Tips Every Day Trader Should Know

What are the simplest day trading tips every trader should know?

I once met a day trader who has been very successful in the markets, and I asked him if there were any golden rules I should apply to my trading.

He told me that there were many rules, but I would not be able to apply them in practice, even if he told me.

Finally I convinced him to let me in on some of his secrets, and he told me, but emphasised that it takes a lot of practice to be able to work with them.

Here are the excellent tips on day trading that he gave me:

1) Watch the trading calendar and never be in a trade ahead of a report.

2) If a volatile day is expected, at least stay out of the market during the first hour.

3) Never trade on FOMC meeting days.

4) Find a trading mentor! No matter how well you think you can trade, the mentor will pinpoint your weaknesses and save you a lot of bad trades, while keeping the good ones going.

And then I thought, that sounds good, but how do I use the trading calendar to predict volatility, and how do I find a mentor that knows all of this, and can answer my every question?

After looking around and talking to many serious traders, I finally decided that I needed some education. I new what I wanted, and finally I found a great educator. Not only do they have a serious and very effective training program, but they also were able to answer so many of my difficult questions. Questions like how do I make sense of the trading calendar, how do I spot dumb money moves, how do I deal with conflicting indicators and many more questions.

Getting educated helped me out a lot, even though I have moved on from their original trading strategy, as I have slightly changed their rules. I combine everything they taught me together with what I learned from others and the results are great.

To a new trader, FOMC meeting days can be so intimidating. Imagine expecting a massive rally to take place, and buying big, only to find that it goes nowhere. Imagine how many unnecessary losses this trader will incur that day.

Getting educated was my best choice ever, it was the best spent money in my life, and it has really paid off ever since! And it's not just the money; they also saved me a lot of frustration. After attending the mentoring program, I can make a living trading the markets, just 4 days a week. Only 4 days a week! There are others who think, that they have to trade all day long and 7 days a week. And guess what, they give back most of their gains. They make less than they would in my 4 day trading strategy!