Once you have decided to get in on the best day trading stocks business there is no going back. Intraday trading can be a lucrative undertaking if you are willing and able to learn and deploy your lessons with discipline and focus.
You can become a pro day stocks trader with the right guidance and trading online courses. So here are four best day trading stock tips to help you double down on your learning curve.
- Trading online courses pro tip: Have a day trading strategy that works for you
If you are going to start day trading the right stocks, why not use the best day trading strategy for you.
Of course, an ideal trading strategy for you—including how to pick the right day trading stock for you—will depend on your risk tolerability (risk personality), how much risk capital you have available and your experience in the market among other factors.
But learning to create a day trading strategy that works for you is a huge part of building a profitable career out of day trading stocks.
A major reason many intraday traders clear their accounts dry is that they never had a plan to discipline their trading in the first place.
- Wondering how to create a good day trading strategy?
You can decide to take a select few, tried-and-tested trading online courses, for a start. There are free day trading courses online to help you get a feel for what a premium trading online course would be like.
You’ll notice a course offers a step-by-step breakdown of both major and minor principles of day trading stocks in a way that Googling the same information will never do.
That way you can learn intraday trading in an organized, measurable and easy to comprehend manner.
Some fantastic lessons to grasp from the best trading online course includes:
- How to really read through stock charts to identify blurry patterns and gaps to help you move against the trend and make money
- Why track and pick on stocks with a 52-week high or low
- Identifying the best stocks and ETFs for profitable day trading, and so on
- What is the best time of day for day trading stocks?
Contrary to popular thinking, the first few minutes and hours of opening the markets offer a good time to trade stocks or index futures.
That is because many people are reacting to what they heard on the news the night before, which at this may already be old news. This kind of reaction creates a “dumb money” effect, where some people choose to trade their stocks without the right insight and burn or not get their best deals for it.
The same thing happens after the market tapers off from mid-morning. Towards 4 pm EST, there is a noticeable intraday stock market trend where stocks show bigger moves in shorter timeframes. Like in the opening hours earlier, the trend is powered by news of what’s been happening during the day.
- Best Times of the year for intraday trading strategies?
Most trading online courses state that Mondays are a good time to buy in and Fridays a better time to dump your stocks. But what about the best months to day trade stocks?
While it might not be the easiest thing to predict the course of a day trading stock pick in future, you can take cues from history.
The numbers don’t lie.
In the last 60 years, the Standard & Poor’s 500 Index has shown a remarkable trend where it has gained 7.1 percent over the November-April period compared to 1.4 percent over May-October.
Also, according to data by the Liberated Stock Trader, March, April, and May, then October, November, and December, have offered positive returns on investment (ROI) in the past.
But in the last 10 years since the 2008 recession, September/October through April/May have been good months to day trade stocks with confidence.
Over to you.
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