Make Money Day Trading
Article provided by: 30minutestocktrading.com
There is seemingly nothing more difficult while at the same time alluring than to make money trading the stock market. My style of trading is called day trading. Day trading means you have gone in and out of your positions or trades on the same day. It also means your account is all cash with no open trades at the end of every day. The U.S. stock market is open from 9:30 AM to 4:00 PM EST (New York Time). The pro's or day trading is that as a trader, you don't have to worry about what happens overnight in regards to your positions because they have all been liquidated into cash by 4 PM. The con's of day trading is that you have to make decisions relatively quickly. You can't take more than 7.5 hours to make a trading decision.
If you want to make money being a day trader, you need self-discipline, a good strategy, and money. Self-discipline is something that I would say is the most important thing of all if you choose this career. More chances of making money have been lost due to not being there than losing money trading. If you do not have the self-discipline to day trade every single day, do yourself a favor and don't even try starting. This is a self employed business remember. No one is going to wake you up in the morning and push you toward your computer and keep you motivated, unless you pay someone to do that for you. On the flip side, this business allows you freedom like no other business in the world! All you need is a computer or laptop and a reliable internet connection (ethernet cable is preferable than WiFi) and you are in business.
In order to perfect the skill of day trading stocks, one must practice as much as possible and be completely focused on the task at hand while they are trading. Practice makes perfect, and that can't be truer in this business. The more one practices their strategy, the quicker they will become a master trader. When you practice something repeatedly, it literally makes indentations in your brain and the act becomes habit or second hand. When a trader reaches this stage, it will make their lives not only easier but wealthier as well.
The strategy being offered on the home page of this website is great for beginner traders as well as advanced traders because it is simple to use and does not involve any charts or predictive indicators. A lot of amateur traders think that in order to be a successful trader, they need to have a complicated strategy with lots of bells and whistles attached. “A simple system can't be effective” they say, “otherwise, everyone would be doing it!” . Wrong, wrong, wrong! Nothing can be further from the truth. A simple system still needs to be practiced over and over again by a trader in order to start becoming profitable. This is where more than 80% of traders fail because they simply do not have the patience, stamina or will to work through the tough parts of trading, the losing parts, and stick it out till the end. Of all the traders I know of that make a full time income from trading, every one of them had to go through some rought times in their career such as losing streaks, before they started to have consistent, profitable returns. My system typically takes 5 to 15 minutes of trading and you are done for the day!
A trader needs money to trade the markets. You can use your own money to trade, you can borrow money from others and you can leverage your money in order to buy more shares than you could have bought otherwise. Even if a person has NO money, they should demo trade the account for a month or 2 and then find an investor that will give them the money and divide the profits up at the end of every week via paypal, zelle or wire transfer. So as you can see, there is simply NO excuse to not start your trading career today!