Summary of How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and also Trading Psychology




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DISCLAIMER:The writer and www.BearBullTraders.com (“the Company”), including itsemployees, builders, shareholders and affiliates, is NOT an investmentadvisorybusiness,aregisteredinvestmentadvisororabroker-dealeranddoesnotundertake to advise clients on which securities they have to buy or market forthemselves.Itmustbeunderstoodthataveryhighdegreeofriskisinvolvedintradingsecurities.TheCompany type of,theauthors,thepublisherandtheaffiliatesofthe Company assume no responsibility or licapability for trading and investmentoutcomes.StatementsontheCompany'swebsiteandinitspublicationsaremadeasof the date declared and also are topic to adjust without alert. It have to not beassumed that theapproaches, techniquesor indicatorspresented in theseproductswill be profitable nor that they will certainly not bring about losses. In addition, thesigns, methods, rules and all various other features of the Company's products(collectively,“theInformation”)areprovidedforinformationalandeducationalpurposes just and also should not be construed as investment advice. Examplespresented are for educational objectives just. Accordingly, readers should notrelysolelyontheInformationinmakinganytradesorinvestments.Rather,theyshould use the Information only as a starting point for doing additionalindependent research in order to allow them to develop their own opinionsconcerning trading and also investments. Investors and traders have to always consultwiththeirlicensedfinancialadvisorsandtaxadvisorstodeterminethesuitabilityofanyinvestment.


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TableofContentsChapter1:IntroductionChapter2:HowDayTradingWorksDayTradingvs.SwingTradingBuyingLong,SellingShortRetailvs.InstitutionalTradersHighFrequencyTrading(HFT)TradetheBest,LeavetheRestChapter3:RiskandAccountManagementThree-StepRiskManagementTradingPsychologyChapter4:HowtoFindStocksforTradesStocksinPlayFloatandMarketCapPre-MarketGappersRealTimeIntradayScansRealTimeVolumeRadarRealTimeBullFlagMomentumScannerRealTimeReversalScannersPlanningtheTradeBasedonScanners


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Chapter5:ToolsandPlatformsWhatBrokertoUse?InteractiveBrokersSureTraderTradingPlatformRealTimeMarketDataNASDAQLevel2andBid-AskIndicatorsonmyChartsBuyandSellOrdersMarketOrdersLimitOrdersMarketableLimitOrdersHotkeysWatchlistandScannersCommunityofTradersChapter6:IntroductiontoCandlesticksPriceActionandMassPsychologyBullishCandlesticksBearishCandlesticksIndecisionCandlesticksSpinningTopsDojis:Simple,ShootingStar,HammerCandlestickPatterns


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Chapter7:MostImportantDayTradingStrategiesTradeManagementandPositionSizingStrategy1:ABCDPatternStrategy2:BullFlagMomentumStrategies3and4:ReversalTradingBottomReversalTopReversalStrategy5:MovingAverageTrendTradingStrategy6:VWAPTradingStrategy7:SupportorResistanceTradingStrategy8:Red-to-GreenTradingStrategy9:OpeningRangeBreakoutsOtherTradingStrategiesDevelopYourOwnStrategyTradingBasedontheTimeofDayChapter8:Step-by-SteptoaSuccessfulTradeBuildingaWatchlistTradingPlan(entry,leave,andstoploss)ExecutionHowDidIDoIt?Chapter9:NextStepsforBeginnerTraders


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TheSevenFundamentalsforDayTradingEducationandSimulatedTradingTradinginaSimulatorPreparationHardWorkPatienceDisciplineMentorshipandaCommunityofTradersReflectionandReviewMyDailyBlogandYouTubeVideoRecapsFinalWordsAndrew’s11RulesofDayTradingGlossary


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Chapter1:IntroductionIn thisbook, Iexplain thefundamentalsofday tradingandhowday trading isdifferent from other layouts of trading and also investing. In the procedure, I alsodescribeimportanttradingstrategiesthatmanytradersuseeachday.Thisbookisdeliberatelyshortso readerswillactually end up reading itandnotgetboredhalfmeans with and also put it to one side. We are all distracted by Internetdiversions,emails,FacebookorInstagramnotifications,or thedozensofotherappsthatwehaveonoursmartphonesortablets.Thus,thisbookisconciseanditishandy.Ifyouareabeginnertrader,thisbookwillequipyouwithanunderstandingofwheretostart,howtobegin,whattoexpectfromdaytrading,andhowyoucandevelop your own strategy. Sindicate reading this book will certainly not make you aprofitabletrader.Profitsintradingdonotcomefromreadingoneortwopublications,however, as Iwill explain later, revenues deserve to comewith practice, the ideal tools andsoftware application,andproperongoingeducation.Ihaveincludedatthebackofthislatesteditionofmybookahandyandhelpfulglossaryofthemostcommontermsyouwillcomeacrossindaytrading.If,asyouarereadingthisbook,youcomeacrossatermorphrasethatyoudon’trecallthemeaningof,pleasegoandhavealookatitsdefinitionintheglossary.I’veusedeasytounderstandlanguagetoexplainthe“lingo”ofdaytraders.Intermediate traders might advantage from this book’s overview of some of theclassictechniques that themajorityof retail tradersuseefficiently. Ifyoudon’tconsider yourself a novice trader, then youmaywish to jump ahead and also startreading at Chapter 7 for a review of the a lot of important day tradingtechniques. However before, I encourage you to skim via the earlier chapters aswell. Becoming a repeatedly profitable traderwill certainly not require you tomastercomplicatednewtradingstrategiesdaily.ThestrategiesinChapter7aretheonesthattradershaveusedforoveradecade.Theyhaveworkedsofarandneedto be mastered.Work on easy famous strategies, but adjust them overtime to complement your very own personality and also whatever before the present marketconditionsare.Successintradingisnotarevolution,itisanevolution.


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Inmyopinion, themany necessary lesboy thatyoucan learn from analysis thisbook is that you will certainly not get wealthy quickly by day trading. Day trading is notsimilar to gambling or playing the lottery. This is the most importantmisconceptionthatpeoplehaveaboutdaytradingandIhopeyouwillcometothesameconclusionafterreadingthisbook.Daytradinglooksdeceptivelysimple.Brokers carry out not normally release customer statistics to the public however, inMassachusetts, a state court did order the release of the documents of financialbrokers.Those documents suggested that after sixmonthsof trading,only16%ofday traders actually made money. It is extremely basic to be one of those 84% oftraderswhoarelosingmoney.Thisbringsyoutomyfirstruleofdaytrading:Rule1:Daytradingisnotastrategytogetrichconveniently.Averycommonmisconception thatpeoplehaveaboutday trading is that it iseasy: “buy low, market high” or “buy the dip, offer the rally”.Again, day tradinglooksdeceptivelystraightforward,butitisnot.Ifitwerethateasy,everyonewouldbeasuccessfultrader.Youmustalwaysrememberthatdaytradingisdifficultandwillnotmakeyouricheasily.Ifyouhave thismisconception, and if youdesire to acquire wealthy easily and also easily in thestockindustry,youshouldstopreadingthisbookrightnowandspendthesavingsthatyouputasidefordaytradingonanicefamilyvacation.Itwouldbemuchmoresatisfyingtospendyourmoneythatmeans,ratherthanlosingitinthestockmarket.Havingmentionedallofthesepoints,daytradingcanbeaprofitableprofession.But keep in mind that it’s a highly demanding experienced career and mostcertainly not a casual activity for beginners. It takes time to end up being aconsistentlyprofitabletrader.Manytraderswillfailinthelongandattimesfataldaytradinglearningcurve.Chapter 9 concentrates on the real actionable procedures you should take to successfullyenter the world of day trading, however aget beware that day trading needs abrutal learningcurve.Therearemany type of things thatyoucando tospeedupyourlearningcurve.Butyouunfortunatelycannotmakethelearningcurvedisshow up.Tradinginasimulatoraccountisexpeditingyourlearningcurvesignificantly.


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How to Day Trade for a Living: A Beginner’s Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology
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