Day Trading Advice: Patience Is Key

One of the best cardinal rules and day trading advice is to be patient. Patience is key, during the day, there may be many opportunities. It is best to wait for the right opportunity pursuant to your specific rules and trading plan. Sometimes you won't make any trade at all, that's why it's not always easy being patient. Most of the time you will find yourself in profitable trades as long as your patient and vigilante.

It is best to be actively involved in your trading plan and passively involved in the actual markets when starting out. If your typical trade manifests itself three times out of the week then consider yourself profitable because all it takes is one really good  trade a week, unless you are scalp trading.

When you are patient, the trade you are looking for will invariably reveal itself to you. As this happens make sure to stay focused on your trading rules and stick to the plan. Another key ingredient to successful trading is visualizing what you will do during  premeditated scenarios. Visualization and patience is a major one two punch to building a strong trading character.

blog comments powered by Disqus
Scottrade