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Beginner’s Day Trading Guide for Living Day Trading Business Strategy, Rules, Pattern & Stock Picking

Beginner’s Day Trading Guide for Living Day Trading Business Strategy, Rules, Pattern & Stock Picking

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Beginner’s Day Trading Guide for Living Day Trading Business Strategy, Rules, Pattern & Stock Picking

оценки:
5/5 (13 оценки)
Длина:
217 страниц
2 часа
Издатель:
Издано:
16 авг. 2021 г.
ISBN:
9798201508005
Формат:
Книга

Описание

Day Trading for Living

 

Are you interested in learning the Hidden Secret of the Day Trading market and how to make a good earning from the day trading stock market? Would you like to learn how to living as day trader without getting beginner mistakes?

 

Day trading is highly profitable—and highly tumultuous. Moreover, the financial markets have changed considerably in recent years.

 

Does the very thought of trading for a living make you excited? If yes, then this guide is for you.

 

Day Trading is two of the most powerful ways to earn a living if you know what you're doing, but most people don't, Inside this book, Scorpio Digital Press explain how day trading works in simple terms. They reveal profitable trading concepts that are based on proven principles without complicated indicators or complex mathematics.

 

Here's what's contained in this special book:

 

  • Exchanges and Networks
  • Market Dynamics
  • Market Participants
  • Market Situations
  • Support and Resistance
  • Static and Dynamic
  • Types of Trading
  • Brokers
  • Trading Instruments
  • Price Patterns
  • Trading Strategies
  • Option and Risk Profiles
  • Risk Management
  • Mindset
  • Your Trading Success Plan

If you are motivated to change your life for the better, this book will definitely guide you in the right direction!

This book is not just a self-help book that tells a story of day trading, it is one of those rare trading guides written for people who want to get extraordinary market results.

 

 

Издатель:
Издано:
16 авг. 2021 г.
ISBN:
9798201508005
Формат:
Книга

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Beginner’s Day Trading Guide for Living Day Trading Business Strategy, Rules, Pattern & Stock Picking - Scorpio Digital Press

Beginner’s Day Trading Guide for Living

Day Trading Business Strategy, Rules, Pattern & Stock Picking

By Scorpio Digital Press

© Copyright 2019 by Scorpio Digital Press- All rights reserved.

The following Book is reproduced below with the goal of providing information that is as accurate and reliable as possible. Regardless, purchasing this eBook can be seen as consent to the fact that both the publisher and the author of this book are in no way experts on the topics discussed within and that any recommendations or suggestions that are made herein are for entertainment purposes only. Professionals should be consulted as needed prior to undertaking any of the action endorsed herein.

This declaration is deemed fair and valid by both the American Bar Association and the Committee of Publishers Association and is legally binding throughout the United States.

Furthermore, the transmission, duplication, or reproduction of any of the following work including specific information will be considered an illegal act irrespective of if it is done electronically or in print. This extends to creating a secondary or tertiary copy of the work or a recorded copy and is only allowed with the express written consent from the Publisher. All additional right reserved.

The information in the following pages is broadly considered a truthful and accurate account of facts and as such, any inattention, use, or misuse of the information in question by the reader will render any resulting actions solely under their purview. There are no scenarios in which the publisher or the original author of this work can be in any fashion deemed liable for any hardship or damages that may befall them after undertaking information described herein.

Additionally, the information in the following pages is intended only for informational purposes and should thus be thought of as universal. As befitting its nature, it is presented without assurance regarding its prolonged validity or interim quality. Trademarks that are mentioned are done without written consent and can in no way be considered an endorsement from the trademark holder.

Table of Contents

Introduction

Fantasy

Realities

A New Approach

Skills

The Beginning

Chapter 1: Market Basics

Exchanges and Networks

Centralized Markets

Decentralized Markets

Market Participants

Institutions

Market Makers

Retail Traders

How to Make Money in the Stock Market

Chapter 2: Market Dynamics

Market Situations

Trends

Ranges

Real-World Situations

Phase Changes

Exercise

The Anatomy of Price

Price Quotes

Indicators

Chapter 3: Support and Resistance

Static and Dynamic

Static

Dynamic

Price Environment

Relevant S/R

Exercise

Chapter 4: Types of Trading

Trading—What It Is Not

Types of Trading

Scalping

Swing Trading

Position Trading

Day Trading

The Advantages of Day Trading

Chapter 5: Brokers

Full Service vs. Discount

Account Types

Margin Calls

Why Bother with Margin at All?

Pattern Day Trading

Chapter 6: Trading Instruments

Institutional Instruments

Fixed-Income Derivatives

Other Derivatives

Retail Instruments

Stocks (Equities)

Futures

Options

Other Derivatives

FX and Contracts for Difference

Which Instrument Is the Best to Trade?

Chapter 7: Price Patterns

Common Price Patterns

Head and Shoulders

Rising Wedge

Falling Wedge

Double and Triple Bottoms

Candlestick Price Patterns

Pin Bars

Inside Bars

Two-Bar Reversals

Chapter 8: Trading Strategies

Indicator-Based Strategies

ADX

Bollinger Bands

RSI

Price-Action-Based Strategies

Bias Shifts

S/R Entries

Building a Strategy: A Concise Checklist

Chapter 9: Options and Risk Profiles

Conventions

Risk Profiles

Covered Calls

Chapter 10: Risk Management

Elements

Hit Rates and Payouts

Consistency

Amount vs. Percent

Quantitative Risk

Average Risk Percentage

Drawdown

Risk Limits

Recovery Period

Qualitative Risk

Exercise

Diet

Sleep

Lifestyle

Mental Prep

Chapter 11: Mindset

The Physical Brain

The Reptilian Brain

The Pre-Frontal Cortex

Learning

Decision-Making

Stress Responses

Changing Responses

Attitudes

Mindfulness

Problem-Solving

Repetition and Emotion

Approach to Trading

Chapter 12: Your Trading Success Plan

Trading Plans

Instruments to Trade

Markets and Timing

Capital and Risk per Trade

Risk Limits

Technical System

Events

Review System

Practice

Journals

Training

Progression

Conclusion

Introduction

Did you hear the story about that one stay-at-home mom who began day trading and is now earning over a million dollars per year? It’s true! As is the story about the homeless person who is now living in a Bel-Air McMansion!

Stories such as these abound when it comes to the financial markets. Everybody has a natural inclination to make more money and achieve financial freedom. More importantly, it’s the freedom of time that money brings that is far more valuable to most people. It’s perfectly normal to see people of all ages look for side gigs or second hustles to earn some extra income and boost their standard of living.

Trading provides an ideal avenue to those searching for such opportunities. The barriers of entry are low. After all, all you need is a laptop and an internet connection. For as little as $500, you can open a brokerage account and start trading immediately.

There are a number of success stories for you to draw inspiration from—stories of millions and advertisements promising you the missing link in your financial freedom plan: Buy this course and see your profits double! Buy that book and learn insider secrets that only the pros know! Read this random forum post and learn how you can manipulate the market order flow and profit from the algos’ mistakes!

I might as well mention this now: this is not going to be that sort of book.

Fantasy

Iwas once one of those people with dollar signs in my eyes and dreams of retiring within two years sitting on a beach somewhere, trading off my laptop. It’s a fair assumption that the large majority of prospective traders have similar visions. If you don’t, then congratulations, you’re far ahead of the curve even if you don’t realize it yet.

The thing that escapes most people is that while the barriers of entry to trade are low, the learning curve is extraordinarily steep. Make no mistake—the things you have to learn and master to trade successfully cannot be summarized in a few bullet points. I mean, sure you could say that you need to have a good strategy and a good mindset. However, these two points are such broad-based categories that it is virtually useless for a beginner to learn. Trading, like a sport or any activity, is a skill. It takes time to master this skill. How long does it take? Well, this is the tricky bit. The best answer is that it will take as long as it needs to take. The market will not give you any money unless you’ve mastered the various things that go into becoming a successful trader.

The most important thing you’ll have to master is yourself. If you’re not a self-reflective type, don’t worry, the market is going to hold a mirror to your face repeatedly, and you’re not going to like what you see at the start. Everything that you fear and that you’ve squirreled away under the carpet is going to be exposed.

The worst part is that you’ll have no one to rely on. After all, how could you? You can’t expect someone else to trade for you, can you? All the above is not meant to dissuade you from trading or discourage you. It’s just that there are some harsh realities you will need to take on board and consider before taking the plunge.

By doing this early in the process, you’ll save yourself a lot of pain and wasted time in case you find that trading just isn’t for you.

Realities

Here are some realities about trading as a profession. It is boring. Those movie scenes you’ve watched where traders are constantly screaming and throwing paper and hurling abuses at one another? Yeah, that’s not real. It might have been at some point in the ’80s on Wall Street, but for you, this is not going to happen.

Those of you who know a bit more about trading as a profession might be aware of the existence of proprietary trading firms, or prop shops. Well, I encourage you to go visit a prop shop sometime. You’ll find the silence deafening. Another thing that will strike you is how inactive everything seems.

The large majority of a trader’s day (a good trader) is spent in simply staring at the screen, waiting and watching. That’s it. You could go an entire session or day without lifting a finger. You could alternatively spend an entire day juggling positions and turn over your book twice during market hours. It all depends.

Before you proceed, I strongly advise you to open a demo account with any broker. It doesn’t matter what instruments they provide you to trade with. Most forex (FX) brokers will provide a demo account in exchange for an email address. Pick any instrument you see. It doesn’t matter if you don’t know what it is. Pick anything, and simply sit in front of it, staring at your screen for four hours.

Don’t do anything. Don’t answer your phone. Don’t check your email. Don’t surf the web. Nothing. Read a book if you want and visit the toilet. However, nothing more than this. If you fall asleep, congratulations, you’ve discovered that trading isn’t for you. You might be bummed out by this, but trust me, you’ve just saved yourself a world of pain.

You might argue that once you understand the markets better, you’ll be more interested in what’s going on. Well, it doesn’t work that way. There will come a day when you’ll understand fully what’s going on, and there won’t be much mystery to you anymore. So will you get bored at that point as well?

If you want to trade successfully, you need to learn to watch the market for hours on end. Much like anything else, if it isn’t a burning passion, you won’t succeed. I mean, can’t you simply force yourself to become a doctor if you’re squeamish at the sight of blood. So how can you trade if you find watching the market boring? It doesn’t make sense.

A New Approach

It seems odd that a book that is going to teach you to day trade for a living is discouraging you from trading right at the start. This is not the point being made. What I’m saying is that people tend to underestimate trading, and they only look at the potential riches without looking at the work it takes to make said riches.

This doesn’t happen in any other activity. If you decided to join a martial arts class, would you expect to fight at Bruce Lee levels within a month or a year? It’s laughable, yet you see people expecting to make millions within six months. You might say, Well, I expect to make millions in five years. Again, if you took a martial arts class, would you ever walk up to your teacher and say, "I expect to fight like Bruce

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  • (4/5)
    Very much a beginner book. Enjoyed it! I love day trading!