 million dollars trading with a $3000 account on Robinhood with Tesla options, doesn't mean they are better traders than those that made $50,000 yearly profit off their $100,000 starting balance.
Like the famous saying goes "Anyone can make money in a bull market". Don't need to be a experienced trader at all.
Topic: This will help day traders and newbie traders. - page 7. (Read 1229 times)
It is a great article, I like those tips, they usually speak in a general sense, although I give more importance to learning to know the market, its movements, the way to interpret the volume and not only dedicate itself to only doing technical analysis, but Try to understand the market movements.
Background understanding of what a trader is
Points To Note
1. You need to have the right mindset, this is the most important (and the very first) requirement in becoming a day trader.
2. You need to be mentally prepared to take risks and suffer losses.
3. Have in mind that no one can generate profits consistently. Intermittent and extended losses are part of the day trading game. (For example, a day trader may suffer eight loss-making trades in a row and only recover with profit on the ninth trade.)
4. Master your entry/exit strategy
5. Have money management understanding
This is a good advise for we all
https://www.investopedia.com/articles/active-trading/051415/10-steps-becoming-day-trader.asp
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often multiple times during the day, but without carrying any open positions to the next day. All buy/sell positions taken during a trading day are squared-off on the same day before the market closes
Points To Note
1. You need to have the right mindset, this is the most important (and the very first) requirement in becoming a day trader.
2. You need to be mentally prepared to take risks and suffer losses.
3. Have in mind that no one can generate profits consistently. Intermittent and extended losses are part of the day trading game. (For example, a day trader may suffer eight loss-making trades in a row and only recover with profit on the ninth trade.)
4. Master your entry/exit strategy
5. Have money management understanding
Quote
Day traders need a solid foundation of knowledge about how the markets function. From simple details (like exchange trading hours and holidays) to complex details (like the impact of news events, margin requirements, and allowed tradable instruments), a trader needs to have a broad knowledge base.
Important my friend because sometimes a day preceding holiday could be highly volatile or dull. Sometimes it is better not to trade on the day before holiday to be safe.Quote
Aspiring traders should beware of websites and courses that promise foolproof day trading success or endless profits. The limited percentage of day traders who have managed to be successful do so by investing their time and efforts into building trading strategies and following them religiously.
A day trader is on his own in this big trading world. Before giving up your job to become a day trader, be sure that you have the motivation to continuously learn, design your trading strategies, and take accountability for your decisions and actions.
A day trader is on his own in this big trading world. Before giving up your job to become a day trader, be sure that you have the motivation to continuously learn, design your trading strategies, and take accountability for your decisions and actions.
This is a good advise for we all
https://www.investopedia.com/articles/active-trading/051415/10-steps-becoming-day-trader.asp
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