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Beating the Stock Market: 7 Day Trading Secrets to Implement if You Want to Beat the Odds

Each day the markets offer an array of opportunities for profits. However, only a very small number of people are capable of doing this on a consistent basis. The question is -; what is it that this “in crowd” is doing differently from everyone else?

The answer may be that they are using the best, but little-known resources and methods. Today, these secrets have been revealed and are available for use for anyone who wants to apply them to their own trading strategy. Keep reading to learn some of the best methods for earning a profit, like the ones used by TradeZero, and other top stock market firms.

Knowledge Makes Anyone Powerful

Thanks to the availability of instant communication, an event that occurs on the other side of the globe can affect any market. This means it’s necessary to have continuous access to a reliable source of news. However, there are several resources that go beyond reports of breaking news.

These sources also provide those who pay attention access to commentary and in-depth insight. All this information can enhance a person’s ability to predict what is going to happen with a particular stock in the near and distant future. This means that one of the best-kept and most effective secrets of day trading is access to ongoing information.

Economic Calendars

Another tool that is invaluable to day traders is an economic calendar. This helps to track various market-moving events. However, when they are used properly, they can also help a person organize and anticipate a future event.

The economic calendar will break down some of the most important events, such as the purchasing managers’ index, consumer price index, GDP announcements, non-farm payroll numbers, and interest rate decisions. It is also going to help with organization and discipline, which are two crucial qualities that a day trader needs to have.

Enhanced Analysis

Some in the industry have said that a trader is only as good as their technical analysis. This is why it is important to have powerful tools and charts available. The good news is, there are an array of tools and resources that can be used, so check out a few to figure out which ones are best.

Practice Makes Perfect

Making a profit from the intraday price fluctuations is something that requires much more than knowledge of what to do. It also requires plenty of practice. There are many people who have lost their hard-earned profits due to early mistakes that would have been avoided if they had started trading with a demo account.

A practice account is the perfect place to become familiar with the market conditions and to determine a strategy. One of the top success secrets for day trading is to run several strategies through the simulator account before trying it with the real market. Using virtual money, it’s possible to find any flaws and improve techniques until consistent profits are earned, at which point the efforts can be applied to a live account.

Trade Diary Secrets

There are a large number of traders who are concerned with quantity and, as a result, forget to actually look at the quality of the trades they are making. This results in a trader not understanding where they are going wrong. This is why it is such a good idea to maintain a trade journal.

There are several free options online that will allow a person to plan trades, position sizes and there are some that are even offered with risk management software. What’s even more important, however, is that it maintains a detailed record of all previous trades. This includes things like profit and loss, position size, time of open and close, data of trade, entry and exit points.

By using this, a trader can easily look back and find flaws in the strategy that’s been used. While other new traders are going to continue to make the same mistakes, people with a trade journal can continue to improve. Be sure to use this tip.

Remain Neutral

It is not even time for lunch and a person already has $500 in losses. At this point, a person may doubt the plan they carefully formulated. On the other hand, when someone is up, holding that winning position feels right regardless of the strategy. However, the key to achieving success is to achieve emotional-discipline.

To do that, it is necessary to take an approach that is well-rounded. To do this, it is necessary to respect stops, outline a strategy before getting started, focus on big wins, find a plan that fits the person’s lifestyle, set realistic goals, and know when to cut losses. By using these steps, it’s possible to avoid making serious mistakes that wind up costing money.

Consider Automation

Once a person has developed a strategy that is consistently effective, it’s possible to automate the process to enhance an increase in returns. This is because it’s only possible to make a certain number of manual trades per day. However, an algorithm, which is provided with automation, can execute many more trades as soon as the pre-determined criteria are met.

In the world of automation for trading, there are several free tools that can be used, along with some paid options. These are typically designed by experts in the industry and provide a user with a superior level of control regarding fact-based, high-speed automated systems. In the long run, it can provide an array of benefits and advantages.

Even with the tips and trading strategies listed above, the ability to generate consistent profits over a long period of time isn’t a simple and straightforward task. While there are some tools and strategies that may work well for some people, they can leave others no better off than before. The goal for anyone who wants to trade is to find what secrets listed above will complement their strategy and help them achieve more profits and more success.