For Those Who Want To Become Daytraders....
Below is a MRR and PLR article in category Business -> subcategory Careers.
So You Want to Become a Day Trader...
Summary:
Dreaming of making a living through day trading? Let’s explore what it really takes.
The Rise and Fall of Day Trading:
Back in the booming days of the late '90s, it seemed like the stock market was a golden ticket. Stocks would surge by 30% to 200% several times a week. If you knew what to look for and had the right tools, you could ride these waves to potential profit. With a fast electronic brokerage system, many dived in, hoping to capture these opportunities. Yet, only about 1% managed consistent success.
The Reality Check:
A lone trader once made a million in a day shorting Corel, while someone else lost a significant sum clinging too long to the WWWF IPO. Considering inflation, stashing cash under your mattress might have been more profitable since 2001!
Should You Give Up?
Absolutely not. With the right strategies, making 30% annually is still achievable. A simple formulaic approach could turn $11,000 into over a million in 17 years. However, this isn’t day trading and requires patience through negative years.
The Modern Day Trading Game:
To succeed today, you need access to groundbreaking news, like a corporation discovering a cancer cure or a company inventing a car that runs on water. The key is getting this information before the majority.
How to Stay Ahead:
- Subscribe to real-time market news for around $10 a month.
- Start reviewing updates at 6 AM EST.
- If you find significant news, verify its release timing to ensure it's fresh.
- Invest money you're willing to risk, always using a stop loss.
- Most platforms let you trade on NASDAQ starting at 6 AM EST.
- Sell by 9:28 AM EST when traders are starting their day, potentially doubling your money.
Proceed with Caution:
Avoid trading the same stock once the market opens. First-day trading of news-heavy stocks is rife with manipulation. Remember, post-2001, few stocks see a single-day increase over 30%. Don’t hold these stocks overnight as they often plummet the next day.
A Word on IPOs:
Avoid buying on the first day. Highly touted IPOs frequently drop in value on day two, benefiting mainly the brokerage houses.
Final Thoughts:
If you’re prepared to invest money you can afford to lose, possess strong nerves, and are willing to monitor the market closely from 6 AM to 9:28 AM EST, day trading might be your calling.
You can find the original non-AI version of this article here: For Those Who Want To Become Daytraders.....
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