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Day Trading Tips |
When investors search for day trading tips, they are usually looking for signals to buy and sell; e.g., buy stock XYZ at 23.20, take profit at 25.50, and place a stop loss at 22.60; or buy EUR/USD at 1.2825 and sell at 1.2890.
If that sounded like Chinese to you, that’s because trading tips of that nature are pretty useless. Folks that are interested in learning how to trade should not be told what to do. It is like sending a soldier to war and, instead of training him how to fight, telling him via radio when to fire at the enemy. Pretty silly, right?
Yet many new traders want precisely that. They want to call themselves “day traders” at parties, but they want to be spoon fed with “day trading tips” while the market is open. It is a losing situation for them. Investors who want to manage their own money need to learn how to trade first.
This sounds elementary, but many just fail to see the obvious. “So,” you might be asking yourself, “are all day trading tips bad?” Not quite. There are a few general tips that are crucial for all traders to follow. Here are some:
• Limiting your losses is crucial – A day trader that does not limit his potential loss on every trade is like a person who cancels his homeowner’s insurance one year because he does not think that there will be any major catastrophes that season. A trader must have a system of limiting his losses by placing STOPS, just in case a trade turns against him.
• Walk away on a rainy day – This is one of the most important pieces of advice on day trading. A trader does not have to trade every single day. He should also take a break from trading if he doesn’t feel right mentally or physically. This might be because of getting on a longer than normal losing streak, not feeling good about the market on a particular day, or another problem not associated with trading.
• Be a true “day trader” at all times – Real “day trading” involves the opening and closing of all positions before the market closes; that is, no positions should be left in the account going into the market close because the trader will not have any control of those positions. A day trader should begin and end every trading session with a clean slate.
These tips will save traders a lot of unnecessary headaches and losses.
For more day trading tips, visit http://www.geocities.com/daytradingtutor/.
| | Author Info: i write the article for www.geocities.com/daytradingtutor/
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