24 OF THE BEST STOCK TRADING TIPS TO BECOME A SUCCESSFUL DAY TRADER
How to use trading alerts and tips to 10X your portfolio 💰
1. Get comfortable using your trading platform. Learn to quickly buy, sell, adjust quantities, change order types, cancel working orders.
2. Use a desktop platform over mobile.
3. Focus on winning small trades.
4. Choose a real broker like TD Ameritrade or E*Trade. Get off RobinHood.
5. Find a trading style that fits you. What works for everyone else may not work for you.
6. Don't chase. If you have fear of missing out from not buying 5 minutes ago, don't buy now.
7. Greed is the top reason traders lose. Can't go broke trading in the green.
8. Trading from your employment brokerage with your 401k using Charles Swabb doesn't work.
9. Learn to read level 2 data, order book. YouTube is your place!
10. Never buy and walk away. Be ready to take profit at any time. Low cap stocks are very volatile.
11. One of the best indicators a stock is going to go up is a VOLUME alert.
12. Trading halts are very risky. Do not get caught in one. A halt happens when a stock price is moving too fast and it's paused for 5 minutes and the price is reset. Can instantly skyrocket after it's open or plummet.
13. VWAP, or volume weighted average price is one of my favorite type of alerts. Usually when this is broken the stock goes up.
14. No, a price target doesn't mean the stock is going to go to that. However, a stock usually climbs after a new one is given. A great BUY signal.
15. An insider trading alert means someone working their knows something we don't. A good long term buy alert.
16. Be cautious of a volume spike. It can keep climbing or fall back down.
17. What does small cap stocks mean? $250m - $2b market cap.
18. Focus on winning trades. If you can make $20 consistently, you can make $2,000.
19. Get an alert. Type it into your watchlist. If it's continuing to climb, buy it. The chance of you buying at the top is rare, just don't hold too long. Never blindly buy an alert.
20. Always take profit when you can!
21. Evaluate each loss. Think about why you lost and how to prevent future losses. Losses are going to happen, it's inevitable. The goal is to win 7/10 times. Cut your losses early and ride your winners high!
22. Learn how to and set up stop losses. They exist for a reason. Set a stop loss at your loss limit and increase as the stock goes up. Ensure you will never be out of the profit.
23. How do I know when to sell? So you alert when to buy a stock but no exit? It's almost impossible to know when to sell a stock. Rule of thumb is 5% - 8% for both profit & loss. Low cap stocks can easily run upwards of over 100% in a single day. I've seen stocks run over 500%.
24. When trading fast moving stocks, do not get stuck using a limit order. Use market order. You may overpay a few cents but you will not take the chance of missing out and placing a limit order, having to go find the working order and cancel it. Same for selling, market sell will sell your entire position. A limit order may only sell a small portion of your position and you go into a loss canceling the working order.
