Self-growth
Business & Career
Success
Communication
Healing
Relationships
Psychology
HappinessYou’ll learn
- The difference between swing trading and day trading
- How to read a candlestick chart
- About Alpha Predator
- Which strategy to choose for trading
Table of contents
first KEY POINT
How to avoid common mistakes in day trading
Statistics show that 90 percent of people who start trading come to nothing. These are gloomy statistics, but they show this craft's unpredictable and complex nature. Day trading is the process of purchasing and selling shares in the market within one day. There is fierce competition between traders, and to win this battle, you must create a strategy and be knowledgeable and rational. To be successful, always remember these essential principles of trading:• Trading is not a get-rich-quick scheme. You may hit the jackpot once and automatically assume trading is a matter of luck. In reality, experienced traders are people of extreme intelligence. The essence of trading is regularly competing with others for money, which is exhausting. It requires a lot of concentration, and you should not approach it with humor or ignorance.
Day trading is not a hobby or side job but a full-time occupation that demands time and practice.
• Day trading is a demanding business. The most common reason traders fail is that they act on emotions. If you are impulsive, this trait will likely play against you. Find inner peace within you and exploit your intellect to become better than others. Successful day traders have discipline; they think differently and never stop learning — it is the mindset of a winner.Succeeding in day trading is a ticket to a secure financial life. A trader earns, on average, 1,000 dollars daily, which allows them to accumulate around 20,000 dollars monthly (these calculations correspond to twenty trading days). This summary will provide clear instructions on how to start engaging in trading and which strategies work the best. This information will be helpful both for rookies and trading masters.
second KEY POINT
Get acquainted with day trading terminology
The first step to day trading is to find stocks progressing predictably. Do not hold them overnight; sell them the same day you acquire them. For example, if you buy Amazon shares on Monday, you must trade them that day. People holding stocks for a few days or weeks deal with a different type of trading — swing trading. They buy shares in stable enterprises that will not go bankrupt. Day traders are not interested in the companies' future; they have until the market closes.If a day trader buys a share, they hope for a price increase to sell it for a profit later. They call this process buying long. Conversely, if prices start to drop, traders can short-sell. They borrow stocks from brokers and sell them; they wait for the moment when the prices go down to repurchase them at a bargain. Short-selling is an excellent technique to gain profit, but involves many hazards. Do not miss the moment when people in the market push the panic button and sell their shares; in this chaos, take advantage of a moment to purchase them. Short-sell traders are an integral part of the market; they balance out the prices.
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first KEY POINT
Learn to minimize your risk
second KEY POINT
Don’t be afraid to be an independent thinker
third KEY POINT
Figure out the mood in the market
fourth KEY POINT
Choose your game plan
fifth KEY POINT
Conclusion
Related summaries
Frequently asked questions
What is How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology about?
How to Day Trade for a Living is a practical guide that introduces beginners to key trading tools and essential tactics. It focuses on money management, discipline, and the psychological aspects of trading to help aspiring traders develop a comprehensive approach to successful day trading.
Who is the author of How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology?
The book is authored by Andrew Aziz, a well-respected trader and educator in the day trading community, known for his expertise and practical insights.
Is How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology worth reading?
Yes, How to Day Trade for a Living is highly regarded as a valuable resource for beginner traders. It provides practical strategies and insights that can significantly enhance one's understanding of the intricacies of day trading.
How many pages is How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology and when was it published?
The book consists of approximately 254 pages and was published in 2016. This length allows for an in-depth exploration of trading concepts while remaining accessible for those new to the field.
What are the key takeaways from How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology?
Key takeaways from the book include understanding the importance of risk management and developing a disciplined trading strategy. The author emphasizes the mental discipline required for successful trading and shares various tactics that can help traders manage their finances effectively.