As a new year begins many people take on new ventures and challenges. Whatever they may be, most would like to make more money in 2019 than they did in 2018. There are a lot of aspiring traders who intend to make money in 2019 by learning to day trade. With the right attitude and guidance you too could start to profit from the world of trading, assuming you have what it takes.
To clarify, day trading is exactly what its title alludes to, the act of buying or selling share within the same day. Trading small price changes in shares and stocks can be extremely rewarding, if done correctly, and with the right mentor. Meir Barak is a trading mentor who we follow, from Tradenet, but more of that down the line. There are a lot of other companies who offer their services as a day trading mentor too. Their knowledge can be extremely invaluable when first starting out.
Everyone in the trading world recognizes that day trading can be a daunting task at the start. However, people with the right discipline and mental attitude can quickly adapt. Getting to know our own personalities is just as important when day trading. Self-restraint and self-discipline are key. Combining these attributes with a strategy for day trading can see you progress to a successful trading career.
Understanding market psychology.
Day trading is indifferent to underlying stocks, and relies heavily on market psychology. This means that the share prices can often be driven by the popular belief of the investors, traders, and other players in the market. If there is a collective loss of confidence in a stock then the price will fall. We must start to think on this loss of confidence and what we feel is responsible for it. Often it can be attributed to greed, concern or apprehension. Learning to read these indicators and understand their conditions will put us in an advantageous position to spot the market’s trends.
Meir Barak, Founder of Tradenet Education
Trading psychology is also just as important as traders often purchase and sell shares on a frequent basis as often discussed on Barak’s trading youtube channel. It is vital for a trader to contain their emotion and exercise discipline. Therefore a pre-planned strategy for trading is a necessity as it allows traders a text that they adhere to, if they find their emotions starting to get the better of them. It keeps them in check, and away from making unnecessary moves in the market.
Understanding the shares unique to you.
Trading in the right shares is important for longevity in the industry. It is vital to sustain a technique that enables you to pick the right stocks for you. Not getting emotionally attached to any shares is the first thing a seasoned trader will tell you, stick to your plan and execute it accordingly. Watching the news and doing your homework by analysing the opportunities will give you an idea of which potential trades you should be aiming to make for that day. Earning reports, FDA announcements, product releases or economic reports (such as those taught by Tradenet) are some of the newsworthy reports that will cause shares to rise and fall. Share prices today are more erratic than ever and so we have to be able to adapt to the regular changes.
Less is more in that you should be focusing on a few stocks, instead of trying to track a lot of shares on a given day. Trying to follow the ins-and-outs regarding the graph and the news about specific stocks is possible to do with only a handful of stocks. If you want to add more stocks, you would naturally have to devote a lot of attention to them. Mind you, you have no extra-attention span to devote to noise and the likes.
A steep yet profitable learning curve.
People who start day trading often stop when they suffer a loss at the beginning of their enterprise. More often than not, it’s a great shame. The learning curve is not quick and easy, but when you reach its peak you get to acquire a skill that 99.9% of the world (including many traders) will never reach.
To acquire more successful trading and gaining capabilities, many novice and experienced traders alike, find comfort following trading gurus such as Meir Barak. Mr. Barak is probably the most renowned and veteran publicized day trader out there. Thousand of traders, over nearly a generation, have read through his works and trading programs, and follow his advice on his YouTube Channel. On the channel, Meir Barak offers traders the chance to see real time trades that he makes on Tradenet’s live trading chat room. Following those trades would help you to push through that learning curve faster than you would otherwise.
The trading chat room that Tradenet operates, enables aspiring traders to learn in real time and see one of the most successful day traders in the world operates. Meir Barak’s educational platform is quite common among new traders, because of all the benefits that it will bring in guiding and educating you in your new enterprise as a day trader.
Remember, trading is one of the most challenging, while potentially rewarding and fruitful careers. However it does require a disciplined approach and traders must be prepared for an arduous training schedule.
By most expectations, and due to instability around the world, in 2019 markets are expected to increase in volatility, hence providing the chance for successful trades to be made. Day traders such as Meir Barak and a large number of his students are expected to enjoy a profitable year given that they enjoy success in both bull and bear markets. Such traders are not put off by the direction of the market, as they can tailor their expertise to match.