January 2013
Beginner
301 pages
7h 54m
English
Content preview from Swing and Day Trading: Evolution of a Trader
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CHAPTER 8
Day Trading Basics
The following is what I wrote when I first started day trading years ago.
I feel lost. That is the best way to describe how it feels to transition from swing trading, or one of the other phases in a trader’s life, to day trading. Nothing seems to work. All of the rules I spent years learning just do not apply in this universe.
The feeling of foundering reminds me of how I felt when I first started trading. There was so much to consider, so many methods to try. Which one should I begin with?
Day trading is the same way. Should I play the 1-minute or 5-minute scale? Gaps on the daily chart that I considered rare happen on every stock at the market open. Should I trade with them or fade them?
What about indicator settings, candlesticks, or chart patterns? How well do they work in this universe? There are so many options, I do not know where to begin.
A day trader I watched operate for a few days told me that he spent four years and tens of thousands of dollars buying almost every course offered. Remember seeing those infomercials for trading programs on late night TV? Forget red and green signals. The programs do not work, and they cost $5,000 or more. Trading schools? You cannot buy experience, and they only teach you the basics anyway.
What should I do?
I often feel lost when tackling a large project, but I have found that breaking it down into small steps and creating a plan to tackle the project helps overcome the feeling. Let us approach day trading ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.