How to Be Successful in Day Trading

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Day trading is a very concentrated way to make a living, and it takes a great deal of dedication and long hours to be successful. Discover how it's important for day traders to retain focus with help from a registered financial consultant in this free video on investing and money management.

Part of the Video Series: Investment Basics
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Video Transcript

This is financial adviser, Patrick Munro, talking about a very esoteric form of trading called day trading. Markets move on a long term basis. We've talked a lot about that. But, in fact, they move daily. In fact, they move by the second. And there are individuals that make a living day trading. They start the day off at the opening of the bell. In fact, they've already placed their trade positions before the market opened, that's called 'futures'. And, you'll see the futures everyday before the market opens. They're either up or down, based on knowledge that happened the day before. And day traders will place money and watch the market in real time, moving in and out of stocks, making gains as they go. This is a very concentrated way of making a living. If you're wrong you can lose a lot of money in a quick period of time. Day trading is not for the faint of heart, in other words. But to be successful at it, you have to be very dedicated. Be willing to put in long hours. Be willing to lose a lot of money and not lose focus in doing so, because the end result is you could make a lot of money before the time closes during the day. This is Patrick Munro talking about how to be successful in day trading.

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