Day Trading QuickStart Guide

The Simplified Beginner's Guide to Winning Trade Plans, Conquering the Markets, and Becoming a Successful Day Trader

Troy Noonan

• Editorial: ClydeBank Media LLC
• Año: 2020
• ISBN:
  9781945051616
• Edición: 1
• Categoría: Business
• Categoría: Trading

THE ULTIMATE BEGINNER'S GUIDE TO DAY TRADING – INCLUDES A COMPREHENSIVE LIBRARY OF DIGITAL TRADING TOOLS!

The ONLY Day Trading Book Complete With a Library of FREE Digital Trading Tools + $1, 000 TRADING COMMISSION REBATE TO THE PREMIER TRADING BROKER & CHARTING PLATFORM (MORE THAN JUST STOCKS!)Learn how to become a successful trader using the techniques and strategies inside Day Trading QuickStart Guide. Don't be fooled by fake 'gurus' and fly-by-night 'books' written by anonymous authors. Author Troy Noonan has already made hundreds of successful day traders using the exact information in this book.Are you ready to be the next success story? If you are SERIOUS about achieving financial freedom through day trading than look no further than Day Trading QuickStart Guide! Day Trading QuickStart Guide smashes the myth that successful day traders are math experts, careless risk junkies, or compulsive gamblers. Using the tactics enclosed in these chapters, you'll learn the exact skills needed to find real success while keeping your risk to an absolute bare minimum. Author Troy Noonan is a professional full-time trader and day trading coach with over 25 years of experience. The original 'Backpack Trader', Noonan has helped thousands of students in over 100 countries become successful traders using the exact methods and strategies shared in this book. Low-cost trading platforms, the ability to trade from anywhere at any time, and the comprehensive education you'll receive in Day Trading QuickStart Guide means that there has NEVER been a better time to learn how to day trade. Day Trading QuickStart Guide Is Perfect For:

• Complete beginners - even if you've never bought a single stock before!
• People who tried day trading in the past but didn't find success because of phony gurus and courses
• Existing traders who want to hone their skills & increase their earning potential
• Anyone who wants the freedom of making full-time income with part-time effort!

Day Trading QuickStart Guide Explains:

• The Inner Workings of the Derivatives Market
• Futures Trading Contracts, How They Work and How to Maximize their Efficiency
• How to Day Trade Options and Use Options Contracts to Hedge Against Risk
• The Mechanics of Forex Trading and How to Use Foreign Currency Markets to Your Benefit

You Will Learn:

• Day Trading Fundamentals, from the Anatomy of a Trade to Powerful Trade Plans For Serious Returns
• Technical Analysis, the Backbone of Finding and Executing Winning Trades
• Trading Psychology, a Key Aspect That Allows Traders to Rise to the Top
• The Surprisingly Simple Way to Interpret Market Charts and Act Based on Your Findings Before Anyone Else
• Technical Indicators, Patterns, Trade Plans, and Mistakes New Traders Must Avoid

Troy Noonan is also the author of the bestselling book Forex Trading QuickStart Guide. QuickStart Guides are books for beginners, written by experts. *LIFETIME ACCESS TO FREE DAY TRADING DIGITAL ASSETS*
Day Trading QuickStart Guide comes with free lifetime access to a library of exclusive tools and videos designed to help you get started quickly and become a better trader faster.* GIVING BACK*
QuickStart Guides proudly supports One Tree Planted as a Reforestation partner. Working with One Tree Planted, we plant trees where they are needed most!

PART I - Is Day Trading Right for You?

THE FOUNDATIONS OF DAY TRADING

| 1 |

Challenges and Rewards

Chapter Overview

• The real reason to day trade
• Day trading and freedom
• Against the odds
• Dedication, perseverance, and emotional discipline
• Cycles of emotions

Success in trading can lead to independence, freedom, and financial prosperity. Those are compelling reasons to try to beat the odds. The truth is that most traders fail because day trading is challenging. Many aspiring traders quit after a series of losses.

Why is day trading so challenging? There are many reasons, but what I have found is that most traders’ failure can be attributed to just a few. First and foremost, trading is unnatural. Human beings are just not wired for trading. From the very beginning, the odds are stacked against us because of the way we think.

We have a primal need, as a species, to simply survive. In the trading world, we grapple with the risk of becoming extinct. Losses are experienced as painful, and, like any living creature, we feel that pain is something to be avoided, and for good reason. It typically signifies that something is very wrong. We often experience pain to avoid things that threaten our existence. Inexperienced traders then will do whatever they can to avoid losing trades, regardless of whether it is the correct decision or not. This behavior is not something that always happens consciously, of course, which makes it all the more difficult to resolve.

When someone is in a trade, they must surrender control to what the markets will do next. Humans have a hard time surrendering control. They want to control the outcome because their very survival often depends on it. If they win, their odds of survival increase. If they lose, they experience pain and suffering, which means they are at risk of becoming extinct. Only the strong survive. So, the tendency for the inexperienced trader is to try to control the outcome of their trade, which has the opposite effect of what they intended. It is not possible to control the markets.

Of course, all this happens deep inside a person’s subconscious mind, and as a result, most would-be traders are not aware that it is happening. Therefore, they might not even be in conscious control of their own behaviors when trading.

Luckily, psychological and emotional roadblocks can be removed. Of course, understanding financial markets is certainly important too. But that’s the easy part. Anyone can learn that. Learning how to harness and control the deep-rooted primal need to survive is much more challenging.

To become a successful trader, as a human being, you need to recalibrate your internal thinking and become that strange and unnatural creature/animal/species we call a trader. You need to do the necessary work to actually transform yourself from a person trying to trade into a trader—or better yet, the CEO of your trading business. This makes all the difference to the potential for success in trading. It is also what makes this book a lot different from other books on day trading. This book gives you a plan, the steps to take to recalibrate your “internals” so that you can transform into a trader.

Financial and Personal Freedom

Why day trade? Isn’t it risky? Don’t most people fail? What inspires people to take up day trading? If you ask experienced traders what motivates them, their responses might include one or more of the following:

• Unlimited income potential
• Owning a business with no employees, no clients, no inventory
• Creating your own schedule
• Freedom to travel and see the world
• Lifelong learning

In fact, there is just one reason to trade. I will talk about this later. Have a guess? Write down your answer to the question Why trade? and compare it with mine at the end of chapter 4.

It is true: trading can give you a great life. Imagine being independent, free, and prosperous—with no boss, no employees to manage, and no one to answer to but yourself.

Want to buy a round-trip ticket for you and your wife to visit Paris for a couple of weeks? No problem. How about taking a day off to ski a foot of fresh powder? You got it. Maybe you want to volunteer your time and energy to help others in your community or promote a cause that is very important to you. Yes, it is all possible. Success in trading can give you freedom and the life of your dreams.

Consider John Henry, principal owner of the Boston Red Sox. He grew up on a soybean farm in Illinois and took it upon himself to learn the ins and outs of trading the futures market so that he could help his parents manage the price fluctuations in the soybean market. His goal: maximize their profits.

Henry learned so much about trading that he opened his own trading firm and became fabulously wealthy managing money for other people. He purchased the Red Sox in 2002 and helped build the team that won the 2004 World Series, the first Series triumph for the Red Sox in 86 years.

Or how about Paul Tudor Jones? A billionaire from trading, Jones got his start as a mere clerk on the New York Cotton Exchange. He later used his wealth to start the Robin Hood Foundation, a philanthropic group that battles problems associated with poverty in New York City.

Henry and Jones are two of today’s best-known traders, but there are scores of others quietly trading for a living in the financial markets. They typically trade smaller amounts, control their risk, and are able to consistently make money despite occasional losing streaks and bad days.

Can you live the dream of day trading? What exactly is the dream? Monitor the market for a few hours (maybe even minutes) every day and make a few trades? Watch your account grow and have time left over for whatever else you want to do on any given day? Set your own schedule and live life on your own terms?

The good news is that getting started in day trading is easier than ever before. Trading commissions and fees ...