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Becoming a successful day trader is the dream of many people. Being able to work the hours that you want and make the money that you deserve is what a lot of investors wish they could do. However, they find that trading is not as easy as it's cracked up to be. Stock trading is something that takes a lot of skill and knowledge in order to do. You don't just sit down in front of a computer for the first time and be a whiz at day trading. So what does it take to become successful at day trading?
OTCBB stocks are usually stocks under 5.00 but in reality you can find much higher priced ones. Day traders think of penny stocks as very cheap. These stocks are usually very inexpensive. You can find them as low as a fraction of a penny. The real name for penny stocks are Over The Counter Bulletin Board Stocks (OTCBB) or Pink Sheets. They mainly come from new start up companies that are trying to "make it" or invent a product. They are extremely high risk as their is weak regulation in this market and there are many scams trying to take your money. It seems most penny stocks are highly manipulated.
Another critical component of becoming successful at day trading is developing a stock trading strategy. There are many different stock trading strategies out there and each one of them is different. Before you buy anything from anyone, you'll want to do your research. Every trading system out there has benefits and negatives. Regardless of which strategy you choose, the important thing is to stick with it. You don't want to be trading on pure emotion. You want to be trading based upon a strict system of rules. These rules will present you with a number of scenarios and you'll need to meet every single one of them with flying colors.
You can't master it overnight. It takes years to learn how to fully profit from it. It only works in a rising market, and not in every rising market. And most importantly, you have to adapt it to your own http://news.goldgrey.org/precious-metals/ style.
When it comes to the selection of right stocks, most of the new day traders have a weak and shaky idea about day trading stocks. Most bad trades are due to beginners who are trying out unfamiliar stocks. If you are accustomed and used to the rhythm and swings of a stock and you have traded that stock with success than you should pick stocks that are similar.
Investing in Gold is the ultimate alternative to investing in stocks. Gold is a commodity that has been sought after for centuries and with it carries an automatic since of wealth. Throughout history, the possession of gold as an asset has the same affect and appeal no matter what country or part of the world you are from.
A falling unemployment trend would be a sure sign of companies seeing visible growth ahead as hiring is usually lagging indicator. (Companies have to see and believe in a measurable improvement before the commit to new workers. Until then things like productivity and overtime can be watched. At present the BLS hours worked are rising and private sector jobs are growing albeit slowly.
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