Stock trading is like any business in that it starts with the basics and progresses through several stages. Our seven easy steps to stock trading profits start with getting set up, learning how to do technical analysis and developing a strategy. Successful day trading comes from a sound fundamental knowledge of stocks traded and diligence in applying the principles of technical analysis in a timely fashion.
Get Set Up
Before you learn how to become a day trader, you will need a trade station, strong and reliable internet connection, and computer trading software compatible with what your broker uses. That means that you should pick a broker and use compatible software for online stock trading.
Learn the Basics
Technical analysis of stocks allows day traders to anticipate stock price movements. Markets repeat themselves and there are distinct patterns that tend to predict future stock price changes. Essentially the day trader reads the first half of the pattern to anticipate the second half. Doing technical analysis and trading based on its predictions requires knowledge of technical patterns and is also part performance art. Stage fright is not so much of an issue in day trading but the twin demons of fear and greed are.
Pick a Coach
The old saying is that experience is the best teacher. However, if that experience comes at the expense of losing your trading capital, there is a better way. Hire a stock trading coach and follow his or her trading cues. Learn from the experience of others. You can practice simulation trading all day long to get the rhythm of trading. But, when you put your own money on the line in a trade it is a different matter. Learn from a pro and your trading experience will likely become profitable much sooner than if
you simply go it alone.
Devise a Strategy
There are lots of potentially profitable day trading strategies. You can engage in scalping, trend trading, or range trading. Many take a contrarian approach to day trading and wait for market reversals. All approaches can be profitable. This is part of our seven easy steps to stock trading profits because it is essential to devise a single strategy and follow it throughout the trading day. Day trading stocks is a business and a sound business operates according to a plan. Show up for work. Devise your plan. Follow your plan.
Keep Track of Results
There are two types of audios in our seven easy steps to stock trading profits. One is a results audit and the other is a process audit. Keep track of your trading results. Where did you make money and where did you lose? How many trades did you make and what was your cost in fees and commissions? When you have spotted the high and low points in your results audit do a process audio. This means that you will look at you plan, if you were following it or not, and how well it worked.
1. Seven Easy Steps to Stock
Trading Profits
By: www.ProfitableTradingTips.com
2. Stock trading is like any business
in that it starts with the basics and
progresses through several stages.
Our seven easy steps to stock
trading profits start with getting
set up, learning how to do
technical analysis and developing a
strategy.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
3. Successful day trading comes from
a sound fundamental knowledge of
stocks traded and diligence in
applying the principles of technical
analysis in a timely fashion.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
4. Get Set Up
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
5. Before you learn how to become a day
trader, you will need a trade station,
strong and reliable internet
connection, and computer trading
software compatible with what your
broker uses. That means that you
should pick a broker and use
compatible software for online stock
trading.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
6. Learn the Basics
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
7. Technical analysis of stocks allows
day traders to anticipate stock
price movements. Markets repeat
themselves and there are distinct
patterns that tend to predict future
stock price changes.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
8. Essentially the day trader reads the
first half of the pattern to
anticipate the second half.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
9. Doing technical analysis and
trading based on its predictions
requires knowledge of technical
patterns and is also part
performance art.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
10. Stage fright is not so much of an
issue in day trading but the twin
demons of fear and greed are.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
11. Pick a Coach
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
12. The old saying is that experience is
the best teacher. However, if that
experience comes at the expense of
losing your trading capital, there is
a better way. Hire a stock trading
coach and follow his or her trading
cues.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
13. Learn from the experience of
others. You can practice simulation
trading all day long to get the
rhythm of trading. But, when you
put your own money on the line in
a trade it is a different matter.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
14. Learn from a pro and your trading
experience will likely become
profitable much sooner than if you
simply go it alone.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
15. Devise a Strategy
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
16. There are lots of potentially
profitable day trading strategies.
You can engage in scalping, trend
trading, or range trading. Many
take a contrarian approach to day
trading and wait for market
reversals.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
17. All approaches can be profitable.
This is part of our seven easy steps
to stock trading profits because it
is essential to devise a single
strategy and follow it throughout
the trading day.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
18. Day trading stocks is a business
and a sound business operates
according to a plan. Show up for
work. Devise your plan. Follow
your plan.
By: http://profitabletradingtips.com/profitable-trading-tips/seven-easy-
steps-to-stock-trading-profits
