Successful Day Trading Takes Education, Experience, and Guesswork
What it takes to succeed as a day trader
Many people say trading is like gambling, and I won’t argue, but rather make a comparison to other business ventures. There are very few businesses that are a sure thing – certainly none that ordinary people can take advantage of.
While a few businesses have a 99% success rate (you own a utility company for example) success is a combination of education, experience, and guesswork. Education to know about the business & market, experience in knowing how to do it, and guesswork, as in guessing inventory levels. Day trading is no diffenent. To be successful a day trader needs education, experience, and then, applying these to, well, guessing about making a trade.
Anyone who wants to learn how to day trade S&P emini futures needs to have as much information as possible in order to help determine where to place a trade. Trading is not easy to do because it is impossible to know the future with any degree of certainty. But the market does give off signals and a wise trader needs to know how to interpret the signals. Market prices seem to move erratically, but with enough information, trading S&P emini futures can be done with a greater assurance of success. An S&P emini futures trader who has Information about market signals and knows how to use them makes knowledgeable traders much more successful than others who use “seat of the pants” method.
Some of the information that S&P emini futures traders should have are:
- The Trend
- The Intraday and / or Low
- The Calculated Trading Zone via Taylor’s Book Method
- The daily calculated range
- Support and resistance levels
- Stochastics
- Candlestick patterns
These are some of the bits and pieces of information every trader needs to have in order to assess a trade. Of course, that is not to say that even with all this information a trade will work out, but having this knowledge puts the odds of success more on the trader’s side.
Having as much information as possible gives S&P emini day traders a big advantage over “seat of the pants” traders. It cannot be stressed enough that without learning as much as possible about the market, it is highly unlikely that a trader will succeed at making money by day trading S&P emini futures, much less in a trading career.
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