In order to be successful as a day trader, your day trading strategies must be geared toward your strengths as a trader. You must first figure out exactly what advantage is that you have in the marketplace that can be leveraged to obtain the most profit for your day trading business. You will then be able to modify and tweak your day trading strategies to complement this philosophy.
No matter what a person’s day trading strategies are, the first reason that most people are not successful as a day trader is because they do not hone their skills in a niche market. The biggest mistake that you can make as a novice or intermediate day trader is to try to connect your day trading strategies with the latest “hot tip.” Even when these tips are completely truthful in nature, there is an element of execution that almost ensures that any tip that you have seen, other people have already seen many times. All of the juice in that trade has probably been sucked up by people who have a split-second faster execution then you.
Instead of being a follower, dictate your day trading strategies and philosophies before you go into the marketplace and let your results follow from them. Sticking to a philosophy and only the industries in which you have an educational or strategic advantage is the number one way to succeed in the day trading market. After you have mastered this discipline, you will be ready to make even more niche oriented tweaks to your day trading strategies. At this point is where the real money starts rolling in on a consistent basis.
Once you have chosen a niche and a strategy that fits you as a trader, you will be able to more easily discern which information is accurate and good to trade on. You will naturally narrow down your information sources and your strategies will become much more tightly wound around a few formulas and patterns that have shown themselves to be consistently profitable for your day trading business. This is exactly the effect that you want.