Day Trading

Day Trading can be very rewarding and does provide a small percentage of people financial freedom.  There is only a small percentage of traders that are able to make it work.  For this reason we recommend everyone find a profitable group of traders to join daily in chat.  Whether you find your home here or in another chat room is not important, so long as you find a profitable place to trade.

Day Trading requires a ton of discipline, self-control and patience.  That does not mean this has to be your nature.  For example I am the most inpatient person you will find, but I find ways to make myself patient 7.5 hours a day.  I have so much criteria to take a trade that I literally spend my entire day from open to close running scans, monitoring the markets and economic data. I always have something to do in order to find my trades.  In a sense it is almost better to have a full time job and be occupied with something else to keep you from over trading and trading scared.

Like any other profession, day trading is a learning experience.  You must have a way to control your trading fees, taxes and all expenses associated to trading.  Most newbies start out over trading or show up on Monday expecting to be rich by the weekend.  It is not a get rich quick scheme.  Traders that are trying to get rich quick blow up VERY FAST!  This is a slow and steady wealth building process for the traders that really want it.

There are many different strategies and methodologies when it comes to day trading.  Here at Picks That Make Cents we focus on very easy and reliable strategies.  We are not bound to stocks trading under $5, but rather we focus on any stocks trading on above average volume.  The large caps are actually what we prefer, and with our house broker you can turn 100 shares for 40 cents.  For example you short 100 shares of NFLX and let it run down $2.00. $200 – .80 = $199.20 profit.  That is what I mean by keeping cost under control.

There is so much to learn about day trading that I would have to write a book to tell it all….  You can join us and our team in chat daily to follow along and learn a lot LIVE during market hours.