FOREX Day trading
is a great way to make good money, but is not necessarily an
easy ride. It's an art that takes a lot of time to master. With day trading
you can make money in a single day buying and selling stocks, without any
long term investments. This leads to huge opportunities for profit, but
there is also a great deal of risk involved. It is a well-known fact that
most traders end up losing money instead of making a profit. To avoid
becoming one of them, there are some traits that need to be ingrained.
Here are 7 powerful tips to become
a successful day trader:
Find a system and stick to it: it's very important to discover a set of
profitable techniques and master them. Trading without a plan is not
different than gambling and will certainly get you burned eventually.
Keep in mind that day trading is a JOB : earning tons of money is not a
given, because this is not a passive source of income. You should get
proper training and keep improving your performance, if you are really
determined to make a profit.
Try to keep a diary of your trades: this way you will identify your
mistakes and avoid repeating them over and over again.
Control your emotions: emotions like greed, fear and disappointment can
heavily impact your trades. Emotional people tend to break under
pressure. Try to stay calm, don't take your defeats too seriously and
simply follow the plan.
Only use money you can afford to lose: you should never invest money
that is set aside for paying you utility bills or your mortgage.
Do not overtrade: overtrading is a sign of an amateur trader. Many
people commit this mistake as an effort to cover their losses, but it
can be a recipe for disaster.
Get a good trading education: getting a solid education is an absolute
necessity. A great mentor can teach you how to manage risk and analyze
Although some losses are inevitable, there is incredible
profit potential in day trading
Do you want to find out how to take advantage of this potential?