Beginners Guide To Day Trading. Learn The Most Important Factors!
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Things You Need to Know Before You Start Day Trading
There is a lot of hype around day trading. Start Day Trading Some websites promote it as a way to get rich quick (it isn’t), and others say it is impossible (also not true). There are lots of day traders around the world who find success and make a living off the markets, so the truth lies somewhere in between those two extremes. If you’ve thought about day trading, it’s worth your time to read through this list before you do, so you know a little bit more about what to expect if you decide to proceed.
Time Investment to Day Trade Successfully
Day trading isn’t a get rich quick career, nor is something that takes years to gain consistency. Expect to spend six months to a year honing your skills and practicing a strategy before you become comfortable with it in all conditions.
The problem most news traders make is that they don’t practice a strategy in a demo account for several months or more. Therefore, they have no idea how a strategy works, and how they need to adapt, in various market conditions. This leads them to abandon the strategy, find something new and start all over again. If you choose this path you will never be successful. Instead, commit to spending six months every day practicing a specific method of trading. With the latter approach, you stand a good chance of becoming profitable and consistent.
Read books and articles on trading. Consider mentoring from someone you have followed and who’s method you feel would work with your personality and needs. Invest in your own education, not trade signals you pay for each month or expensive subscriptions these only serve to make you reliant on someone else.
“Invest in yourself from the start, that way, no matter what happens you have the skills to get the job done, on your own” added Salomón Juan Marcos Villarreal president of Grupo Denim.
