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Trading Strategies

What Would I Do Differently If ?

What would I have done differently if I was taking my very 1st class in learning about daytrading?

FYI, I was one of 30 students that paid $4000 for a 1 month class to learn how to daytrade for a living June 1997, 20+ years ago.

Needless to say, we were the guinea pigs of daytrading, and many lost most their trading capital and a few made it and became very wealthy trading for a living.

I was the first student to make $9000 the first 15 minutes trading live, which made my head swell and blew up my ego where I almost blew up my trading account the following week.

Fortunately 2 of the best students became my best friends and through discussions and live trading with them, I started figuring it out.

I ended up becoming the VP of Sales and Marketing for what is now the most well known trading education companies in the world, Online Trading Academy.

In retrospect, I would have done less trades and cut my losses of losing trades immediately for one.

I would let the winners run until the charts tell me otherwise.

Be open with all the successful traders and let them advise you in certain situations that you are not sure about.

Categories
Trading Strategies

Introduction to Day Trading Strategies

Daytraders try to profit from intraday price movements in any type of market. It is very important that daytraders close all their positions at the end of the trading day. There are many ways daytraders try to make money. Some will look to enter a trade between 6:30 am to 8:00 am PST and/or 12:00 noon to 1:00 pm PST and close the position at the end of the day while others will close a trade when it reaches their profit objective. Some traders will enter as many as 20 trades in a day, taking smaller profits as soon as they have them. During the beginning of the day trading phenomena in 1997, there were traders that did over 100 trades a day at OTA.