day trading stock picks

Day trade stock picks

By Mr. Work @ Home, Publisher of WorkAtHomeTruth.com

If you want to day trade stock picks and make money, watch out for this...

Let me start out by saying that I think every person serious about building a business should study the principles of day trading. I don't mean they should necessarily become a day trader, but there is a lot to be learned by studying this approach to making money, such as how to minimize risk, and how to capitalize on winning opportunities.

Day trading requires an enormous amount of discipline and is a good model for the type of discipline required for any business to succeed.

However . . .

70% of day traders lose money

The North American Securities Administrators Association says That 70% of day traders lose money.

Personally, I don't think that's all that horrendous. It's true of any business that only a small percentage of the people involved are disciplined enough to make the business work.

What bothers me is that the people and infomercials that push day trading systems are selling people the promise of "easy profits" without accurately describing the level of discipline required and the amount of work involved.

The truth about computer day trading systems and those fabulous late-night infomercials

Please don't believe for a minute that successful day traders can just let a computer program pick their winners and losers. Think about it. If someone had really figured out a surefire way to make money day trading, why would they sell it to somebody else instead of just using it for themselves?

I personally know of one very successful day trader in my community and he is very secretive about his methods. Yes, he uses several computers while trading, but he also has a deep knowledge of economics and often uses that knowledge when making trading decisions throughout the day.

If you still want to try your hand at day trading...

If you still want to try your hand at day trading, I suggest you check out The Way To Trade By John Piper. Within this book you'll learn such things as the one most important thing successful traders have in common (it's not their system) and the 10 critical components that must be present in every successful trading system.

Again, I recommend this book for anyone serious about any business. But if you do plan to try your hand at day trading, please remember this: if you don't get it right, trading is the fastest way to go broke - flat broke.

Whatever you do, be sure to check my list of scams before parting with your hard-earned money.

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