Day Trading Stocks - Secret Tips To Guide You in Market
Day Trading Stocks - Secret Tips To Guide You in Market
In my 7 years of stock market experience I have seen many people losing money Day trading stocks on free intraday stock tips without knowing the secrets, knowledge,strategies and techniques of day trading and later on usually blaming the markets for the losses. They gamble for there own joy and when the fun is over, when reality goes under check, its often too late.
So why does this people lose money while Day Trading shares without the right guide(lines) in spite of markets going up overall??
Day trading VS Daily Trading:
Day trading refers to the practice of buying and selling financial instruments within the same trading day such that all positions are closed before the market close for the respective trading day. Traders that participate in day trading are called active traders or day traders.
Some of the more commonly day-traded financial instruments are stock options, forex trading and a whole host of futures contracts such as equity index futures, interest rate futures, and commodity futures.
Day trading earlier used to be something which were actively done by Financial Institutes and professional Fund Managers only. But now since the electronic era and online stock trading facilities, more n more retailers have started taking active interest while trading from home to earn the extra buck!
I think there should be one segment called "Daily Trading" because today people have forgotten the difference between them. Thanks to those daily free pre-market 10-15 intraday tips and intraday newsletter distributed by stock brokers and few freelancers market websites available all around the web playing with your money!
Or if you thought it was over with pre-market calls, soon will follow during market calls beep..beep..SMS.. Buy XYZ target 21.65 SL 20.35, cmp 20.95 and so on.
Indiscipline and Overconfidence:
Some people see day trading as a gateway towards making some easy-quick buck for the day as well as for there long term Wealth. A day trader waits for the markets to open and jumps into trades thinking a fortune for the day!
A Day Trader is much more open to losses if he/she has gone right while making trades. At this particular stage the trader is much more arrogant to accept there mistake, in fact they would do something even more stupid in a over-confident mental state.
Don't be overconfident before getting into trades for no known reasons because Markets are supreme and they will punish you sooner than later.
Blindly Day Trading Stocks to cause huge losses:
80% of day traders actually lose money intraday and will so forever until they learn how to have discipline and the secrets of day trading techniques for which one has to be a full timer in share market always glued to the screen and as clever as a wolf.
Day trading is not a win some-lose some game, if you lose you are likely to lose lot because you are anyway trading on intraday margins.
Don't get lured by stock brokers, friends or your neighbor towards day trading:
Friends and neighbors are probably great to have a couple of drinks or a mug of coffee with or even for remembering and cherishing old days, but when it comes to trading or investing in stock markets they probably are the worst choice for listening to unless they are referring you to a good professional financial adviser which they have known and trust for some time with proven results.
Day trading tips and calls given by stock brokers and other stock advisory services have a very bad track record when it comes to there accuracy, no matter whatever they claim as 90-99% accuracy, its not true and never could be.
More over they provide dozens of calls at any given point of time which increases your chances of losing a hell lot of money on a single day. Just don't do it ...
Is Day trading all about gambling and losing as traditional followers say?
I would say that is definitely not the case. Markets do give good opportunities at times when day trading is initiated with calculated risk and technical advances. There are days when market generates unbelievable Intraday profits and gains, you need to hold patience and wait for that bluemoon day to go for the killing!
Though one should know that when to day trade and when not to, otherwise yes you are gambling on the 4-8 times intraday exposure provided by stock brokers.
How to day trade successfully? Timing your trades with Technicals is the way to go!
If you were wondering that how to day trade successfully in Indian stocks or across any stock market worldwide then you have to believe the fact that Technicals do work, no matter whatever the time-frame of the trade is.
Picking the right stock to trade and most importantly at the right time takes hard work and proper technical knowledge; otherwise imagine how many careers of professional advisers across the world would have gone for a toss??
Choosing the right professional or getting it right yourself can be a tough cookie to crack:
I know its pretty difficult to select or choose and hire a professional stock adviser. Being in the Internet Era, there are so many stock market websites pitching there services to your eye balls and everybody claims 90-99% accuracy on services being provided.
What you need to look in a stock advisory firm is that how much practical and knowledgeable are they? Of course they Past Performance is the most concerned, since we all Invest Money in Markets to Earn Money, but how safe and how well is what you need to look out for. Look for reasons to invest, rather than just tips to invest.
Think rationally that what kind of difference a professional financial adviser can bring on your investments. You will realize that the cost may not be more than 10% of your total trading losses or unrealized profits overall. A good adviser wont let you trade crazily and you shouldn't be buying confusions anyway.
So in case if you were wondering whether you should Day Trade stocks or Futures or not, now you know the way you should go about it.
Good Luck & Happy Investing!
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