Day trading tip of the day: For new day traders.
Posted on December 21st, 2007 by Day Trader in General
One of the best tips I can offer you for setting yourself up for success in day trading is a simple, yet effective one. Set a goal for yourself. Start off small. Make it a priority to make XXX dollars per day.
Don’t be afraid to lose it, or else you’ll lose the rest trying to win back what you originally lost (wow can I say that?). I’ve seen guys burn $10,000 trying to win back $500 they lost. When you’ve achieved your goal STOP for the day! Go do something else.
In case of failure, make sure you’ve set an amount you’re willing to risk. And once you’ve hit that limit. Turn your ticker off, and go do something else. If you can master this method you WILL be successful in the stock market. Especially the day trading stock market.