It is said that in day trading, one fight for the best entry price and the best exit price in each and every trade available for day trading. Therefore, each day trader should make few right judgment calls when competing for the right price. Now, the areas where most of the day traders mess up and often go wrong or misguided is the in picking stocks to trade, lacking concentration and not watching the latest market moving news.
Most of the new day traders even do not have a solid trading system available with them for stock investing. Most of them even do not understand that first you develop your trading system and after that you select the stocks as it is all about working with the right stocks to gain maximum benefits in short span of time and without losing anything.
When it comes to the selection of right stocks, most of the new day traders have a weak and shaky idea about day trading stocks. Most bad trades are due to beginners who are trying out unfamiliar stocks. If you are accustomed and used to the rhythm and swings of a stock and you have traded that stock with success than you should pick stocks that are similar.
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