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5 Keys to being a Great Day Trader! Advice from 36 year veteran Trader Stephen Kalayjian.
We stopped by the Ticker Tocker office last week to talk to Steve and find out more about hows he’s managed to stay alive Day Trading for over 30 years in the Stock Market. Stephen Kalayjian trades Forex, Futures and Equities calling Marketing Direction and capturing opportunities in the Stock Market everyday.
How has technology changed the way day traders operate?
Becoming a successful day trader is a challenging endeavor. The industry is highly competitive, and the markets are constantly shifting. To thrive as a day trader, you must learn to navigate the markets skillfully, manage risk effectively, and stay disciplined.
To help you achieve success, we present to you the rules of a veteran day trader with 36 years of experience. Here are his five keys to becoming a great day trader:
1. Follow a Trading Plan
One of the biggest mistakes that novice traders make is not having a trading plan. A trading plan is essential to ensuring that you have a strategy for managing risk, setting targets, and executing trades. Your trading plan should include clear rules for when to enter and exit a trade, your stop-loss and take-profit levels, and your risk management strategy.
2. Manage Your Risk
Managing your risk is a crucial part of day trading. It’s essential to avoid taking risks that are too large for your account size or that do not have an acceptable reward-to-risk ratio. A good rule of thumb is to limit your risk per trade to no more than 1% to 2% of your account size. This way, you can avoid major losses that could wipe out your account.
3. Stay Disciplined
Discipline is essential to becoming a great day trader. It’s easy to let your emotions get the best of you when trading, but it’s crucial to stick to your trading plan and your risk management strategy. One of the best ways to maintain discipline is to set your stop-loss and take-profit levels before entering a trade and to avoid deviating from them.
4. Stay Informed
Staying informed is crucial to being a successful day trader. It’s vital to stay up-to-date with the latest news and market trends as they can significantly impact your trades. You should also stay on top of your trading plan and adjust it regularly as market conditions change.
5. Embrace Technology
Technology has revolutionized the way day traders operate. Advanced trading platforms, real-time market data, and algorithmic trading tools have made it easier than ever to execute trades quickly and efficiently. As a day trader, you must embrace technology and learn how to use it effectively to gain an edge in the markets.
In conclusion, becoming a great day trader is a challenging task that requires discipline, skill, and persistence. By following these five key rules of a veteran day trader with 36 years of experience, you can significantly improve your chances of success. Remember to follow a trading plan, manage your risk, stay disciplined, stay informed, and embrace technology, and you’ll be on your way to becoming a great day trader.
