| What are the simplest day trading tips every trader | | | | able to answer so many of my difficult questions. |
| should know? | | | | Questions like how do I make sense of the trading |
| I once met a day trader who has been very | | | | calendar, how do I spot dumb money moves, how |
| successful in the markets, and I asked him if there | | | | do I deal with conflicting indicators and many more |
| were any golden rules I should apply to my trading. | | | | questions. |
| He told me that there were many rules, but I would | | | | Getting educated helped me out a lot, even though I |
| not be able to apply them in practice, even if he told | | | | have moved on from their original trading strategy, |
| me. | | | | as I have slightly changed their rules. I combine |
| Finally I convinced him to let me in on some of his | | | | everything they taught me together with what I |
| secrets, and he told me, but emphasised that it | | | | learned from others and the results are great. |
| takes a lot of practice to be able to work with them. | | | | In fact, the rules mentioned above, are not to be |
| Here are the excellent tips on day trading that he | | | | used as hard and fast golden rules. For example I will |
| gave me: | | | | now trade on FOMC meeting days, but I know that |
| 1) Watch the trading calendar and never be in a | | | | the early session trends to have 90% probability of |
| trade ahead of a report. | | | | fizzling out, in fact the whole day will be nothing but |
| 2) Never trade on FOMC meeting days. | | | | false moves. |
| 3) If a volatile day is expected, at least stay out of | | | | To a new trader, FOMC meeting days can be so |
| the market during the first hour. | | | | intimidating. Imagine expecting a massive rally to take |
| 4) Find a trading mentor! No matter how well you | | | | place, and buying big, only to find that it goes |
| think you can trade, the mentor will pinpoint your | | | | nowhere. Imagine how many unnecessary losses this |
| weaknesses and save you a lot of bad trades, while | | | | trader will incur that day. |
| keeping the good ones going. | | | | Getting educated was my best choice ever, it was |
| And then I thought, that sounds good, but how do I | | | | the best spent money in my life, and it has really paid |
| use the trading calendar to predict volatility, and how | | | | off ever since! And it's not just the money; they also |
| do I find a mentor that knows all of this, and can | | | | saved me a lot of frustration. After attending the |
| answer my every question? | | | | mentoring program, I can make a living trading the |
| After looking around and talking to many serious | | | | markets, just 4 days a week. Only 4 days a week! |
| traders, I finally decided that I needed some | | | | There are others who think, that they have to trade |
| education. I new what I wanted, and finally I found a | | | | all day long and 7 days a week. And guess what, |
| great educator. Not only do they have a serious and | | | | they give back most of their gains. They make less |
| very effective training program, but they also were | | | | than they would in my 4 day trading strategy! |