Day Trading Stocks Tip-always Trade A Familiar Stock
Day trading stocks is all about trading from 9:00 AM to 4:00 PM and closing all your positions before the close of the stock market
. Then jogging, coming back, taking a shower, relaxing and another two hours of stock research and planning for the next trading day. If you can follow this strenous routine, you are all set to become a great day trader with time. Day trading is all about profiting from the daily volatility in the stocks with the right entry price and the best exit price to take the maximum out of that volatility. Many day trader can't train themselves to concentrate on the best entry and exit prices. Many day traders mess up by choosing quickly picking stocks to day trade the next day. Picking wrong stocks, not watching the market moving news and lacking concentration are some of the mistakes that many new day traders make.
First step first. Most new day traders don't have a solid trading system. Most don't understand that first you develop your trading system and after that you select the stocks as it is all about working with the right stocks.
Many new day traders have a shaky and weak idea of how to go about doing the right stock picking. Most make the mistake of day trading with unfamiliar stocks. What you need to do is to first become accustomed to the rhythm and swings of a stock that you want to day trade. Try to pick stocks that have similar rhythm and swing. Try to stay on the familiar ground.
Don't try to trade a stock that you discovered in your late night research session. First try to become familiar with that stock for days and even weeks. Learn how the stock behaves daily. What are the swing patterns the stock follows everyday. After you have thoroughly researched the stock for many days and even week, only then think about day trading that stock.
Now when selecting a stock for day trading you need to keep an eye on the news headline to make sure that your stock is not making any news headlines. Do not trade a stock that is in the current headlines. Go through different financial papers like the Wall Street Journal, Financial Times and watch CNBC and Bloomberg or even google the name of that stock to see if it is making or is about to make any major headline. Your motto,"The less news, the better."
Now if you have still chosen a new stock that will be of course unfamiliar to you, you should first become familiar with it just like you try to first become familiar with your first date. First date is only for exploration to see how far you two can go together and develop an intimate relationship. The same principle applies to a new stock. Explore it. Research it for days and weeks. Once you are familiar with its behavior. first time only trade 100 shares of that stock.
But my friends, this is not the time for day trading stocks. This is the time for day trading currencies. Trust me; forex day trading is going to make many millionaires in this decade. Forex day trading is much simpler that stock day trading.
by: Ahmad Hassam
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