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Hello Traders,
For 2016 I would like to wish all of you discipline and patience in your trading!
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Survivor Day Trading
This article was published by the Stocks, Futures, & Options Magazine in September, 2007 and was written by our VP, Ilan Levy-Mayer. We think this article is timeless and whether you are beginner or advanced trader, you will enjoy it.
Perhaps the greatest luxury I have in this business is the ability to observe the experiences of many traders with different personalities, life schedules and risk capital, each trading in a variety of markets.
What most astute brokers realize is that, over time, as some individuals prematurely exit winners while others desperately cling to losers, Day trading is by definition a trade that is initiated and completed during the same trading day. In this wide category, you will find many types of traders. On one end of the spectrum are scalpers, who go for one or two ticks of profit several times a day in trades lasting just seconds. On the other side are speculators who stay in a position from the start of the day until the close. One of the main appeals of day trading for all types is that the trader goes home flat without having to worry about positions. When the market closes, the day is done. Money management, as the name implies, is applying prudent principles to help conserve your trade (risk) capital. Without risk capital to trade, a speculator does not have a chance to succeed.
