2011 is behind us, so it is time to renew our energy and focus on the new year! Here are a few tips to jumpstart your daytrading profits.
1. Pay close attention to intermediate term stock market trends. If you can stay on the right side of the market with your day trades, you will be more profitable. This all starts with identifying the current trend in the market.
2. Learn how to read the tape. When you can stay on the right side of the tape, and trade in the direction that the big money is flowing, you will put the odds more in your favor.
3. Don't trade just to trade, or just for the action. Most traders I know are amateurs, and they trade for the thrill of trading. Learn how to treat day trading as a business, don't get emotional, and you will become a better trader.
4. Stick with volatile stocks with decent volume. It makes no sense trying to scalp a few pennies in Microsoft when you can hop on board a fast mover and grab a few dollars!
5. Set goals. You should set goals regarding the success of your trading business. If you are relatively new to trading, you should simply strive for being profitable every month. Most traders are not close to being profitable each month, or at all for that matter.
6. Develop your trading plan and stick to it! Many traders are always changing strategies, looking for the holy grail. There isn't one. So develop a basic and sound strategy and stick with it!
Going forward I will be presenting a lot more tips and thoughts to help your day trading success, so keep stopping by!
Scott Cole
www.bestdaytradingstocks.com
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