Why the software is important?


As a day trader, you need every advantage that you can get towards other traders and investors. An important part of this is to use the best possible software to make your life as easy as possible. Which software you choose to use is up to you and your budget.

You need a software or trading platform that makes it as easy as possible to carry out the business you want to do. Buying and selling shares through the broker’s web interface is rarely a good option for you as a day trader. A software that allows you to perform transactions directly from your desktop and ideally integrates into your other software. Many brokers offer platforms that you can download. However, there are many, often better, software from other manufacturers that it may be worth buying. One of the great advantages of software from independent developers is that they allow one to place orders with several different brokers from the same platform. They also often allow scheduled orders and other forms of automatic trading.

Myself prefer to be able to trade wherever I am, therefor I want to have a great mobile software. There is a website called ForextradingAU which offers a great list of the best forex trading apps in Australia to start with.

Also, what is really good to do is to follow the news at all times. Myself prefer to look at a website called: The Sidney Morning Herald that have awesome updated news.

My tips to become a successful daytrader

That so few succeed with daytrading is largely about many of them lacking the right qualities. Personality is an extremely important part of successful day trading.

“You have to be dictated and persistent but above all have an interest. It is a high threshold for profitability, and in order to get over it you have to spend a lot of time”.

Then it is important to have a good strategy, to look for wrong pricing is one of my favorites, to analyze the flow another.

“What is wrong pricing or not is individually assessable. One can say that you become better at discovering them the more experience you have ”.

But as important as it is to have a functioning strategy, it is to protect his capital. I rarely takes positions greater than 10 – 15 percent of equity.

A position can be from a few seconds to several weeks, but the goal is to own a securities as short as possible. There will be around 500 – 1 000 partial terminations, usually in 30 – 50 different companies every day.

I deals mostly, but mostly on slightly smaller lists. Then I also have some long-term defensive holdings. “I own these instead of having cash. The reason is that both are traded at high net worth, at present 18 percent, but it changes daily.

The long-term equity portfolio also includes holdings in some unlisted companies that are not close to a stock exchange listing for quite some time, and so some swing positions in a few weeks’ time. The distribution is about 80 percent long and 20 percent short.

Stephen – The king of day trading

I go up the same time every morning, at 7:30 am and am in the office some half an hour later. There, the working day begins by reviewing notes from yesterday and scrolling through the news flow.

When the stock exchange opens, it is time to start trading, until closing. Then he stays in the office for a while and summarizes the day.

But the working day does not end there. Interest in day trading has increased significantly in recent years and more and more traders have emerged. But there is no dance on roses. There is hard work behind every successful day trades.

“The big misconception is that the job is very glamorous, that you press a few buttons and make lots of money. Sure, some may have a more glamorous lifestyle than others, but generally they are most traders at home or in office and work all day” .

“Sometimes you sit and stare at the screens for several hours without any good location showing up. Personally, I am completely exhausted after a trading day”.

Even the journey towards the dream of being able to feed as day trades is tough for most people. There are no small amounts required to be able to take the risk and resign from work and start trading full time.

“I do not think you should be too eager to resign from work. However, you can start with swing trotting, which does not require as much activity and works to combine with a traditional work”.

“If you succeed in becoming profitable within swing trading, you can move on to the next step, daytrading. But you should have realistic expectations, nine out of ten do not reach all the way”.

That so few succeed with day trading is largely about many of them lacking the right qualities. Personality is an extremely important part of successful day trading. “You have to be dictated and persistent but above all have an interest. It is a high threshold for profitability, and in order to get over it you have to spend a lot of time”.