A beginner’s guide to day trading

Day trading is not as easy as many people make it out to be. There are many technical things involved in becoming a successful day trader. You need to have all the basic information of day trading before you jump into this fast money generating business.

While it’s possible to find awesome penny stocks with enough digging, it’s extremely difficult and you need to be aware of some of the pitfalls that will inevitably come your way.  After spending 4-5 successful years in trading we’ve finally come up with some useful tips that you must adopt before starting your day trading business.

In this article, we’re going to share the information that we’ve learned from many experts and we’ll also share our personal knowledge that’ll help you become a successful day trader.

Let’s move to the tips now.

Knowledge is power

You should not only be aware of the basic trading procedures but you must keep yourself updated with the latest stock market events and news by which stocks are affected – the economic outlook, the Fed’s plans for interest rates, etc.

You must keep collecting the important information about general markets and the selected companies. Develop a habit of visiting trustworthy financial websites on a regular basis.

Set Aside Time

You need to commit a lot of time for day trading. If you think that sparing a few hours will help you grow and become successful in this business then you’re wrong. The trader must be able to track the spot opportunities and the markets because these things can rise anytime. Moving fast and quickly is the key to the success.

Set an amount

You must have it clear in your mind that how much money do you want to spend on each trade. You must set a surplus amount for trading so that you may not lose hope if you lose this money. And you must keep in mind that in this business you should keep your basic living, and expenses aside from this business.

Start Small

Do not think to earn bigger in the beginning otherwise, you’ll lose everything. During a day trading session, you should only focus on a limited amount of stocks. Tracking and looking for opportunities is easier with just a few stocks.

Follow these amazing tips to start your day trading business today and get ready for a great success in life.

The Dow Jones Takes A Dive

With the Dow Jones Index currently around 6700 points today, its lowest point in nearly 12 years, I hate to say “I TOLD YOU SO!”Oops, I guess I just did.

However, although I am not a big fan of investing money in mutual fund-based investments, like 401(k)’s, IRA’s, etc, I NEVER want people to suffer heavy losses that compels them to wake up and listen to what we are teaching. Nevertheless, loss does cause us to question our assumptions and explore new, and more effective, possibilities.

I had several clients last year (when the Dow was around 11,000) ask me about what I felt the market would do. I told each one of them that even though it seems irrational (at that time), expect the Dow to tank somewhere near 6000, and quite possibly lower because a Depression IS coming. Some took action while others did not. The ones that took action, even when it hovered around 8500, are smiling much bigger now that they took their own initiative to reallocate to safer funds.

For those that still question whether to get out or what to do, I will have you answer the following questions so you can decide for yourself:

  1. Do you KNOW what the market will do next?
  2. Do you keep hearing financial “experts” telling you to stay in for the long haul, although the long haul seems to be getting longer?
  3. Can you make the markets go up?
  4. Are you only investing in these because someone, like a financial planner or HR representative at your company, told you it was a “wise” thing to do?
  5. Will these vehicles REALLY help you retire well?Watch “The Retirement Titanic.”
  6. Are you “in the dark” about what is the best investment for you?

You are not alone if you couldn’t answer these confidently. Will you wait for it to drop further before you do something? If you have more questions, feel free to comment, email me, or Dale, at cmiles@freedomfasttrack.com or dclarke@theaccreditednetwork.com.