Learning to Day Trade - Part 7

Self-sufficiency

Tim Sykes preaches self-sufficiency in a lot of his video lessons, and when you’re first starting and trying to learn it’s not always obvious or easy to understand this. You have to rely on and learn from others and that’s totally fine. What’s not OK is following what others are doing and trying to profit off their trades. Whether it’s random stocks being alerted in a chat room or following an alert. You cannot do this and you will lose. You must come up with your own ideas and trading plans. This means studying the past, watching how stocks move each day, and formulating plans the night before or during premarket before the market open.

Learning from trade alerts can be beneficial, but when I look at the chart I usually don’t see anything I like. Sometimes I’m right and the stock just outright tanks or does nothing and other times Tim is right and it’s a decent gain. It’s just not that useful to me. Whether that’s from inexperience or the trades just aren’t that great to begin with due to the market, I do not know.

Self-sufficiency is key to becoming a successful day trader. You cannot rely on others forever.


Part 8 - Multiday Breakouts



Disclaimer

I am not a registered financial adviser/broker/anything. Use this information for entertainment/informational purposes only. Any tickers mentioned are not recommendations to buy/sell/or sell short. They are used as examples only.