Develop Stock / Day Trading As a Business
Stock trading is more about knowledge, experience and skill sets than just a part time or full time job. Make day trading as your first priority and it will ultimately develop as a business for you. You can make the most out of it, if you have good skill set and proper knowledge of market. However, it becomes difficult for a working class person to dedicate whole of his time in day trading. But nevertheless, you may either choose from two styles of trading i.e. swing trade or day trade. If you have very limited amount of time and you cannot dedicate any extra time for trading then swing trading is the best option you can go for. However, if you can give extra time to stock trading after daily work routine then you can choose for day trading.
Understanding and analysing the nature of market is the key behind success in the field of stock trading. You are required to learn to trade the market if want to develop stock trading as a business. When it comes to basics whatever be the business, it must have either goods or services to sell in the market for the purpose of profit making. In the business of stock trading, your plans, methods and setups are basically the goods or products. What matters the most is the strategy and style of trading you are going to follow. Develop a habit of analysing the flow chart of the market. It will help you in giving better understanding and knowledge. Most of the traders ignore the basic methods and frequently switch their strategies which further create disaster for them.
If you are a beginner in this field then just focus on developing strategies and ignore the time frame of profit making. At the beginning of trading carrier, your enthusiasm for making more and more profit will ultimately leave you at the corner of losing. So do not worry about the quick returns as it will only demotivate you, instead have patience and focus on the key strategies. Losses which you might incur in the beginning are nothing but your investment which will develop your inner confidence. Constant loss in stock trading is also not good for you but if you are reviewing your plans then it will ultimately help you in making big.
Another important thing is to remain accountable to you. Blame yourself for the loss and further make a new start. Develop a long term vision and make structure for work accordingly. Do not get stressed about a single trade which showed loss for you. Business is a long term investment and a lot of trades are coming your way. Grab those deals and make the most out of it. This is the ultimate mantra for success in stock trading.
Curious Case of Kodak BlockChain Cryptocurrency Coin
I grew up with Kodak. My childhood was full of buying Kodak films, taking pictures and then taking them for processing and printing. Fun times!
Kodak actually a giant company, being listed in the Dow Jones Industrial Average for over 74 years until its business started to decline in 2000s where smartphone cameras started replacing digital camera and old photography. Not many people have seen Kodak products or even talked about it since. Today, however, they announced their own cryptocurrency called Kodak Coin. Its stock spiked more than 100% on that news alone.
But, how did I trade it?
It did hit my scanner around 2 pm and was being traded heavily at around $6.
I quickly checked the daily chart and identified two levels: 6.68 a daily level, and $7.62 the 200 Simple Moving Average (SMA). I marked them on my chart. If you want to know how I find these levels, watch CLASS 2!
I had no idea if price would respect these levels or not, but I had to have some levels on my chart as potential profit taking targets. I would not trade stocks where I do not have ant levels nearby to based my trade on them. As you see I did 4 trades on it, and made a really good money. See my trades both in 5 min and 1 min chart below.
It is always good to be back day trading in the afternoon!
