Learning to Day Trade and Avoid the Mistakes That Others Make - I know that the concept of learning to day trade probably intimidates a lot of people. Obviously they don't want to make the same mistakes that other people make, but they love the idea of making money from home, and telling their boss to shove it. But they feel that it takes an expert to be able to day trade successfully. Somehow only the "experts" can grasp the intricacies day trading.
Learning to Day Trade and Avoid the Mistakes That Others Make
By John Templeton
Jun 30, 2009 - 4:33:14 AM
I know that the concept of learning to day trade probably intimidates a lot of people. Obviously they don't want to make the same mistakes that other people make, but they love the idea of making money from home, and telling their boss to shove it. But they feel that it takes an expert to be able to day trade successfully. Somehow only the "experts" can grasp the intricacies day trading.
Truthfully that's not the case. Anybody can learn to day trade successfully. And when I say anybody, I mean anybody. it doesn't take a genius. Believe it or not, there are successful day traders who have never even graduated from high school. So don't think for one second you have to be a Yale graduate to be able to figure this out.
If you want to learn to day trade, you better start learning about technical analysis. There is no getting around this. It's a requirement for trading. When I use the phrase "technical analysis", I am not talking about slapping a bunch of indicators on your charts and seeing what sticks. The markets aren't meant to be traded so mechanically.
If you use a bunch of lagging indicators, then can you really call what you are doing, analyzing? I don't think so! YOU have to be responsible for buying and selling, not your indicators. It's not something that can be outsourced. You are going to have get your hands dirty. All you need to do is pull up your "garden variety" bar chart and just watch what the market is trying to tell you.
John Templeton has been a successful Forex trader after learning how to trade price action. Once he understood that all he needed to trade Forex was on a plain chart with no indicators, his profits soared. You too could learn to day trade.
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