hey to all u investors out there..i have just started trading and i was wondering if any one could give me some tips on resourses to increase my profit in day trading .. i found some resourses from...but none of the resources there seem like they are free..can you advise similar sites that can provide free information for rookie traders?.. cheers joey
I hate to sound like an ass but you might want to try searching this forum or buy some books. This definitely is one of the most asked questions.
Also, you may find that asking more specific questions will garner more responses. Asking how to day trade is like asking how to build a bridge. No easy answer, and there are many different methods to do it, imho. -The New Guy
Go and get (or check out) "The Master Swing Trader" by Alan Farley. The book is about $50 and should be on every traders desk. I can not say enough good things about this book personally. I do know that I would have drained my trading account three years ago if I did not have it. Tons of good advice and support for following a trading strategy that will keep you in the game. Best of luck!
A few points 1. Start small. trade 100 share blocks and try to beat the market for "points", dont worry about profits there'll be plenty of time for them once you learn how to beat the markes constantly. Think of a profesional pool player, he doesnt play perfectly everytime, he simply beats his oponent on points. It doesnt matter if each point is $1 or $10,000. once you've beaten the markets on the gross for a while increase the size of the blocks [slowly] until you start making some money... Doing this can save you a fortune. 2. Read. there's plenty of books that deal with the psichology behind daytrading, you'll find a good one right on here for free -under training at the top of this page- called trading as a bussiness. Another book that I really njoyed reading was the Day trader bible by richard wycoff. There's also plenty of books from different disciplines that apply to daytrading, from combinatory mathematics [logic], to sociology and economics [having a deep understantment of supply and demand can certainly help you]. Just remember that no book is going to give you a magic formula for working the markets, simply cause it doesnt exist. They'll just give you good advice on how to deal with your emotions in order to proceed in the most rational way while solving an irrational problem. 3. Have fun. If you enjoy daytrading there's a better chance that you'll succed and make money out of it on the long run. 4. know when to call it a day. set your self a maximun loss perday, so that you cant lose more in one day than what you usually make in one day.
I got 2 tips for you for the meantime. 1. Doors are hard. 2. Cut your losses. Master the second one then we'll talk more.