Welcome To The RookieDayTrader®.com
The Day Trader's Creed
As a Day Trader you and you alone are responsible for your actions.
As a Day Trader you and you alone are responsible for any trades that you make.
As a Day Trader you and you alone are responsible for doing your own Due Diligence.
The trends in the
are very volatile and constantly
fluctuating. If you are interested
in being a day trader
in this economic jungle, you might
find yourself surprised and confused
with the differing trends and
patterns in the market. It may
be very difficult to find good
stocks that you can day trade with
Getting to know the right stocks to day trade is very critical. And in doing so, it is very important that you understand how the company you are giving your investment to makes a substantial amount of money. Unless you have a good understanding of a company’s market, its products, as well as its competitive strengths and weaknesses, it would be pretty difficult for you to foresee whether or not your investment is profitable.
Get The Right Help
The very first step that you must take is basically to build your library of good reading material and get the right people to help you in making good and lucrative decisions. First of all, find a good broker where you do not spend a lot of your funds in commission fees, but also make sure that you find one that will assure you of your investment’s production.
It also wouldn’t hurt for you to seek advice from experts regarding which stocks would give you good results in the stock market. If you are new to stock trading, especially day trading, this will be very vital. Remember that in order to be a good day trader, sufficient experience and skills are needed, but for a beginner day trader, using the knowledge and advice from a more experienced person may be the next best thing.
Additionally, as you start trading you are going to need market data in real time. There are may companies that privide this information. Again, research the product before making a decision to purchase their services.
Try To Check On
Try taking a trip to the mall and see which type of businesses are doing well. Compare the products with companies that trade in the stock and commodities markets. It could also help if you check your own cupboard to see which products consumers like you would most often buy. By doing these things, you can find companies that could not only give you an assurance of success, but ones that you can possibly understand better as well.
Check For Competence
Take note that you should not stop at only understanding companies that you invest in. Make sure that you check on a company’s strength in competing in the business world as well. After all, you may know and believe in the product, but if it will not assure you of profit then your investment will still go down the drain.
A company you invest in must be able to display excellent economics. Having an attractive price for consumers as well as a management that is friendly to shareholders can guarantee good returns for your investment. In day trading this research is ofter referred to a Due Dilligence.
Remember that being a day trader can be a very good way to earn a living, but remember that good returns can only come if you are smart in doing business in this confusing field. The market is full of competitors, and many stocks available are not necessarily good ones.
Always do your research on the companies you invest in before making rash decisions. Aside from this, make sure that you adopt the best strategies in the market, and you can do so by getting the right help especially if you are new to day trading.
With the ever changing and volatile behavior of the stock market, make sure that you remain smart in your investments. Take the extra time to do your due dilligence, and you will realize that all of your efforts will pay off once you start earning good profits.
The day trader can never get enough training. Train now or crash later. The successful day trader is always studying and learning more about the stock markets and commodity markets.