Day Trade For Living - Andrew Aziz (best black authors txt) 📗

Day Trade For A Living

 

 

 

How to Day Trade for a Living

 

A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology

 

 

Day Trader at Vancouver Traders

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DISCLAIMER:

 

 

AMS Publishing Group and Vancouver Traders ("the Company"), including its employees, contractors, shareholders and affiliates, is not an investment advisory service, a registered investment advisor or a broker­ dealer and does not undertake to advise clients on which securities they should buy or sell for themselves. It must be understood that a very high degree of risk is involved in trading securities. The Company, the authors, the publisher and the affiliates of the Company assume no responsibility or liability for trading and investment results. Statements on the Company's website and in its publications are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques or indicators presented in these products will be profitable nor that they will not result in losses. In addition, the indicators, strategies, rules and all other features of the Company's products (collectively, "the Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented are for educational purposes only. Accordingly, readers should not rely solely on the Information in making any trades or investment. Rather, they should use the Information only as a starting point for doing additional independent research in order to allow them to form their own opinions regarding trading and investments. Investors and traders must always consult with their licensed financial advisors and tax advisors to determine the suitability of any investment.

Table of Contents

Chapter 1: Introduction

 

Chanter 2: How DaY. Trading Works

 

DaY. Trading vs. Swing Trading

 

BuY.ing Long, Selling Short

 

Retail vs. Institutional Traders

 

Chanter 3: Risk and Account Management

 

Three-Sten Risk Management

 

Trading PsY.chologY. and Risk Management

 

Chapter 4: How to Find Stocks for Trades

 

Alnha Predators

 

Real Time IntradaY. Scans

 

Planning the Trade Based on Scanners

 

Chapter 5: MY. Tools and Platforms

 

What Broker to Use?

 

Trading Platform and Market Data

 

Watch List and Scanner

 

CommunitY. of Traders

 

Chanter 6: Introduction to Candlesticks

 

Spinning Tops

 

Dojis: Simple, Shooting Star, and Hammer

 

.ch.apter 7: Most Im portant DaY. Trading Strategi.e£

 

Trade Management

 

ABCD Pattern

 

Bull Flag Momentum

 

IQp and Bottom Reversal Trading

 

Moving Average Trend Trading

 

VWAP Trading

 

Support or Resistance Trading

 

Other Trading Strategies

 

Develop Your Own StrategY.

 

Chapter 8: Step-bY.-Step to a Successful Trade

 

Building a Watch List

 

Trading Plan (ent r y, exit, and stop loss),

 

E x ec ution

 

How Did I Do It?

 

Chapter 9: Next Steps for Beginner Traders

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This brings you to my first rule of day trading:

 

Rule 1: Day trading is not a strategy to get rich quickly.

 

A very common misconception that people have about day trading is that it is easy - you buy stocks, and when they go higher, you sell them for a good profit. "It's that easy."

 

Well, if it were that easy, then everyone would be a successful trader. You must remember that day trading is difficult and will not make you rich quickly. If you have this misconception, and if you want to get rich quickly and easily in the stock market, you should stop reading this book right now and spend the savings that you put aside for day trading on a nice family vacation. It would be much more satisfying to spend your money that way, rather than losing it in the stock market.

 

In day trading, you will be competing with the sharpest minds in the world. The market is a massive crowd of traders, with each trader trying to take money from the others by outsmarting them. The main objective of day trading is to take money from other traders while they are trying to take yours. That's why it's such an intellectually intense business. You do not generate money in the stock market. The only reason there is money in the market is that other traders have put it there. The money you desire to win belongs to other traders and they have no intention of giving it to you. That is why trading is such a hard business.

 

This leads to my second rule of day trading :

 

Rule 2: Day trading is not easy. It is a serious business, and you should treat it as such.

 

You can succeed in day trading only if you handle it as a serious intellectual pursuit. Emotional trading is the number one reason traders fail. You will need to practice self-discipline and defensive money management. Good traders watch their capital as carefully as professional scuba divers watch their supply of air.

In day trading, simply being better than average is not good enough. You have to be significantly above the crowd to win in day trading . Unfortunately, day trading often appeals to impulsive people, gamblers, and those who feel that the world owes them a living. You cannot be one of them and you should not act like they do. You must start developing the discipline of a winner.Winners think, feel, and act differently than losers. You must look within yourself, discard your illusions, and change your old ways of being, thinking and acting. Change is hard, but if you wish to be a successful trader, you need to work on changing and developing your personality. To succeed , you will need motivation , knowledge, and discipline.

 

So, then, what is day trading? In reality, day trading is a profession, very much like medicine, law and engineering. Day trading requires the right tools and software, education, patience and practice. You will have to dedicate countless hours reading about trading styles, observing how experienced traders are trading, and practicing in simulator accounts to learn how to trade with real money. An average successful day trader can make between $500 and $1,000 every day. That 's equal to $10,000 to

$20,000 a month (based on about twenty trading days in a month) which equals $120,000 to $240,000 a year. So why would anyone expect a job that pays this well to be easy? Doctors, lawyers, engineers and many other professionals go through years of school, practice, hard work and examinations to earn a similar income. So why should day trading be any different?

 

So if it isn't easy and doesn't get people rich quickly, why would you want to day trade?

 

What makes day trading attracti ve is the lifestyle. You can work from home, work only for a few hours each day and take days off whenever you wish to. You can spend as much time as you want with your family and friends without requesting vacation time from a boss or manager. You are the boss. Since day trading is a form of self-employ ment, you are the CEO and you make the executive decisions for your business .

 

The lifestyle is extremely attractive. And, of course, if you master the profession of day trading , you can potentially make thousands of dollars

every day, far more than in most other professions. I personally know some traders who average over $2,000 every day. Some days are lower and some days are higher, but over the long term, they have a profit of over

$2,000 every day. No matter where you live and how you live, $2,000 a day is a substantial amount of money and can contribute to a very satisfying lifestyle.

 

If you want to own your own business, day trading is a simple place to start. Take a moment and compare day trading with opening a pizza shop or a restaurant. If you want to open a restaurant, you'll have to spend large amounts of money on rent, equipment, staff hiring and training, insurance and licenses - and you still won't be guaranteed to earn money from your restaurant. Many businesses are like that. Day trading, on the other hand, is very easy to set up and start. You can open a trading account today, at no cost, and then start trading tomorrow. Of course you should not do that until you educate yourself, but the logistics of commencing day trading are extremely easy compared to many other businesses and professions.

 

Day trading is also an easy business to manage the cash flow of. You can buy a stock, and, if things go badly, you can immediately sell it for a loss . Compare that to people who have import-export businesses and are importing goods from other countries. There are plenty of things that can go wrong when purchasing shipments of goods to sell in your own country

- problems with vendors, shipping, customs, distribution, marketing, quality and customer satisfaction - plus, your money is locked in for the entire process. Unless everything goes well, you can't do anything about it. At times you cannot even accept a small loss and easily step away from your business. With day trading, if things go wrong, you can come out of the trade in a few seconds with an action as quick and simple as a click (and, of course, a small loss). It is easy to start over in day trading and that is a highly desirable aspect of any business.

 

Closing a day trading business is also easy. If you think day trading is not for you, or if you don't make money from it, you can immediately stop trading, close your accounts and withdraw your money. Aside from the time and money that you have already spent, there are no other costs or penalties. Closing other professional offices or businesses are not nearly

as straightforward. You cannot as easily close your store, office or restaurant, or lay off your staff or walk away from your lease or equipment.

 

Why then do most people fail in day trading?

 

I will explain specific reasons behind this important question later in this book but, overall, in my opinion, the most common reason