| With all the bad trading advice out there, and old | | | | start making money and you get a bit of confidence |
| methodologies that simply don't work. It is very hard | | | | then it is time to ramp things up. |
| to make a quid on the stock market. Most of the | | | | 5. Track your progress. - Are you having winning |
| successful trader confirm that no matter how | | | | weeks, months. What time do you trade the best. |
| disciplined you are, you need a very simple system | | | | Are you performing in one area better than the |
| to stick to if you want to make consistent money | | | | other. This way you will get to know your strengths |
| each week. | | | | and weaknesses quicker and then you can hone in on |
| Recent studies suggest that 95% of day traders fail | | | | that. |
| to make money on the market. They try to make | | | | 6. Don't be greedy! - That is the fastest way to go |
| things so complicated that all their plans fly out the | | | | broke in this game. Learn to cut your losses early and |
| window and they end up losing their whole account in | | | | let your profits run. If you are winning consistently, |
| a matter of weeks. You may have experienced | | | | beware, this is a time where psychologically you think |
| some good wins, only to have them taken away by | | | | you are beating the market and you are most prone |
| heavy losses almost straight after. | | | | to making silly mistakes. |
| Here are the top 10 ways to consistent profits as a | | | | 7. Persistence pays off! - Realise that you are not |
| day trader. | | | | going to make money every day. Market dynamics |
| 1. Realize what a day trader is - Make sure you reach | | | | can change on a dime. Bad news can swamp the |
| the top day trading resources and learn what a day | | | | market within an afternoon. Watch, wait be patient |
| trader is and what consistently makes up their daily | | | | and stick to your longer term plans, even if you |
| ritual. i.e. Market analysis, chart analysis, listening to | | | | experience short term losses you should be making |
| the news etc. | | | | money consistently longer term. |
| 2. Set goals and objectives - Ensure you sit down | | | | 8. Join the other armies - Join the other forums, blogs |
| each week and make profit targets, plans and write | | | | and chats online. Make sure you never trade alone |
| out how you will implement these. Set out daily | | | | Sometimes there are many retired stockbrokers who |
| tasks, and know your ambitions short term and | | | | are day traders and hang out in popular forums and |
| longer term. These may changes from month to | | | | give away all their advice for free. This information is |
| month as your account grow, so monitor and adapt | | | | invaluable and get increase the chances you have of |
| as things progress. | | | | winning each and every day. |
| 3. Your trading accounts management - When you | | | | 9. Exercise - To keep your mind sharp you need to |
| are trading each and every day, makes sure you are | | | | be exercising each day. Especially if you are going to |
| using an account online that is easy to use, login and | | | | be sitting in front of a monitor all day. Exercising will |
| manage. When you are busy trading you do not | | | | get the endorphins buzzing and keep you healthy |
| want to have to worry about technical glitches. | | | | also. |
| Ensure you stick to the bigger well known names | | | | 10. Go back and repeat 1 - 9 - If first you don't |
| that support bigger clients. | | | | succeed, do not give up. It means that you did not |
| 4. Get your feet wet first - If you are just starting | | | | stick to your plans. Go back and see where you |
| out. Do not lump all your account money on one | | | | went wrong, minimize your positions until you get |
| particular stock. That is the fastest way you will go | | | | back on your feet and start again. The day trading |
| broke. Start out slow and get to know your system | | | | game is not an easy one, so stay vigilant and learn |
| before placing big orders on the market. Once you | | | | from you mistakes. |