Posted by forex at 7:30 AM
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1. Explore some of the major trading programs and platforms available to investors, such as Nobletrading and Cobratrading. There are dozens of programs available that have provided solid profits to diligent traders over time. The trick is to find one that you feel comfortable with and can understand completely. Some traders tend to be more effective using contrarian strategies, while others may have better results with market arbitrage (buying a security on one exchange and selling it on another.)
2. Select a trading program and then choose an investment firm through which to place your trades. In most cases, you will probably want to choose an online investment firm that charges minimal commissions per trade, and offers volume discounts to traders. But, the level of customer service support that you receive can be just as important, as is the kind of research that will be available to you.
3. Follow the tenets of the trading program that you have chosen. Treat your trading like any other job, where you must get up at a certain time and be refreshed and ready for war by the time the market opens each morning. Stay true to your investment objectives and don't let your emotions get the better of you, especially when the markets are moving against you.
4. Evaluate the success of your trading program periodically to make sure that it's the right fit for you as an investor. If you are constantly having to fight your emotions every day with every trade that you make, then you may want to consider switching programs to something that suits you better. There are several good books available on the psychology of investing that can help you determine the kind of trader that you are.
5. Read several news sources on the markets every day, such as USA Today, the Wall Street Journal, Barron's and Investor's Business Daily. These publications can provide you with important ideas and investment suggestions that diligent investors can profit from.
6. Watch your stocks constantly throughout the trading day. Day traders typically sell stocks within hours or even minutes of buying them. Know that day trading will require many hours of research and watching the stocks you are following or have bought. This is an intense job.