Manny Backus and his Wealthpire network of online asset management platforms has helped scores of individuals maximize the profitability of their portfolios by providing them with the proper tools and techniques requisite for holding ground in the rapidly shifting sands of day trading.
The art of buying and selling securities or stocks with the goal of making profit from the difference between the stock’s buying price and selling price within the same day is called day trading. Day trades are held anywhere from a few seconds, to a few minutes, to a few hours, but are always exited just as the market closes at the end of the trading day.
Expert day trader Manny Backus offers some strategies to reduce the massive risk margin that day trading poses.
- Do not bite off more than you can chew – Focus on trades that you’re certain you can afford, and always ensure that you have the financial means to support your transactions. In this field where the stakes are always extremes, greed can be poisonous.
- Tap those tools – Using the proper analytical software is crucial to your understanding of market trends. Up-to-date information and chart analysis lets you identify any patterns that can help you with your decisions.
- You snooze, you lose – When you see the slightest movement in favor of your position, make the sell or buy. Waiting for a particular stock to rise can cost you.
- Master your battleground – Know your stocks well before you even begin trading. Read the papers, listen to the day’s events, and keep an eagle eye on the market. Any development is a potential lead to the movement of your trade.
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