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Tips to Becoming a Successful Day Trader (Part 1)
Day trading in the financial markets can be a very lucrative business and one which offers freedom from many of the constraints that regular employment may impose. There are certainly many attractions to starting a career in this field with the freedom offered. However, one must never get caught in the belief that it is a "get rich quick" career. Rather frighteningly, the number of failed Day Traders is around the 90% mark before they ever find the opportunity to be successful. This article aims to provide an insight on how to better prepare and position oneself to avoid being one of the 90% of failed traders.
Initial Preparation
Day trading needs to be approached as a business to achieve profits and yet we need to consider that within any business, expenses will be incurred. These expenses will come in many forms and so they are best considered prior to embarking on the venture. We need to consider that to participate in the markets we will need the required hardware and software that meets the demands of day trading. A suitable computer and a stable internet connection are essential to ensuring that when we trade our expectations will be met. A brokerage firm will also be required and costs will be incurred on both broker commissions and the data feed which they supply to your desired instrument.
It is also desirable during the initial preparation stage that a trader identifies what their "trading personality" is. A trader’s personality is an essential component of their overall success and helps them realise their full potential. Each and every trader has their own preferred method of trading, whether it be intra-day, swing trading or scalping and should therefore aim to find solutions that satisfies those needs. This will help build a level of comfort when trading and ensure that maximum focus is retained on their chosen market and preferred timeframe.
The most significant part of becoming a Day Trader is the need to study the industry as well as become a student of Day Trading. This aspect may take considerable time from maybe a couple of weeks to a couple of months; but it is invaluable in the process of becoming a successful day trader. At Alpha Wave Trader we have provided a structured approach to help aspiring day traders. We have provided an education process that will teach you all aspects of trading which includes a proven methodology as well as expanding into other areas such as money management, trading psychology and trader discipline.
Over the course of the following weeks we shall expand on this article to provide a guide to assist both aspiring and existing day traders.
What to Expect in Our Room
Here's a quick video about what you
can expect to see in our trading room.
Click image above to view
video
April Euro (6E) Results
(9:30 AM-12:30 PM EST)
8/13 Range Chart & 60 Min
Total
Trades |
8 |
Tgt1 |
Tgt2 |
Tgt3 |
Winning
Trades |
6 |
6 |
5 |
5 |
Losing
Trades |
2 |
|
|
|
All
Targets Are Volatility Based & All Stops Are
Structure Based
CLICK HERE FOR FULL RESULTS
March Oil (CL) Results
(9:30 AM-12:30 PM EST)
8/13 Range Chart & 60 Min
Total
Trades |
49 |
Tgt1 |
Tgt2 |
Tgt3 |
Winning
Trades |
38 |
38 |
33 |
30 |
Losing
Trades |
11 |
|
|
|
March Euro (6E) Results
(9:30 AM-12:30 PM EST)
8/13 Range Chart & 60 Min
Total
Trades |
40 |
Tgt1 |
Tgt2 |
Tgt3 |
Winning
Trades |
29 |
29 |
24 |
23 |
Losing
Trades |
11 |
|
|
|
March S&P (ES) Results
(9:30 AM-12:30 PM EST)
5/8 Range Chart & 60 Min
Total
Trades |
15 |
Tgt1 |
Tgt2 |
Tgt3 |
Winning
Trades |
10 |
10 |
7 |
5 |
Losing
Trades |
5 |
|
|
|
All
Targets Are Volatility Based & All Stops Are
Structure Based
CLICK HERE FOR FULL RESULTS
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TODAY!
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