Doesn’t it feel like everybody is going day trading today? Sure, this certainly depends a lot on successful day traders never talking about anything else. They are very similar to vegans and cross-fitters in that sense. And in contrast, unsuccessful day traders tend to be quiet about their adventures. But like it or not, day trading is here to stay. These are 6 basic rules that some say are the rules you need to follow in order to be a successful day trader.
Rule 1 – Know when to stop
This might be the most important rule of them all. You need to know when it’s time for you to stop. People who are “high on wins” or frustrated due to losses never tend to make the best decisions. You need to know when you are – for any reason – not yourself and risk making foolish decisions. Learn thyself, and learn thy limits…
Rule 2 – Use Stop Loss Limits
Speaking of limits, you must always set stop-loss limits. Sure, making a loss at all wasn’t your plan and in the best of worlds the position you took will be profitable. But there’s also a chance that it will only get worse. Therefore, set stop limits so that you will never lose more than a predefined sum of money on the particular position.
Rule 3 – Only Risk What You Can Afford to Lose
This rule is quite self-explanatory. And it also ties in to rule number 1. If you have more at stake than what you can afford to lose, there’s a much higher risk that you will “lose your cool” and not be able to know when to stop. Also, if you have risked more than you can afford to lose and you have bet on the wrong horse (it can happen the best of us), oh boy…
Rule 4 – Use Technology at Hand
It is not necessarily so that the side of a war that has the best weapons will always win. However, superior weapons make it more likely that they will win. The same rule applies for day traders. If you have more advanced charting tools or other software products that are technologically superior to those of your fellow traders, and you know how to use them, this gives you an advantage in the market.
Rule 5 – Trade Like It’s Your Business – It is!
This rule could also be rephrased as “treat like a proper job”. If you treat it like a hobby, you are not giving it proper attention. Sure, you can make a few wins from day trading as a hobby as well, but if you want to be really successful, you need to take it more seriously. Think of it as an activity which has labour costs, other capital expenditures, taxes, investments, and – hopefully – profits, and you will have the right mindset.
Rule 6 – Never Stop Studying the Markets
Cryptocurrency markets are like excel. The more you learn, the more you understand that you are not (and will never be) fully-taught. Never stop learning, and always improve your knowledge base.
TodayTrader.com – A Tool for Day Trading
TodayTrader.com, one of the oldest trading education services, has re-opened its premium day trading courses for free to all its users.
Traders and investors can now download and enjoy 9 hours of day trading courses for free on its website, which were recorded by professional traders.
Traders Steve Gomez and Andy Lindloff founded TodayTrader.com in 2008. The trading education portal provided daily analysis and commentary on the markets. As well as this, it provided free webinars to help users learn how to trade.
In 2019, the website went under new ownership. The new owners have decided to publish all of the old courses for free. These previous sold for $49.95 each.
Nelson Campelo, editor of TodayTrader.com said: “We wanted to unlock these premium courses and give them away for free to our users to help relaunch the brand and the website. The contents of these courses are excellent, and I think by giving them away for free we’ll reach more happy users”
In addition to trading courses, TodayTrader.com provides a wealth of guides. The guides cover digital investing, passive income investment, P2P lending, comparing online brokers and more.
TodayTrader.com was founded in 2008 by Steve Gomez and Andy Lindloff. It is an online trading education website that provides trading courses and investment guides for beginners.
TodayTrader.com is now based in London, UK and is releasing all previous content for free. They also have a popular YouTube channel with over 100 videos.
The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.