Home > Beginner education > day trading: the best advice I ever got

day trading: the best advice I ever got

When a new trader comes into the stock trading business they very often have the misguided view that you have to “be right” to make money. As a day trader your goal is to make money from very short term price fluctuations. The term day trader itself implies that you will limit your profits. You have chosen to not expose yourself to over night risk. There is nothing wrong with this, you have a plan thats good.

The part of the equation you must be very focused on is making good money when those short term oopportunities present themselves. You must be ready. So wile you are trading in this short term window you must manage share size aggresively all day and every trade. Day trading is not a passive activity, you must be procative with share size on every trade.

What was the best advice I ever got? “Have the right share size at the right time.” Push your share size on good trades and be very procative cutting back share size when the trade stalls out or does not do what you expected in a reasonable amount of time.

Until next time Have a great week.

http://www.keystonetradingconcepts.com/keystoneplatinum.htm 

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  1. June 5, 2008 at 12:08 pm

    Thanks for the advice.

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