Summary of how to Day profession for a Living: Tools, Tactics, Money Management, Discipline and also Trading Psychology




You are watching: How to day trade for a living pdf

Page 3
Page 4

DISCLAIMER:The author and also www.BearBullTraders.com (“the Company”), consisting of itsemployees, contractors, shareholders and affiliates, is not an investmentadvisoryservice,aregisteredinvestmentadvisororabroker-dealeranddoesnotundertake to advise clients on which securities they must buy or sell forthemselves.Itmustbeunderstoodthataveryhighdegreeofriskisinvolvedintradingsecurities.TheCompany,theauthors,thepublisherandtheaffiliatesofthe company assume no responsibility or liability because that trading and also investmentresults.StatementsontheCompany'swebsiteandinitspublicationsaremadeasof the date stated and also are topic to readjust without notice. It must not beassumed the themethods, techniquesor indicatorspresented in theseproductswill be rewarding nor the they will certainly not result in losses. In addition, theindicators, strategies, rules and all other attributes of the Company's products(collectively,“theInformation”)areprovidedforinformationalandeducationalpurposes only and also should not be understood as investment advice. Examplespresented room for educational purposes only. Accordingly, readers need to notrelysolelyontheInformationinmakinganytradesorinvestments.Rather,theyshould usage the information only together a beginning point because that doing additionalindependent research in stimulate to enable them to form their own opinionsregarding trading and also investments. Investors and also traders must always consultwiththeirlicensedfinancialadvisorsandtaxadvisorstodeterminethesuitabilityofanyinvestment.


Page 5

TableofContentsChapter1:IntroductionChapter2:HowDayTradingWorksDayTradingvs.SwingTradingBuyingLong,SellingShortRetailvs.InstitutionalTradersHighFrequencyTrading(HFT)TradetheBest,LeavetheRestChapter3:RiskandAccountManagementThree-StepRiskManagementTradingPsychologyChapter4:HowtoFindStocksforTradesStocksinPlayFloatandMarketCapPre-MarketGappersRealTimeIntradayScansRealTimeVolumeRadarRealTimeBullFlagMomentumScannerRealTimeReversalScannersPlanningtheTradeBasedonScanners


Page 6

Chapter5:ToolsandPlatformsWhatBrokertoUse?InteractiveBrokersSureTraderTradingPlatformRealTimeMarketDataNASDAQLevel2andBid-AskIndicatorsonmyChartsBuyandSellOrdersMarketOrdersLimitOrdersMarketableLimitOrdersHotkeysWatchlistandScannersCommunityofTradersChapter6:IntroductiontoCandlesticksPriceActionandMassPsychologyBullishCandlesticksBearishCandlesticksIndecisionCandlesticksSpinningTopsDojis:Simple,ShootingStar,HammerCandlestickPatterns


Page 7

Chapter7:MostImportantDayTradingStrategiesTradeManagementandPositionSizingStrategy1:ABCDPatternStrategy2:BullFlagMomentumStrategies3and4:ReversalTradingBottomReversalTopReversalStrategy5:MovingAverageTrendTradingStrategy6:VWAPTradingStrategy7:SupportorResistanceTradingStrategy8:Red-to-GreenTradingStrategy9:OpeningRangeBreakoutsOtherTradingStrategiesDevelopYourOwnStrategyTradingBasedontheTimeofDayChapter8:Step-by-SteptoaSuccessfulTradeBuildingaWatchlistTradingPlan(entry,exit,andstoploss)ExecutionHowDidIDoIt?Chapter9:NextStepsforBeginnerTraders


Page 8

TheSevenFundamentalsforDayTradingEducationandSimulatedTradingTradinginaSimulatorPreparationHardWorkPatienceDisciplineMentorshipandaCommunityofTradersReflectionandReviewMyDailyBlogandYouTubeVideoRecapsFinalWordsAndrew’s11RulesofDayTradingGlossary


Page 9

Chapter1:IntroductionIn thisbook, Iexplain thefundamentalsofday tradingandhowday commerce isdifferent from other styles of trading and also investing. In the process, i alsodescribeimportanttradingstrategiesthatmanytradersuseeachday.Thisbookisdeliberatelyshortso readerswillactually complete reading itandnotgetboredhalfway through and also put it to one side. We are all distracted by Internetdiversions,emails,FacebookorInstagramnotifications,or thedozensofotherappsthatwehaveonoursmartphonesortablets.Therefore,thisbookisconciseanditispractical.Ifyouareabeginnertrader,thisbookwillequipyouwithanunderstandingofwheretostart,howtostart,whattoexpectfromdaytrading,andhowyoucandevelop your own strategy. Merely reading this book will not make you aprofitabletrader.Profitsintradingdonotcomefromreadingoneortwobooks,but, together Iwill explain later, profits can comewith practice, the appropriate tools andsoftware,andproperongoingeducation.Ihaveincludedatthebackofthislatesteditionofmybookahandyandhelpfulglossaryofthemostcommontermsyouwillcomeacrossindaytrading.If,asyouarereadingthisbook,youcomeacrossatermorphrasethatyoudon’trecallthemeaningof,pleasegoandhavealookatitsdefinitionintheglossary.I’veusedeasytounderstandlanguagetoexplainthe“lingo”ofdaytraders.Intermediate traders may advantage from this book’s outline of some of theclassicstrategies that themajorityof retail tradersuseeffectively. Ifyoudon’tconsider yourself a novice trader, climate youmaywish to jump ahead and startreading at chapter 7 for summary of the most essential day tradingstrategies. However, ns encourage you come skim v the previously chapters aswell. Becoming a consistently profitable traderwill not require you tomastercomplicatednewtradingstrategieseveryday.ThestrategiesinChapter7aretheonesthattradershaveusedforoveradecade.Theyhaveworkedsofarandneedto it is in mastered.Work on an easy well-known strategies, but adjust them overtime to match your own personality and also whatever the current marketconditionsare.Successintradingisnotarevolution,itisanevolution.


Page 10

Inmyopinion, themost essential lesson thatyoucan discover from reading thisbook is the you will not acquire rich conveniently by job trading. Work trading is notsimilar to gambling or playing the lottery. This is the most importantmisconceptionthatpeoplehaveaboutdaytradingandIhopeyouwillcometothesameconclusionafterreadingthisbook.Daytradinglooksdeceptivelyeasy.Brokers execute not usually release client statistics to the public but, inMassachusetts, a state court did order the relax of the records of financialbrokers.Those records shown that after ~ sixmonthsof trading,only16%ofday traders actually made money. The is very easy to be among those 84% oftraderswhoarelosingmoney.Thisbringsyoutomyfirstruleofdaytrading:Rule1:Daytradingisnotastrategytogetrichquickly.Averycommonmisconception thatpeoplehaveaboutday trading is that it iseasy: “buy low, offer high” or “buy the dip, market the rally”.Again, job tradinglooksdeceptivelyeasy,butitisnot.Ifitwerethatsimple,everyonewouldbeasuccessfultrader.Youmustalwaysrememberthatdaytradingisdifficultandwillnotmakeyourichquickly.Ifyouhave thismisconception, and if youwant to get rich quickly and easily in thestockmarket,youshouldstopreadingthisbookrightnowandspendthesavingsthatyouputasidefordaytradingonanicefamilyvacation.Itwouldbemuchmoresatisfyingtospendyourmoneythatway,ratherthanlosingitinthestockmarket.Havingmentionedallofthesepoints,daytradingcanbeaprofitableprofession.But store in mind that it’s a very demanding experienced career and mostdefinitely not a casual task for beginners. That takes time to come to be aconsistentlyprofitabletrader.Manytraderswillfailinthelongandattimesfataldaytradinglearningcurve.Chapter 9 focuses on the real actionable actions you must take come successfullyenter the civilization of day trading, but again beware that day trading needs abrutal learningcurve.Therearemany points thatyoucando tospeedupyourlearningcurve.Butyouunfortunatelycannotmakethelearningcurvedisappear.Tradinginasimulatoraccountisexpeditingyourlearningcurveexponentially.


*

How to Day profession for a Living: A Beginner’s overview to commerce Tools and also Tactics, Money Management, Discipline and Trading Psychology
*



See more: How To Get Color Rush Uniforms On Madden 17, Does Madden 17 Have Color Rush For Xbox 360/Ps3

The brand-new Trading for a Living: Psychology, Discipline, commerce Tools and also Systems, risk Control, profession Management