{"id":4575,"date":"2008-09-07T07:46:46","date_gmt":"2008-09-07T12:46:46","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/09\/07\/day-trading-tips-for-making-money-in-the-real-world\/"},"modified":"2008-09-07T07:46:46","modified_gmt":"2008-09-07T12:46:46","slug":"day-trading-tips-for-making-money-in-the-real-world","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=4575","title":{"rendered":"Day Trading Tips For Making Money in the Real World"},"content":{"rendered":"
by Dr. Barry Burns<\/div>\n

Day trading can be an enjoyable way to make money. But it’s not as easy as most people think. Here are some day trading tips that can aid the beginner and the more experienced trader to help you reach your goals faster.<\/p>\n

First: Be careful not to over trade. The majority of the time the market is a random walk – meaning that it’s moving without any rhyme or reason. Amateur traders taking small positions in the market are behind these unpredictable movements.<\/p>\n

These retail traders don’t affect the long-term moves of the market. It’s the pros, with their large volume and their willingness to hold positions longer, who create sustainable moves in the market that can result in significant profits.<\/p>\n

Many people are drawn to day trading because of the excitement of the business and the potential for big, fast profits. This attitude sets up the trader for failure. Day trading does not have the frantic energy of a video game. Most successful day traders sit by the sidelines for long periods of time simply waiting for a high-probability setup to occur. The pros trade much less frequently than the amateurs think.<\/p>\n

Second: The common axiom “The trend is your friend” is a half-truth.<\/p>\n

It’s more accurate to say that the trend is a fair weather friend!<\/p>\n

It’s true that the trend is your friend early on. But trends get exhausted and end. It’s more accurate to say: “The trend is your friend, until the end.”<\/p>\n

There’s two times when you can put the numbers in your favor:<\/p>\n

When a new trend is just starting.<\/p>\n

When a trend has run its course.<\/p>\n

Trading only at these 2 times allows you to put the statistics of the “edge” of the bell curve on your side. Trading in the middle of a trend, puts you solidly in the middle of the bell curve where anything can happen. <\/p>\n

Third: Participate in chat rooms for day trading tips and do the opposite! <\/p>\n

I’ve participated in many chat rooms over the years, and have received a tremendous benefit from them. But the benefit did not come from listening to the teacher. It came from watching the comments of the participants as they shared what they were doing at any given time in the market.<\/p>\n

Most of the time they do the exact opposite of what they should be doing. <\/p>\n

They expose the collective thinking of the unprofitable amateurs. It’s scarey to notice how the amateurs all reason alike when it comes to day trading. If you watch them in the rooms for several months you’ll begin to identify clear patterns of things they do wrong over and over again. Do the opposite and profit.<\/p>\n

As an example, one of the most common problems amateur traders have, is resisting the urge to fight the trend. You’ll often hear comments such as: “The market can’t go any higher than this.” “This market just has to turn around at this point.” “The market is definitely way over-extended now.”<\/p>\n

It is absolutely amazing to see how amateurs habitually trade against the trend in an effort to find tops and bottoms. They are constantly looking for the market to turn around. As is always the case, you can profit tremendously by taking the other side of their trades. <\/p>\n

Day trading can be enjoyable and financially beneficial. To be a success, however, you must avoid the herd and stand apart from the masses who lose their money. Employ these 3 day trading tips to put you squarely on the path to profitability.<\/p>\n

\n
About the Author:<\/div>\n
Dr. Barry Burns is the president of Top Dog<\/a> Trading, writes<\/a> a day trading blog<\/a> and offers a free 5-day video course which offers day trading tips<\/a>. He has spoken to DayWealthUSA, “Elite Masters of Trading,” and Wealth Expos.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Day trading can be an enjoyable way to make money. But it’s not as easy as most people think. Here are some day trading tips that can aid the beginner and the more experienced trader to help you reach your goals faster.<\/p>\n","protected":false},"author":1950,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-4575","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1950"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4575"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4575\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}