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603
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Day Trading At The Beach - Can It Get Any Better?
Day trading attracts plenty of hype. Slick vendors want you to believe that you can trade whenever and wherever you want. You could even be on vacation and make money at the same time. They push the image of someone with a laptop on the beach, ticking off profits in between swimming, building castles with the kids, and taking romantic walks with a tanned, beautiful someone by your side.
Posted on Aug-23-2009
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640
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The Art of Growing A Day Trading Account
One of my day trading students told me he was disappointed. He has been trading $10,000 for six weeks, but realized only $600 in profits. He told me that he was considering getting out of day trading because he thought he could make much, much more. After all, $600 in six weeks is only $100 a week, just a fraction of the money he set aside to invest. He could work as a fast food clerk and make more money, so, he thought, why bother with such an inefficient form of income?
Posted on Aug-23-2009
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755
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The High Cost of "Free"
Who knew that “free” really meant “expensive”? That may seem like a contradiction, but day traders can easily find themselves in a situation where it turns out to be true.
Posted on Aug-23-2009
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653
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The $700 Billion Bailout Plan - A Good Idea?
We have all heard plenty of talk, both positive and negative, about the $700 billion bailout plan, and there are now rumors of similar plans in the works. The discussion dominated the recent election, and it continues to be a primary concern both on “Wall Street” and “Main Street.” Many people who have never concerned themselves with high level economic issues are finding themselves writing, or being solicited to write, letters to their congressmen and women in support of or opposition to the pl
Posted on Aug-23-2009
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638
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Should You Let Your Profits Run?
Knowing when to accept your profits is key to successful day trading. However, many people often think that you can earn more by letting your profits run. This strategy almost always fails, and it is why I find that setting profit targets is one of the few ways to guarantee that you turn a market gain into a monetary gain.
Posted on Aug-23-2009
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643
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How Many Markets Should You Trade?
Too often, I hear from traders who insist that they "specialize" in a single market. Although they may feel a sense of comfort and even mastery by trading exclusively in one market, this kind of approach is a serious mistake. As day traders, we are interested in profitable markets. But what defines a profitable market has nothing to do with the kind of market it is; rather, it depends on how it is trending. Consequently, a successful trader should commit him or herself to trading trending market
Posted on Aug-23-2009
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686
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The Power of Day Trading with Weekly Profit Goals
I insist on the power of weekly profit goals in my Day Trading Coaching Program. I help my students determine a goal for each week that is at once attractive and realistic. I insist that sticking with this goal should be a hard and fast rule. So, no matter how confident, or lucky, they may feel, I tell students that the only way to guarantee long term success is to stop trading once they achieve their goal. They should wait until the next week to start trading again, even if they have a hunch th
Posted on Aug-23-2009
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670
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Are Things as Bad as They Seem?
We have seen a number of dark days for stock markets all around the world in the past months. But how frightened should we be? Is the next Great Depression upon us? How can we distinguish a small crisis from a huge one? One way to deal with these questions and to calm our feelings of panic is to look closely at a single bad day. When we do that, the details can show us that the bigger picture may not be as bad as we fear, and, hopefully, quell our feelings of panic.
Posted on Aug-23-2009
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78
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A Day Trading Strategy with a 90% Winning Percentage?
Day traders cannot avoid losses. If anyone tries to sell you a system that has no losses, or even as little as 10% losses, you can be sure that they are unreliable. The fact is that traders engage in a very risky endeavor, and, even with the best plans, the markets will do unpredictable things.
Posted on Aug-23-2009
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