Achieve Day Trading Career Success!

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Day trading, for the people who can do it well, is an excellent way to make money. What used to be a specialized field, dominated by brokers watching the displays on the floor at Wall Street is, more than ever, an endeavor done by people at home, using the internet and automated programs to get day trading career success.

Getting to that promised land of day trading career success is something that takes an education and a willingness to take risks, but it's possible for anyone to do it if they're willing to invest the time. You do not need to be a genius to do this, you just need to be perceptive.

Most day trading career success comes from paying your dues making a bunch of trades that seemed like a good idea at the time, with the information you had available. This is sometimes called 'making money the old fashioned way - by losing it and learning from it'.

How quickly you get to success in stock trading stems largely from how quickly you can learn. There is no secret formula to this, it's all about learning the ins and outs of one or two market sectors and learning to read the signs. Anyone selling you a seminar is trying to tell you what stupid mistakes they learned from so you do not have to make them yourself.

Understand that day trading career success - and getting to the point where you consistently make money - is going to be a process of making mistakes. Some of those mistakes will be costly; you'll think you've got the market read correctly, you'll place your trade, and you'll find that there's either a missed opportunity, or you held onto something too long and lost money entirely.

Since day trading is all about market volatility and using that to make your trades and make your profits, there will always be another trade to be made. Learn from your mistakes, but do not dwell on them.

A good way to learn day trading is with a test account; ideally with some sort of teaching program. You'll be in a situation where someone who's looking at the same market data you are explains what signals they saw, and explains how they made their trades, and why. The mechanics of day trading are simple, and in a lot of cases, highly automated. The actual strategy comes from reading the tea leaves of opening and closing prices on stocks or equities in the sector you're studying.

Many of these equities will follow specific patterns that can be tracked, and predicted ... most of the time. Knowing when the market has 'gone out of the predictable phase' is also an important lesson to learn. Just like playing poker, sometimes the winning play is to fold early when you do not like the looks of the signals you're getting.

Day trading career success comes from education, it does not come in a box, it does not come from an automated program. Do not believe any day trading program that talks about how you can make money easily. Day trading is a job, it's a job that requires a certain attention to detail, a certain degree of monomania, and a certain willingness to take risks.

Just remember, automated tools like stock trading software do not have judgment - they can execute trades according to parameters you entered at the start, but if they encounter something outside their parameters, they're just as likely to lose you money as make you money.

All the automated software tools do is free up your time to do analysis, and handle the tedious details that you'd otherwise handle on the phone with a broker.

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Source by Peter Skotnicky