There are many of us who would like to know exactly how to gain financial
freedom through day
. This is becoming an increasingly popular way to supplement
your regular income, because you can work whenever you feel like it without
having to answer to anyone. The first thing you need to do is to make sure
you have the basics: a high speed internet connection, a charting service,
real-time quotes and a broker service. However, keep in mind that if you
truly want to become a day trader you need to possess a number of skills
that are essential for your trading success.
Here are 7 useful tips to become a successful day trader:
Don't use borrowed money: Stocks are unpredictable and can fall at any
time, so only trade with money you can afford to lose.
Start small: don't invest too much money on your first try. Wait until
you have gained enough experience and then gradually increase you
Learn from you mistakes: every time you fail you should carefully
examine what where the factors that led you to failure. There are many
people who keep repeating the same mistakes without ever questioning
Don't give up too early: as soon as they lose some money many traders
quit, believing that this is just a waste of time. You need to stay
strong and focus on the target.
Always record your trades: keeping a record of every action that worked
or failed will help you develop your own profitable strategy.
Establish a stop loss policy: money management is a very important
skill. Don't risk wiping out your whole account.
Learn from the best: finding a great mentor and getting a good trading
education is critical for your success. You need to learn how to analyze
market trends and develop the correct money management strategy.