Day Trading Requirements: A Supercharged Brain, Steel Nerves and a Lot of Brass

Some people have an analytical nature, and the thought of learning a whole new language of technical jargon thrills them to no end. The people think on the analytical side of their brain about 99 percent of the time, and can be counted on to see the big picture regardless of whatever else that might be going on around them. These people have the super speedy brains of a numbers-based genius, nerves than can be slightly shaken, but never stirred, and just a touch of brass; they are the perfect person to take on day trading for a living. Do you see yourself here?

Do not get the idea that these are just some kind of wacky, hip cowboy types that roam in making trades at random, raking in the big financial rewards as they do so- they must truly know their stuff and they have to have an innate sixth sense ability before heading out into the day trading world. That world, by the way, is online, so heading out is a misnomer as well. Day trading activity takes place daily, online with the more short-term trades that they move quickly. They are literally traders, rather than investors, but can reap huge rewards in a relatively short period of time. Of course, day trading for a living does carry some fairly large monetary risks, so you must know a little about the market, your limits and what your loss cap is before even beginning. Could you live with this excitement in your life?

Day traders do not always buy and sell their stocks in the course of the day, some may be held onto for a few days or even a week or more, in an activity commonly known as “swing trading”. Doing day trading for a living will probably encompass both types of trading activity, especially on days when certain stocks are fairly flat. Knowing the trends of stocks is always a wise idea, and even though the day trader moves quickly, without the wait and see approach of a more traditional trader, they do know and understand these trends.

Before contemplating day trading for a living you must know more than just the stock market and your own capabilities. A day trader must function under certain regulations which include minimum equity requirements for a day trader account, as the day trade buying power of that account and what defines a trader as a day trader. You do not want to begin your new career with SEC trouble looming over your head. Check out the regulations and the requirements. Do your homework and possibly buy and download the applicable software to your home or office computer. Day trading for a living can be lucrative, or it can be the financial death of you, know what you are getting into before you get into it. Day trading is not for everyone, but if you are one of the rugged individuals who have the abilities, then it’s probably time to move forward with the next steps.

Here are some of the steps you might want to to consider. First, get a good education for all of the terms and technical jargon used of the exchanges. Second, narrow your focus to one area, such a stocks, or currency trading, or commodities. By keeping your focus narrow you will be able to learn that particular niche of the market. Third, set up a demo account or virtual account with a brokerage. These accounts let you trade in real time market conditions with play money. You can test your strategies before committing any real money. Fourth, you need to develop your own personal trading strategy. Your strategy will be built over time as you research trading strategies, read related books and articles, and real time trading action in your demo account.

Studying these steps will speed you on your way to day trading success.

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The Cross function identifies when one data array crosses above another data array. Similarly, when used in reverse, it shows when one data array crosses below another. Since this function’s parameters can be set to any data array, it can be quite versatile in identifying anything from a moving average crossover to an RSI crossover.

SYNTAX Cross(Data Array1, Data Array2)

Data Array 1 _ is the information that is required to cross above the second set of information.

Data Array 2 _ is the information that `data array 1′ crosses above.

EXAMPLE

The following formula identifies when an 8 period simple moving average crosses above a 21 period simple moving average:
Cross(Mov(C,8,S),Mov(C,21,S))

In the formula above:

Data Array 1 = Mov(C,8,S)

Data Array 2 = Mov(C,21,S)

Now imagine we wanted to identify when the 8 period simple moving average crosses below the 21 period simple moving average (which is the same as saying the 21 period simple moving average crossing above the 8 period simple moving average). We would simply swap the data arrays around.

Cross(Mov(C,21,S),Mov(C,8,S))

APPLICATION

Here’s a more complex and practical MetaStock Professional application applying the alert function and two cross functions at once:

Cross(RSI(14),30) AND

Alert(Cross(Mov(C,8,S),Mov(C,21,S)), 5)

This formula specifies that the RSI must cross above the oversold area (e.g. cross above the 30 line, denoted by `Cross(RSI(14),30)’). Additionally, the 8 period simple moving average must have crossed above a 21 period simple moving average at least once within the previous five periods. By using the alert function both crosses don’t necessarily have to occur simultaneously.

See more about the Cross Function here:

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Trading Currencies has became very popular in the last few years. But how difficult is it to achieve success in the Forex trading arena? Or let me rephrase this question, how many traders achieve consistent profitable results trading the Forex market? Unfortunately very few, only 5% of traders achieve this goal. One of the main reasons of this is because Forex traders focus in the wrong information to make their trading decisions and totally forget about the most important factor: Price behavior.

Most Forex trading systems are made off technical indicators (a moving average (MA) crossover, overbought/oversold conditions in an oscillator, etc.) But what are technical indicators? They are just a series of data points plotted in a chart; these points are derived from a mathematical formula applied to the price of any given currency pair. In other words, it is a chart of price plotted in a different way that helps us see other aspects of price.

There is an important implication on this definition of technical indicators. The fact that the readings obtained from them are based on price action. Take for instance a long MA crossover signal, the price has gone up enough to make the short period MA crossover the long period MA generating a long signal. Most traders see it as ìthe MA crossover made the price go up,î but it happened the other way around, the MA crossover signal occurred because the price went up. Where Iím trying to get here is that at the end, price behavior dictates how an indicator will act, and this should be taken into consideration on any trading decision made.

Trading decisions based on technical indicators without taking price action into consideration will give us less accurate results. For example, again a long signal generated by a MA crossover as the market approaches an important resistance level. If the price suddenly starts to bounce back off that important level there is no point on taking this signal, price action is telling us the market doesnít want to go up. Most of the time, under this circumstances, the market will continue to fall down, disregarding the MA crossover.

Don’t get me wrong here, technical indicators are a very important aspect of trading. They help us see certain conditions that are otherwise difficult to see by watching pure price action. But when it comes to pull the trigger, price action incorporation into our Forex trading system will definitely put the odds in our favor, it will generate higher probability trades.

So, how to create a perfect Forex trading system?

First of all, you need to make sure your trading system fits your trading personality; otherwise you will find it hard to follow it. Every trader has different needs and goals, thus there is no system that perfectly fits all traders. You need to make your own research on various trading styles and technical indicators until you find a concept that perfectly works for you.

Make sure you know the nature of whatever technical indicator used.
Secondly, incorporate price action into your system. So you only take long signals if the price behavior tells you the market wants to go up, and short signals if the market gives you indication that it will go down.

Third, and most importantly, you need to have the discipline to follow your Forex trading system rigorously. Try it first on a demo account, then move on to a small account and finally when feeling comfortably and being consistent profitable apply your system in a regular account.

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FOREX (FOReign EXchange market) is an international foreign exchange market, where money is sold and bought freely. In its present condition FOREX was launched in the 1970s, when free exchange rates were introduced, and only the participants of the market determine the price of one currency against the other proceeding from supply and demand.

Foreign currencies are constantly and simultaneously bought and sold across local and global markets and traders’ investments increase or decrease in value based upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events.

The main merits of the FOREX market are:
The biggest number of participants and the largest volumes of transactions;
Superior liquidity and speed of the market: transactions are conducted within a few seconds according to online quotes;
24-hour trading, 5 days a week with non-stop access to global FOREX dealers.
The ability to profit in rising or falling markets.
Qualified work in the FOREX market can become your main professional activity;
Standard instruments for controlling risk exposure;
A trader can open a position for any period of time he wants;
No fees, except for the difference between buying and selling prices;
You can make deals any time you like.
An opportunity to get a bigger profit that the invested sum.

Unlike other financial markets, the FOREX market has no physical location and no central exchange (off-exchange). It operates through a global network of banks, corporations and individuals trading one currency for another. Investments usually deal with 4 major pairs: Euro against US dollar, US dollar against Japanese yen, British pound against US dollar, and US dollar against Swiss franc or EUR/USD, USD/JPY, GBP/USD, and USD/CHF used to sign these pairs accordingly. These major pairs are considered as FOREX market’s “blue chips”. You will not receive any dividends on the currencies. Well known “buy low – sell high” gives the profit for currency trades.

When trading currencies, trade only when you expect the currency you are buying to increase in value relative to the currency you are selling. If the currency you are buying does increase in value, you must sell back the other currency in order to lock in a profit. An open trade (also called an open position) is a trade in which a trader has bought or sold a particular currency pair and has not yet sold or bought back the equivalent amount to close the position.

This enormous market is like the dangerous sea where you can meet lots of sharks and dangerous waters but at the same time it is the only one where two weeks of trading can hypothetically bring you $1,000,000 out of $1,000 of initial investment.

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Are you looking to make consistent profits from investing day after day simply and easily?

Well here are some powerful tips and advice to get you moving in that direction a lot faster!

Now before you rush out, and begin asking around, in various online forums for where you can find an experienced stock investor that is willing to assist you in buying and selling good stocks, you need to look at your personal goals and desires. It is possible to make a great living from investing in stocks full time without spending hundreds or thousands of dollars for “professional coaching.” In fact, many of the experienced stock investors have been secretly using professional stock trading software reviews to have their selections and advice made for them automatically.

Don’t be fooled by the hype around experienced stock investors, they actually aren’t as elite they often claim to be as most use secret best stock trading software tools to have their profitable stock selections identified and researched for them! This is the true way that most of the successful investors find and select the good stocks, or “hot stocks,” with access to similar software anyone can be just as successful.

When comparing different stock trading tactics and strategies it is important to remember that in the long run profitable companies rise (and companies that make more profits than their competition tend to rise more). The reason you need to keep this in mind that even though you may see a company taking minor dips in stock value repeatedly, if the general stock price is continuing to rise then it is a sign of a profitable stock.

Should finances be an issue I suggest avoiding the expensive large cap company stocks and instead choosing penny stocks and other undervalued stocks. Not only will this reduce the risk to your family bank account but also get you started trading stocks with a minimal investment which could lead to a full-time income.

One easy way to remove the possible financial risk to your bank account is to have a quality screener monitor and choose the best stocks for you. As far as knowing what is the best stock screener for penny stocks, that is a matter of taste, however many investors have used the free tools located on Yahoo Finance and MSN Finance.

If you decide you would to like to use a more effective and proven stock trading software to screen profitable and undervalued stocks, then I recommend you visit this site on professional stock trading software to learn more about profiting faster than ever.

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