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For many people, day trading for a living seems like an impossible dream that they simply cannot achieve. I feel very sorry for these people because not only is day trading for a living very achievable, it is not that hard to do at all. Making enough money to replace your day job is much easier than many people would expect. I am going to share with you the steps I took to earning my financial freedom. Learning the Trade Before Jumping in This is a very important step. You see, the reason most people quit trying to day trade before they see real success is because they jump in too soon and lose money. This would not have happened if they would have taken the time to slow down and absorb some information on it first. There are tons of stock trading books out there that will explain any strategy you can imagine to you in incredible detail. Think about it this way, a book will cost you $20, but the information you get from it will make you $1000's if used correctly! Starting Small and Building up to Bigger Profits Another big mistake many beginner day traders make is trying to jump in with to big of a splash. Listen to me, you are going to be new at this. You need to take your time and make sure what you are planning is going to work. Start with small investments. Better yet, make an imaginary portfolio. Use this time as a time to learn what is going to work for you and what is not going to. Do not worry, we are going to start making the big bucks before you know it! Make Goals and Selling Once You Have Hit Them... (Stop Being Greedy!) It is very tempting to make a good trade and instead of selling, you think you can let it keep going up. The problem with this is that you will likely be wrong. When you have hit your goal, just take your earnings and split. Again, do not worry, those earnings will continue to grow in our next investment!
These are just a few tips that I wish I had known when I started day trading. They have been a huge help to me and I know they will help you as well. learning how easy day trading for a living is can be very surprising for a lot of people, but with persistence and the will to succeed, you can do it without doubt.
You can find some great tools I use to day trade all the time here: http://www.pennystocksmadeeasy.com
Article Source: http://EzineArticles.com/?expert=Michael_Pergrem
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