Get An Education
Becoming a day trader is a big decision. Markets rise and fall, and, to the uninitiated, these movements can seem erratic. Profitability requires knowledge, and that’s why learning what you can before the big game is essential to success. While many online resources exist that can help point you in the right direction, our comprehensive boot camp which features a real-time trading simulator and time with some of the best in the industry, can make sure you know how to sail before heading into uncharted waters.
Know Your Ability
Without a guaranteed salary, the earnings potential of your trading career depends entirely on performance. But not all traders are created equal. Some will earn a high percentage early in their careers, while others will lack the acumen to perform well even years after beginning. Knowing your earning potential is essential to success, and with our trading simulator, you can know your capabilities before committing to the trade.
Gauge Your Commitment
For some, day trading is a means of supplementing their current income. For others, it’s a living. Both situations require differing levels of entry capital and commitment. So before getting started, determine how much you can afford to trade comfortably. This way, a mistake or two will only mean a bad day, instead of a missed mortgage payment.
Know Your Tools
Obviously, with thousands of moving prices and metrics, day trading is an occupation that requires a computer and some hefty software. Just like a good carpenter, a proficient day trader knows his/her tools and works with their capabilities toward profit. Take full advantage of your toolkit, and your trading will see the benefit.
Rely on Analytics
It’s easy to think, based on Hollywood depictions, that day trading is a matter of instinct. However, rooms filled with telepathic traders are nothing more than movie magic. Real success comes from monitoring the market and making moves based on analytics. Your platform and your strategy should use analytics as a keystone, and all decisions should be based on sound numbers. Anything less is gambling.
Build Your Strategy
There’s an old saying that, unless you’re the lead dog, the view rarely changes. But there’s a reason the lead dog is heading up the pack. Trading leaders are individuals who blazed their own trail and built a portfolio of skills and knowledge that puts their performance on another level. As a new trader, it’s vital that you find your niche in the trading world. Anything less is sure to minimize profitability and keep you from fulfilling your potential.
Automate Your Strategy
Once you’ve honed your strategy, follow it. This may seem like elementary advice, but when the chips are down, keeping this discipline can be a real challenge. The easiest way to accomplish this is to automate your strategy. Put trade stops and entry/exit point alerts into use to take the burden of decision making off your hands and your trades will benefit.
Don’t Bet the Farm
Another colloquialism, “when the going gets tough, the tough get going,” needs a little modification for day traders. The better phrase would be, “when the going gets tough, the tough get out.” Too many traders have lost sight of their strategy and attempted to “wait out” a bad trade. But failure doesn’t happen overnight, at least not if you don’t let it. So play smart, and don’t go all in on a bad deal. Retreat and live to fight another day.
Leave Emotion at the Door
The cause of these irrational decisions isn’t magic of course. Something in our human nature causes us to abandon reason and take a gamble. But when the stakes are high, you can’t afford to let your emotions have any part in the decision making process. It takes practice, to be sure, but trusting your strategy and your numbers is an essential part of trading success.
Join a Hedge Fund
All of the challenges and tribulations of becoming a day trader can be a bit overwhelming at first, but the right environment can help ease the transition and lead to success. While traditional stock brokerages have limitations on entry capital and trades, hedge funds, like Clique Fund LP, allow the flexibility needed for young traders to shine. Coupled with the experience of working first hand with successful traders, hedge funds are a no-brainer, saving money on fees, providing educational opportunities, and honing your trading skills, all in one fell swoop. Having mentors sitting over your shoulder analyzing your trades and your risk can take you to the next level. Our Bulls Silver program not only gets you world class education but after passing our class you get capital to trade with within our hedgefund! This is a great way to start your career as you get education and continuing support along with the capital you need to get started.
Being a new trader can be a bit like the first day of a new school. You don’t know where to go, where to sit, or what you should or shouldn’t eat for lunch. But with these 10 tips, and the assets only Bulls on Wall Street can provide, you’ll be trading on varsity in no time.
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