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How to become successful day trader?

Posted By On 7/13/2008 10:12:00 AM Under
1. As a sucessful day trader do not fight the trend and do not hold intra day positions when the trend is short lived .

2. Always invest equal amount in a fixed number of stocks.

3. Correct strategy for successful traders is buying at a high price and selling at further higher levels.

4. Undertake action as per the actual price movement as a day trader.

5. Do not mix day trading with investment as both requires different trading set ups.

6. Day trade with a plan written in hand.

7. Try to avoid being a speculator as a day will come when you will be trapped and thus your all profits will go for six in a single wrong day.

8. Another important aspect to be understood is regarding one sided movement of the stock where one has to be on the guard. Remember when price moves at a fast pavece in one direction then it tends nd to pull back also and one can call it as "two steps forward, one step back".

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