So you have your equipment and your trading desk is all set up. You have your trading account set up with your broker of choice. Your trading platform is set up on your work station and now – you are ready to trade. Not so fast turbo! You now need to develop a successful day trading strategy and doing so needs assistance from a professional day trading service. Your job as a day trader is making the trades. You need guidance for stocks on the move, what’s hot and what’s not. You don’t want to be searching and symbol hopping throughout the trading day; you want the pros to let you know what’s on the move. You definitely want nothing to do with a service that is hyping stocks – that’s for losers and partaking in their losing game, you will become one of them.
Professional day trading service provides serious tips on stocks that are seeing actual trading action, stocks that have the attention of the big boys, the market makers and institutional traders that help keep the stocks moving. Set up an account with such a service and get ready to move forward on your day trading career. Review their potential Training Programs and seriously consider taking part in them. While at first glance a trader may view the price as a lot of money but when you take into consideration the amount of money you can lose, it’s a nominal fee to pay for the potential end reward.
Flip that switch on your platform to the DEMO mode and now you’re ready. Even after initial training in any profession, you need practice and DEMO mode is the only place you should be practicing when day trading.
In DEMO mode, you will have the opportunity to get use to your trading platform, changing symbols, moving chart to chart – looking at different Level II data, placing DEMO trades – entering, exiting, placing stop losses, placing trailing stops – all the whistles and bells available on your platform. Now is the time to take several months – that’s right I said months. When you rush the process, you only rush the time it takes for you to lose your trading capital. That’s a foolish mistake and one you don’t have to make. Practice shorting. Get use to entering and exiting a short trading position. Get familiar with the feeling of taking a stop loss without actually losing any real money.
DEMO mode enables you the opportunity to adjust to emotions that become a part of trading. While emotions are a key factor that can make or break a trade, they must be controlled. You make a good DEMO trade – aright - but calm down turbo! You make a DEMO trade and it hits your stop – remain calm turbo. Evaluate each and every DEMO trade you make – what did you do that helped you show a gain or what you did that resulted in a stop loss.
December 2011
