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Where To Learn From Veteran Day Traders

16 October 2017 No Comment

When you start out day trading, there is a lot you can learn from online video classes and studying books and strategies. But to get a taste of the day-to-day, you want to get some free chat in and observe what the veteran traders are doing.

Free chat days are great for novice traders to sit in on and learn the terms and shorthand that day traders know by heart. Terms like gappers, float, high candle and other words that sound like gibberish to laypeople. Learning the language is one step on the way to becoming a profitable day trader. Day trading can seem complicated and unforgiving, but over time, you can learn to decipher a lot of patterns.

Day trading is all about finding the right stocks to pounce on and then trading them at the right times. There is a lot of planning and preparation that goes into day trading. Contrary to popular belief, there is very little “winging it” in front of the screen. It takes years of screen time to be able to spot patterns and spikes before they happen. Learning how to read the market is art and science. There is much to be gained from prepping with research and plenty to be gained by getting out in front of the screen and learning as you go.

That is where free chat rooms come into play. Novice traders can interact with the veterans, learn their positions and understand how the vets are seeing the market that day. Warrior Trading is well-respected day trading education site that was a pioneer in free chat day for prospective traders. Now they offer 5 straight days of chat room access for just $5.

The good part about 5 straight days is learning how traders work on a regular basis, not just for one day. It helps to get a rhythm after being in that environment day after day. The more time you spend the easier it is to start to discern how it all works. Once you get a feel, you can start learning strategies.

Learning the right strategies is very important for day traders. Good day traders always have a plan going into every trade. You need to know how much profit you expect to make and how big a loss you are willing to take. Having a plan is essential, because you need to make sure that you are learning how to keep your profit/loss ratio in the black. Day traders thrive on keeping the profit/loss ratio at least 2 to 1.

Volatility is another aspect of day trading that is loathed by institutional investors, but prized by day traders. That is why learning how to be comfortable with big swings in the daily market and stay emotionally centered is so important. When you go after day trading profits, you cannot get emotionally invested in the companies. It is all about the profits.

Chat rooms are great for solitary traders as well. They act as social gathering spot for people that spend a lot of time in front of multiple monitors all day, watching green charts zoom up and down. The lonely nature of day trading is great for those allergic to office life, but the lack of human interaction can be tough to take.

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