Why you need to learn these uncovered day trading secrets – the markets offer a range of ways to produce profits every day. But usually only a small number manages to do so. What is the ‘in-crowd’ doing that isn’t the rest of the market? They may be making use of the latest but also not so well-known approaches and tools. Fortunately, some of those useful tricks can be exposed in the day trading secrets guide below.
1. Knowledge is Power
An incident on the other side of the world will rapidly impact your business, thanks to instant communication. Therefore it is more important than ever to have access to credible news outlets. Many services, however, go beyond covering the breaking news. They also deliver detailed analysis and commentary. It will all improve your ability to predict potential price change.
So, Financial Juice is one of the best kept secrets of day trading. After you have signed up for a free user account, live news will be read out audibly as it happens. Staying up to date with activities that may have a clear and simple effect on your business. All of this makes it one of the best day trading secrets.
If you are looking for additional feedback and perspectives, however, you may want to consider some other of the top choices currently available:
- Trade the News
- Benzinga Pro
The three include high-quality financial data that can help you cut down on your research times. They do come at a cost, though, unlike Financial Juice. Thankfully you can sign up for a free trial and see which one suits you best.
So, if you want to claim and retain an advantage over the rest of the market, use Financial Juice or one of the above mentioned options.
2. Economic Calendars
The next of the day trading secrets to be exposed is a resource often ignored by traders, an economic calendar. They simply track market-driving events and their occurrence. They can also allow you to predict and arrange a schedule for a potential event when used correctly.
They break down important significant events such as:
- Interest rate decisions
- Non-farm payroll numbers
- GDP announcements
- Consumer Price Index (CPI)
- Purchasing Managers’ Index (PMI)
In turn, an economic calendar will instill structure and organization. Day traders should should establish those two extremely important qualities.
Yet, generally speaking, using an economic calendar is not the best kept secret. Instead, it is the use of the device Price Alerts. Their easy-to-use application allows traders to track all economic activities around the world in real-time via their Economic Calendar.
You may build warning systems customized to your needs. The calendar comes with filters around nation and significance. Plus, you are not expected to sign in or gove any personal data. Not to mention, it’s totally safe.
3. Enhanced Analysis
Many people suggest you’re as good as your professional research. That’s why it’s important to ensure you have strong charts and resources available to you. This is also why eSignal deserves a place in this list of 7 keys to day trading success.
While your broker’s regular charts will make you do for a while, when you’re ready to upgrade, eSignal is the place to go.
You will draw and write the custom formulae. Upon deployment of custom scripts they can then be used as indicators for reversals and drawing support/resistance lines. eSignal always runs smoothly, allowing you to load the charts without any lag on various monitors.
On top of that, the features of financial media and social integration allow you to interact instantly with information and experienced traders. For example, bouncing ideas off other traders may prove an effective way to hone an advanced day trading scalping strategy.
NinjaTrader charting program is another of the fairly unknown trade secrets, if you’re searching for the inside track. NinjaTrader includes everything from order entry to execution. Yet customizability is what distinguishes him from the rest. Not to mention the integration of third-party libraries which makes 300+ add-on items compatible.
And, with more than 100 technical indicators and advanced charting tools, you are in a better position than anyone to analyze and respond to market data.
The only drawback is that NinjaTrader, unlike many of the above tips, isn’t free. Nevertheless it remains a smart option.
4. Practice Makes Perfect
Profiting from volatility in intraday rates needs more than experience. It needs practice, too. So many people are wasting their hard-earned money because of early errors that should better have been made in a trial account. So, these practice accounts are the ideal place to get to know the dynamics of the market and to hone a plan.
Yes, one of the top day secrets of trading performance is to run prospective strategies first through a simulator account. Funded from virtual money, you can recognize flaws and refine your technique until consistent profits are created. You may then add the strategy into a live account.
Demo accounts alone, though, aren’t one of the best day trading secrets. The trick is to use an account from Oanda.
Sign up is easy and hassle-free. It comes with zero charges and can be used for an infinite period of time. This means that you do not risk your own money until you feel secure. You can also choose between their own proprietary platform or the common MetaTrader 4 platform. You can also access your Demo account via a mobile application.
But one of the biggest selling points is access to their ‘Autochartist’ advanced auto-charting app. This allows you to use highly advanced methods and strategic research to develop and strengthen a plan.
All this means that trial accounts in Oanda need to appear on every PDF that reveals day trading secrets.
5. Trade Diary Secrets
Too many traders deal with volume and fail to sit down and look at the quality of their trades, ignoring the need to find out where they are going wrong and why. This is why keeping a journal with TradeBench is one of the top secrets of day trading in stocks or some other instrument.
TradeBench is an online business journal which is completely free. You can schedule trades, position sizes and the risk management program comes with it. Above all, it holds a clear record of previous trades, including:
- Entry & exit points
- Data of trade
- Time of open & close
- Position size
It helps you to look back quickly and recognise the strategic flaws. Although some will continue to make the same errors, you will be improving continually.
Therefore, opening a journal with TradeBench will appear high on the list in any day trading secrets PDF.
6. Staying Neutral
It’s barely lunchtime and you’ve lost 500 dollars on a contract. Now you question your strategy that has been carefully formulated. On the other side, hanging on to the winning place when you’re substantially up feels like the best thing to do, whatever the plan.
Yet as effective trader Victor Sperandeo correctly noticed, emotional control is the secret to trading success. If intelligence were the answer, there would be a lot more people making money. However, the honing of monk-like discipline hardly ranks among the top 15 secrets of effective trading today. Rather, the secret is learning how to cultivate that emotional discipline.
You need to take a well-rounded approach to this, and follow all the steps below:
10 Steps to Mental Success
- Stops – The stops must be respected. They force you to take a minute to reflect on where you went wrong and why.
- Consistency – At the beginning you need to formulate your plan, and then stick to it. Trust in the data and your work.
- Starting small – Focus on major wins and you fail to follow the trend. Taking smaller positions would allow you greater leverage over the long term. Then as your confidence increases, you will slowly increase your size of position.
- Lifestyle – You’ve got to find a strategy that suits your lifestyle. Looking at 50 charts is a sure way to waste time and worry when you just have time for 5. So, focus on those really good chances.
- Noise reduction – Getting bogged down in large amounts of microdata is all too easy. Chill for a minute, and concentrate your attention on the overall picture.
- Realistic targets – This is one of the best secrets of trade. Unrealistic goals for income would immediately lead to irresponsible decision-taking. So set small and realistic goals to yourself, particularly to begin with.
- Cutting losses – It is important to go on autopilot and get out when threatened with major loss. So, emotionally brace and imagine the emergency exit. As Bruce Kovner pointed out, if you personalize losses, then you can not trade.
- Learn from the highest – Pick up training books. Mark Douglas’ ‘The Disciplined Trader’ is a great place to start.
- Trust yourself – While chatrooms and forums can be useful, don’t let them excessively influence you. Spend too much time on them and, when your money is on the line, you will easily question your plan.
- Overall photo – Fix your bad habits and practice your willpower in all facets of life. You will then find yourself staying neutral in a much easier way when you trade.
7. Going Automated
If you have a consistently successful approach you can use automation to boost your returns. That is because you can only manually perform a certain amount of trades every day. All the while, an algorithm can perform a large number of trades once pre-determined requirements have been fulfilled.
AlgoTrader is among the best-kept secrets in the automation world. It was developed by industry experts and gives you full control over automated high-speed, fact-based systems.
Exceptionally fast, the device processes up to 500,000 events per second. The open-source architecture also permits substantial customisation. Third-party libraries can be incorporated, and the built-in features help cut costs and increase the profit margin.
The features integrated include, but are not limited to:
- Execution algorithms
- Option pricing engine
- Historical data download
- Excel based backtesting reports
- Automated parameter optimisation
The reliability, service and large range of features distinguish it from many of the currently available offerings. All this suggests that if we were to have a list of 15-day trading secrets, AlgoTrader would be near the top.
Even with the aforementioned intraday trade secrets, consistent profit generation is no straightforward job. While for others, some devices work well, they can leave others hanging. The trick is to find aforementioned day trading secrets that complement your particular style of trading.