Press Release Summary = Have you heard of terms such as "market maker," "technical analysis," "market order," or "bid and ask?" If you haven't or answered "NO" to any of the prior questions, then you need to do some reading before you jump into this fascinating, new world. A good free website to find this and other useful information on day trading is Day Trading Tutor (http://www.geocities.com/daytradingtutor/).
Press Release Body = Day trading may lure you with dreams of making large sums of money in a short period of time, but day trading can be extremely risky. It can sometimes result in substantial financial losses. Whether you should become a day trader or not is entirely up to you, but answering these questions before you start can be of immense help.
1. What kind of experience do I have in trading the markets?
If you do not have any kind of experience in stock market trading or trading any other financial market like forex (foreign exchange) or futures, take your new day trading hobby nice and slow. Day trading requires you to have knowledge about the particular market that you will be trading and ample experience with a day trading simulator or demo. The simulator will allow you to get familiar with quotes, charts, news, and the placing of orders in a live market environment.
2. Can I afford to set aside some money to learn proper day trading techniques?
Sometimes the most unforgettable lessons are learned the hard way. Be prepared to lose some money to learn the tricks of making profits in day trading. Day trading is like any other business, where you have to spend some money upfront if you want to make the business grow. Furthermore, make sure that the money that you are devoting to your initial day trading business is "risk capital." Risk capital is basically money that you can afford to lose. This should not be money that you need to pay your mortgage every month or money that you are setting aside for your children's college education. Start small and slowly build your trading account as you go and are more experienced and confident in your abilities.
3. What is my tolerance for risk?
Do you want to curl up in a little ball and disappear every time you lose a dollar? If you do, then you might not be able to stomach day trading. If you start trading with real capital, you will be subject to certain human emotions associated with the risk of financial loss. Remember that every time you get into a trade, you might lose some of your hard-earned money. Not everyone is able to perform in a situation like this, so please assess your ability to take risk before you decide to become the Mr. Universe of day trading.
4. What is my knowledge of the day trading market?
Do you have a good knowledge of the various terms used in stock market trading or day trading in particular? Do you know the types of orders that you will be placing to buy and sell in the short-term? Have you heard of terms such as "market maker," "technical analysis," "market order," or "bid and ask?" If you haven't or answered "NO" to any of the prior questions, then you need to do some reading before you jump into this fascinating, new world. A good free website to find this and other useful information on day trading is Day Trading Tutor (http://www.geocities.com/daytradingtutor/).
5. Do I have the equipment required to become a successful day trader?
Just like a mechanic requires the proper tools to fix a problem, a day trader requires the right computer system, software, and internet connection to tackle the markets. First, to be able to take full advantage of the latest computer hardware and software, a trader needs a good broadband (high-speed) connection.
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