More and more people are attempting to become day traders. There is nothing wrong with that, but you want to really understand the market before you get started as “tradeideasreview.net” would recommend. Truthfully, you need a good nest egg before you try and day trade, too. The more I learn about the market, the more I would caution my younger self to think things through. That is if I could go back in time to do so.
Yet at the same time, I’m glad that I’m a risk taker. I probably wouldn’t have learned near as much if I wasn’t. Sometimes tactile or ‘hands-on’ learning is best. Do you plan to day trade? Maybe you are just wanting some good swing trade ideas, or you’re learning the options market. Whatever the case may be, you’ve got more resources available to you these days.
That is one of the reasons why people are looking to day trade because they are equipped with knowledge and networks of people that serve as emotional support. You can chat with other traders all day long, bouncing ideas back and forth. And you can trade stocks commission free these days, too.
Have you heard of Stock Twits? It’s a stock message board where people go to post about all kinds of securities. And then there is the crypto world. There is a chat message board my broker makes available for Dogecoin that used to move so quickly that it was nearly impossible to read the posts.
What’s more is every morning, like clockwork, the people on the board would be pumping trade ideas. That brings me to another point. You don’t want to just jump on a stock because you hear about it and with just a little pecking around, you think it’s a good idea. You want to research a move first.
Many traders like to pump and dump stocks. They don’t all do it, but hey, there is buying and selling always going down. So you have to make the moves you want to make based on your own due diligence. It’s best if your research brings you to a stock that isn’t being pumped and dumped on a message board.
What you want to do is look at all the metrics of trade and make your own decision. With a little research, you will find some great trading opportunities. Here’s to your trading endeavors in 2019 and beyond.