Day Trading Tips
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Daily Trading Log
Are you tired of the same old
day trading tips? Like, “cut your losses and let your profits run.”
“Never let a gain turn into a loss.”, or the most repeated tip, “Buy low,
So how about something new? Let me give you some
specific day trading tips
that will turn your trading around.
A good defense beats a good offense over the long haul. If you want to stay
in the Trading "game", then developing a good defense is a MUST.
Rule Number One: Cut your losses
immediately when the trade doesn’t go your way. There’s nothing harder to
learn and nothing better. I’ll be even more specific. The average “run of
day trading advisor
will tell you to enter a trade, place a stop of 2 to 4
points, place a target that’s equal to your stop, or 2 to 3 times greater,
and then wait for your stop to get hit. This is a big mistake that is going
to end up costing *you*.
The time to wait is before you enter the
trade, not after.
I’ve been trading for over 30 years, and I don’t trade
like the crowd. The crowd waits for their stops to get hit. They sit there
hoping their trade comes back from negative to positive territory, but it
usually doesn’t and they lose money. They believe that the edge (probability
of success) isn’t good enough on their entries. This is the crowd’s approach
and it just doesn’t work.
day trading advice
for you is to
use radical soft stops that go against human nature.
I write a market newsletter each day, giving my "game
plan" for the next trading day. I'm as specific as possible including
Support and Resistance levels that I will be buying and selling against,
which provides *you* with great trade set ups nearly everyday.
In trading, your entries and your exits must NOT come naturally at first.
Human nature is responsible for the fact that 90% of those
day trading the eminis
lose money. If you follow the herd, you’ll lose money
Some of my subscribers tell me it seems impossible to get out of a trade
early, just because it doesn’t move immediately into a profit. They worry
about commissions. They worry that the trade will turn around and go their
way in a few more seconds and they’ll lose opportunity. In fact most of the
people reading this right now will try it for a few minutes (hopefully on a
trading simulator) and decide it can’t be done.
Like I said, my techniques and day trading tips fly in the face of
the untrained “gut feeling.” And that’s precisely why they work.
Exiting my way is not the whole picture when it comes to the method I use for
day trading support and resistance.
Any complex process has to be broken down into small
chunks at first, a person has to learn one thing at a time, especially when
you want to learn day trading.
First I teach my traders a way to
demand that the trade goes profitable immediately.
When it doesn’t, I teach them to get out
Radical, but it works.
day trading advice
for them is don’t wait for the market to prove you
wrong, instead, if the market doesn’t immediately prove you right, run for
Example: Let’s say you enter a day trade. In the first 5 seconds it goes 3
or 4 ticks against you.
What is your course of action?
a. Give it a chance, don’t waste the commission.
b. Sit and hope that it turns around before it hits your stop.
c. “Knowing” your entry was excellent, sit tight and / or move your hard
d. Add to the position (scale in) to bring your break-even point closer.
e. Get out of the position NOW!!! Don’t think about it, just get out.
Believe it or not, “e” is the right answer in my book. You have to be
flexible with everything, but this is the foundation of my trading style.
This is the default procedure.
Does it work?... YES it works! This is how I’ve been day trading for the
past 30 + years. But it only works IF you know where and when to enter.
Let me show you how it’s done! Subscribe to my
RBI Updates and see how my support and resistance levels and market analysis
will help your trading...No matter what method you’re using. Want more day
trading tips that work ? Put my experience to work for you!
SIGN UP NOW AND GET STARTED!
There’s never been a better opportunity to
turn the corner and become a consistent trader.
complimentary copy of my Trading Tutorial, "Basic Guide to Support
and Resistance Trading", and also the Audio and Transcript of my 3
hour Trading Teleseminar, please go to the link below. These are a
gift to you, no strings attached!
CLICK HERE FOR
Mike Reed is author of TradeStalker's RBI Trader's Updates.Mike
began trading the Market in 1982. When he got his start as a trader,
Mike was plotting prices on paper tape as the internet had not yet
been "born" as we know it today. Years of experience have really
given him a feel for the Market action. His support and resistance
numbers have been published on the internet since 1996. He has a
wide readership that includes day traders, floor traders, locals and
hedge fund managers. His nightly trading plan, along with his
support and resistance zones are specific and accurate. He offers an
unlimited free trial of his nightly TradeStalker RBI Trader's
Updates.- Copyright 2015 Mike Reed and TradeStalker.com