Day trading is really challenging for beginners. It is no secret that about 80% of all short term investors use to fail.
This means that many people get frustrated and in in the end they tend to blaming the providers.
Sometimes when they have made a mistakes, they take the easy way to accuse the brokerage companies, the trading educators or the tools of being guilty.
Of course this may be right in some cases, but the main reasons for these mistakes are completely wrong expectations, the wrong preparation or an incorrect execution by the trader himself.
This website is not meant to sell anything. In the contrary, most of the articles that you will find here contain no ads at all. It is my aim to encourage you to be more conservative when you consider day trading as your investment strategy.
At daytradingz.com you will find a lot of useful information, like for example detailed reviews and case studies.
Right in the beginning I would like to introduce you 4 general rules that you should always pay attention to when you decide to turn day trading into your investment strategy:
Day trading is speculative
Day Trading is speculative. So, please, never invest any more money than a small amount of the liquid assets that you have in your bank account!
I know, it may be hard to resist when you see all these advertisements that promise you "to get rich overnight" or "to make 245% a day by buying penny stocks".
Here it is highly important to resist.
Don't invest any single dollar more than the money that you can afford to lose! Just take it as an experiment! Compare it with a brand new computer game that you buy to have a try with to find out if it is right for you or not!
If you will end up seeing that this game is perfect for you, buy some upgrades! But if you find out the opposite, just leave it as it is! It may be a smart move to handle your investments exactly like your choice of computer games.
It is highly important to resist
Don't invest any single dollar more than the money that you can afford to lose! Just take it as an experiment!
Compare it with a brand new computer game that you buy to have a try with to find out if it is right for you or not! If you will end up seeing that this game is perfect for you, buy some upgrades!
But if you find out the opposite, just leave it as it is! It may be a smart move to handle your investments exactly like your choice of computer games.
Try to calm down and to be patient
Take rational steps! Start only with tools and with trials of services that are available for free, read free blog posts and watch free videos on YouTube!
Before you will spend your first dollar for a service, you better ask yourself the question how long it will take to refinance your investment.
If you are scared of the answer when you ask yourself this question, your budget is definitely too low. In the beginning, don't use anything but resources that are for free! Just do it!
Don’t feel like being in a hurry
You have all the time of the world. The markets were already there 20, 50 and 100 years ago and they will still be there in the future. Every single day offers you new opportunities in the financial markets.
About my first trade
I started my career in the financial business in 1999. At the beginning, I started trading the financial markets in addition to my job in financial services.
Back then, the online brokerage business was still in its infancy.
That's why all these years ago I placed my first buy and sell orders in person inside a bank while I talked with a banker.
When the order was placed, it took some minutes before the order was confirmed. A few days later I received the printed documents for the transaction via regular mail.
Can you still imagine this? Or does this sound strange? Yes, it probably does if you compare it with the situation of today.
Meanwhile, trading online within the split of a second is the standard procedure. The financial markets still fascinate me in the same way as they did during my first trading days.
I also enjoy always being up-to-date when it comes to developments in the information technology
Automation was my key to success. I started automating my trading processes very early. At the beginning, I mostly worked with MS-Excel while I was analyzing historical price developments and when I was trying to predict the future.
Of course no one can really predict the future. But I was able to work in a comfortable situation with the right mindset. I always looked at everything in a realistic way.
This made it easy for me to switch from trying to predict the future to optimizing my trading processes.
This was the time when I started to work with NinjaTrader's trading software. I wrote my own code lines (NinjaScript C#), I created semi-automated and completely automated trading strategies and I really enjoyed the auto execution of my trades.
Buying and selling stocks without the stress of the manual execution of the trade is the very best method of all for day traders. This helps to avoid mistakes being based on a wrong mindset and mistakes that may happen because of fat finger keystrokes.
Isn't it a great feeling just to manage the trades by trading semi-automatically or even to lean back while the computer does the job?
At some point, I went out of ideas for new strategies that I could encode. Candlesticks – o.k. Trading patterns - done. So, what could come next?
During this process of searching for new ways, I heard about Trade-Ideas.com and about their product named Trade Ideas Pro for the very first time
With the help of Trade Ideas Pro stock screener, all at once the development of new ideas was not limited anymore.
And even better, the service of Trade Ideas includes the so-called "Trade Ideas Custom Formulas" that give me the opportunity to use simple formulas to create my own personal scans.
By now I already wrote more than 100 custom formulas - for simple stock scans, for layouts and list functionalities and for the unique real-time candlestick scanner.
There is no doubt about it that I really like this trading software. I know, there are a lot of other people who are writing about Trade Ideas, but it is hard to find someone else with almost 10 years of experience with Trade Ideas who doesn't work for Trade Ideas himself.
Thank you for visiting daytradingz.com
In addition to my career in the financial business, I started with blogging and I found out that I also enjoy it to create websites.
That's why today you will find everything I wrote so far at DAYTRADINGz.com.
Here you may get valuable information about trading and about general financial topics. For example, my website includes a finance blog, the best stock screeners and stock scanners, online brokerage account reviews, trading course reviews and trading tool reviews.
All of them are written from a beginner's perspective instead of using the pure technical jargon that only experts may understand completely.
I think, this offers really useful information that everybody will understand all easily.
My name is Alexander. I am the founder of daytradingz.com
To get in touch with me, please use this contact form.