Continue reading...The prospect of making quick money lures many to the world of day trading. The participants in this game, besides professional traders, can be retirees, executives, teachers, small business owners, housewives, etc. who try and make a fortune through their computer screens. Remember, the profits which may draw you to day trading are virtual and it’s your trading style that can transform them into real gains–a daunting task, especially as a rookie.
There are rules for every game, even day trading! If you are a new player, it’s important that you are mindful of the basic set of rules. These rules are certainly not binding, but they can help you to make some crucial decisions and give broader guidelines.
1. Knowledge “Knowledge is power.” Knowledge here includes information about the basic trading procedures and tools, information about stocks you plan to trade (like company financials, reports and charts), knowing the latest in the stock markets, keeping track of events...
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