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The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed
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The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed

by Josh DiPietro
July 2009
Beginner content levelBeginner
208 pages
4h 39m
English
Wiley
Content preview from The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed
CHAPTER 20
The Perfect Trading Day
 
 
 
Here’s a list of the factors behind the perfect trading day, from the time you wake up until the evening.
• Your broker is pay-per-share.
• Your premarket prep has been thorough.
• All day you’ve been strategically consistent.
• At day’s end you’ve closed all positions.
• You’re not holding overnight.
• You’re thoroughly prepared for tomorrow.
• ... And of course, you’ve made a good profit!
My goal in this chapter is to vividly illustrate the optimum day trading experience. To facilitate this, here’s an in-depth description of an ideal day from my life.

EARLY MORNING ACTIVITIES

First I should mention that occasionally, I kick back and take a day off. It’s never an impulsive decision; I’ve known since the day before. The reason is either the market conditions, or I’ve planned on a very late night.
Today I’m not taking off.
Depending on whether I’ll be trading from home or going to my group-trading floor, I roll out of bed at either 5 A.M. or 7 A.M. (If I’ll be heading out for the floor, which is located way down by Wall Street, I have to be up before dawn. The entrance to the subway is about three city-blocks away, and once I get down in that packed, massive cavern, finding a train with room to cram into can take up even more time.)
It doesn’t matter what the clock says when I first open my eyes: I want a sweet rush of caffeine. Whether swarming humanity is where I’ll end up, or just to my home-based quiet trading desk, the first thing I do, every ...
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Publisher Resources

ISBN: 9780470495858Purchase book