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How to be a successful trader?

The market is an ever-changing entity, presenting us every day with different and unique scenarios. Read it carefully. Those who do not know about day trading, can learn how to be a successful trader, and acquire these points and those who already know can refresh these points.

The market is more or less a reflection of people's ideas and attitudes and while it is also true that no two people are alike, each and every one of us has something in common with someone else, whether it be the way we get out of bed in the morning or the foods we prefer to eat. Additionally, we tend to repeat actions such as preferring to brush our teeth at a certain time of day or making sure we try to catch the Thursday night prime time television shows. No matter which angle you look at it from, humans are creatures of habit and this tendency gets reflected in stock movement. It's what makes technical analysis a reliable and profitable way to trade.

Unfortunately, technical analysis is not always cut and dry. The same core pattern does not work the same in every market environment. For instance, one of the setups I often look for on a daily chart is a 3-5 day pullback in an up trending stock for buying opportunities. Where newer traders tend to get in trouble, however, is taking such a setup to mean that every time an up trending stock pulls back 3-5 days and then breaks the previous day's highs that means they enter long. In reality, there are always exceptions and it's learning what these are that can be the dividing line between those traders who are successful and those who fail.

In this example, how a stocks pulls back in a primary uptrend as well as overall market conditions will greatly influence whether taking such a pullback as a long is really worth the risk to reward. In some cases it is not. The ability to adjust to changing market circumstances is just one of the traits of a successful trader. In truth though, there are quite a few. Something that I've found helpful is taking the time to look at other successful traders and trying to identify characteristics that may have contributed to their success.

In end of day trading, you have a chance of looking what is the price at the end of the day and responding. You are oblivious to what happened in the day. In day trading, you don't have that luxury. Beware of crowd pull. It can be a nightmare and stressful initially. If you last long enough, you might develop an edge.

  1. You need to select stocks which
    1. Have high average volume ( high liquidity)
    2. Move a lot - high beta (If you select non moving stocks, it will be waste of time)
  2. You need to know where to enter and where to exit. These points should typically help you make money. This is the hardest part. Since, there is lot of noise during the day.
  3. Market tends to go up the most of the time, and make corrections at times. When it is pulling back from a big up-trend, you can make use of the fall and earn bulk of profits.

    However, in this market, for the most part, they always go up. Just avoid trading when they go down. Avoid trading when the market is pulling back after a long trend. You need to be master if you want to trade in pulling back market.
  4. Use good money management. When the stock moves on your side and crosses what you risked, take 50% profits. Then, move the stop where you bought to break even. This way, you make enough income to keep you going. During day trading, the stocks typically move up and down (noise). Don't expect to see chart like what you see in EOD chart. They don't just go up.

    So, if the stock goes towards you, take half off. There are high chances that those profits will also go if you don't make a move. That way, you will not last long enough.

The daytrader

Share prices charts

  1. Trading for a living
  2. Short term trading strategies
    Gaining knowledge is the first step to trading.
  3. Price action trading
  4. Range trade
  5. What is a swing trader?
  6. Follow the trend
    1. Trend following strategy
      Traders violate it surprisingly often!
  7. Initial public offering
  8. Options contract
  9. Advanced option trading strategies
  10. Futures market
  11. Exchange traded funds
  12. New fund offer
  13. Commodity trade finance
  14. Trade network
  15. How to be a successful trader?
    For those who do not know about day trading, ...
  1. How to read share price charts?
  2. Candlestick charting
  3. RSI chart

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