TOP 5 Day Trading Beginner Mistakes to AVOID

Published on April 16, 2020

Day Trading Stocks For Beginners, TOP 5 Day Trading Beginner Mistakes to AVOID – Day Trading Software Best.

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?Time stamps:
1:37 Not planning your trades
4:08 Focus on trading PNL, not trading the charts
7:30 Not spending enough time paper trading
9:39 Scaling up trading size too quickly
11:32 Following chat room alerts to buy or sell stocks

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Are you a beginner day trader and making these COSTLY mistakes?
1. Not having a trading plan:
Many beginners jump into hot stock due to FOMO without knowing why they were buying, why the stock was running, nor their risk reward and exit plan. This is also known as chasing and will easily lead the trader to buying the VERY TOP.

2. Over Trading, which leads to Revenge Trading:
Instead of trading according to their plans and the chart in front of them, many traders are trading their PnL (profit and loss). This will lead to over trading, then emotional trading, and finally revenge trading. I have blown up my trading account this way before due to emotional trading.

3. Not Paper Trading:
Paper trading is basically risk free market screen time. Day trading beginners need to learn broker interface, how each stock reacts, and practice your technical analysis on LIVE charts. Paper trading will allow you to gain market screen time and prepare your mind emotionally for the ups and downs of stock trading.

4. Scaling up share size too quickly:
When I started making $100 a day, I was so excited. So much so I wanted to jump into making $1000. I quickly learned that sizing up x10 means escalating the emotions as well. Psychologically, I was not ready for x10 the stress. It’s very important to take your time when sizing up.

5. Following chat room alerts!
You want to become a profitable day trader? Stop following others.
This is perhaps the DEADLIEST trading mistake I see beginners do. Many of these trading chat rooms pump the stock up and dump the shares on unsuspecting beginner traders.

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DISCLAIMER: I am not a financial adviser nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

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TOP 5 Day Trading Beginner Mistakes to AVOID, Day Trading Stocks For Beginners

Day Trading Software Best TOP 5 Day Trading Beginner Mistakes to AVOID.

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Benefits and Cons of Day Trading

One of the most significant advantage of day trading is that positions are not impacted by the opportunity of unfavorable overnight information that has the prospective to affect the price of protections materially. Such information consists of crucial economic and profits reports, as well as broker upgrades and downgrades that take place either before the market opens or after the market shuts.

Trading on an intraday basis supplies numerous other essential benefits. One advantage is the ability to utilize limited stop-loss orders the act of elevating a stop price to decrease losses from a lengthy placement. One more consists of the boosted accessibility to margin and therefore, higher utilize. Day trading also gives traders with even more discovering possibilities.

Nonetheless, with every silver lining, there are also storm clouds. Downsides of day trading include not enough time for a position to see rises in revenue, in some cases any revenue in any way, and boosted payment expenses as a result of trading much more often which gnaws at the revenue margins a trader can expect.

Forex Day Trading Benefits

  • Positions are usually closed at the end of every day and are so unaffected by threat from overnight information or off-hours broker steps.
  • Limited stop-loss orders can protect positions from extreme movements.
  • Normal traders have actually accessibility to boosted utilize and reduced payments.
  • Numerous trades increase the hands-on discovering experience.

Forex Day Trading Cons

  • Constant trades do imply multiple payment expenses.
  • Some properties are off-limits, like mutual funds.
  • There might not be sufficient time for a position to realize a profit before it needs to be closed out.
  • Losses can install quickly, especially if the margin is made use of to fund acquisitions. Margin calls are a genuine threat.

Day Trading and Swing Trading the Currency Market - Book by Kathy LienForex for Beginners Book by Anna Coulling Currency Trading for Dummies Book by Brian Dolan 50 Pips a Day Forex Strategy Book by Laurentiu Damir

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