Mon 09/Nov/2009

   Mon 09/Nov/2009

   The Art of Day Trading – The Basics

   For those of you who want to learn the art of Day Trading, the key to remember is that it ‘is not a get rich quick scheme’. Day Trading can be a very lucrative and financially rewarding business if you take the time needed to develop your individual day trading strategy. The advantage of developing your individual day trading strategy is that you create and mold a trading method around your own trading techniques that you already retain. How to be Successful at Day Trading Know your loss limitations;Setup your trading account with a reputable online trading broker – do your research;Demo,demo and demo potential stock trading systems or methods you may want to use;Set a daily profit goal for online trading and stick to it, even while you are in demo-mode;Subscribe to a professional website that focuses on day trading. How to set up your Online Trading Platform The number of charts/level II’s you can watch at any one time will be determined by the number of monitors you are using;Be prepared for numerous changes to your layout over the first few weeks until you are completely satisfied with your layout;Save your changes and revisions as you go, nothing worse than going through the motions of setting up your trading platform and your Internet bleeps out and takes your layout with it… for example;Setup default charts and level II’s – this makes it easier and less time consuming to build your layout. Familiarize yourself with the NYSE, NASDAQ and AMEX stock markets. Learn how they operate and how stocks may trade, depending upon the market they are from. Stocks listed on the NYSE or AMEX are a maximum of 3 letters. NASDAQ stock symbols are 4 or more letters. Stocks traded on AMEX tend to move the slowest. NYSE stocks move better, with more volume. Stocks trading on NASDAQ tend to be move volatile. More on the art of day trading our U.S. financial markets, next time. Jeannie jeannie@millennium-traders.com 630 S Wickham Road Suite 206 Melbourne, FL 321.594.4370
http://www.millennium-traders.com/