#1 – Strong knowledge of Day Trading Terminology and Technical Analysis
With years of day trading under my belt, I can confidently say day trading is an exceedingly difficult skill to become competent at, let alone master.
You can think of day trading like playing a professional sport.
Your ability to make money is based 100% on your ability to perform day in and day out.
Attempting to day trade without any sort of training or education is a recipe for disaster and loss of capital.
The first step to learning day trading terminology and technical analysis is reading books and watching videos! This is the process of gaining knowledge. But remember, just because you read a book on sky diving doesn’t mean you’re ready to jump out of an airplane!
One of the challenges with learning to trade is the overwhelming amount of information out there. Often times the things you learn will be contradictory.
The reason is because the technical analysis or entry and exit requirements that work for one strategy, may not work at all for another strategy.
It’s not helpful to your long term success to learn a little bit of 100 different strategies. It’s much better to learn as much as possible about 1 strategy that is proven profitable.
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