Why You Should Know These Secret Exposed Trading Secrets – Every day the markets offer a wealth of opportunities to generate profits. However, only a small minority can still manage it. What is this ‘crowd’ doing that the rest of the market is not? Perhaps they use the best, but often not so well-known methods and resources. Fortunately, the trading secrets below can reveal some of the valuable tricks.
1. Knowledge is power
With direct communication, an event that affects your market on the other side of the world can be fast. As a result, access to reliable news sources is more important than ever. However, some sources go beyond breaking news. It also provides in-depth insight and commentary. All of this can improve your ability to predict future price movement.
One of the best kept secrets of day trading is Financial Juice. Once you’ve signed up for a free user account, live news will be read out audibly as it breaks. Keeping up to date with events that can impact your market is simple and effortless. All this makes it one of the best daily secrets revealed.
However, if you are looking for additional commentary and insight, you may want to consider several other of the best options currently available:
- Ransquawk
- Trade the news
- Benzinga Pro
All three provide high-quality financial analysis that can help reduce your research time. However, unlike Financial Juice they come at a cost. Fortunately, you can sign up for a free trial to see which one is best for you.
So if you want to maintain and maintain an edge over the rest of the market, then use Financial Juice or one of the other options above.
2. Economic calendars
The next of our day trading secrets to be exposed is an often overlooked tool by traders, an economic calendar. They simply track the occurrence of market moving events. But if used correctly, it can also help you predict and organize a plan around a future event.
It will outline key influential events including:
- Interest rate decisions
- Non-post payroll numbers
- BNP Announcements
- Consumer Price Index (CPI)
- Purchasing Managers Index (PMI)
An economic calendar will also result in discipline and organization. Two extremely important qualities that day traders must develop.
But in general, using an economic calendar is not the best kept secret. Instead, it uses the Price Alerts tool. Their user-friendly app allows traders to follow all global economic events in real-time via their economic calendar.
You can develop custom alert systems. The calendar is provided with country and importance filters. Plus, you don’t have to log in or hand over personal information. Not to mention, it’s completely free.
3. Improved Analysis
Esignal
Some believe that you are only as good as your technical analysis. Therefore, it is essential to ensure that you have powerful maps and tools. This is also the reason why eSignal deserves a mention in this list of 7 secrets to today’s trading success.
While the standard charts you get from your broker will do for a while, eSignal is the place to go when you’re ready to upgrade.
You have the ability to draw and write custom formulas. Once custom scripts are installed, they can then be used as indicators for reversals and the pull/support lines. eSiganl also runs smoothly, allowing you to load charts on multiple monitors without any lag.
Additionally, the financial media and social integration features allow you to instantly connect with knowledgeable and experienced traders. Bouncing ideas off other traders can be an effective way to improve, for example, an advanced scalping strategy for day trading.
NinjaTrader
If you’re looking for the inside track, NinjaTrader charting software is one of the relatively unknown trading secrets. NinjaTrader provides everything from order to execution. But what separates it from the rest is the adaptability. Not to mention the third-party library integration that makes more than 300 complementary products compatible.
So, with over 100 technical indicators and advanced charting capabilities, you are in a better position to interpret and act on market data than others.
The only downside is that NinjaTrader, unlike many of the secrets above, is not free. Nevertheless, it remains a wise choice.
4. Practice makes perfect
Taking advantage of intra-day price movements requires more than knowledge. It also takes practice. Too many people lose their hard-earned capital from early mistakes that would be best made in a demo account. So, these practice accounts are the perfect place to familiarize yourself with market conditions and highlight a strategy.
In fact, one of the most important secrets to successful day trading is: to first run prospective strategies through a simulator account. Funded with virtual money, you can identify mistakes and improve your technique until it produces constant profits. Then you can apply it to a live account.
However, demo accounts alone are not one of the best kept secrets for domestic days. The secret is to use the Oanda practice account.
Signing up is fast and hassle-free. It has no fees and can be used for an unlimited time. This ensures that you don’t have to risk your own capital until you feel confident. You can also choose between the popular MetaTrader 4 platform or their own platform. In addition, you can access your demo account via a mobile app.
But one of the biggest selling points is the access to their advanced auto charting feature, ‘Autochartist’. It allows you to build and improve a strategy using highly advanced tools and technical analysis.
All this means that Oanda demo accounts should appear on any day’s trade secrets revealed PDF.
5. Secrets of trading diaries
Too many traders are concerned with quantity and forget to sit down and look at the quality of their trades. Neglecting the need to find out where and why they are going wrong. This is the reason why I trade stocks or any other instrument in my secrets of the day, with a journal with TradeBench to the top.
TradeBench is a free online trading journal. You can plan trades, position sizes and it comes with risk management software. Most importantly, however, it keeps a detailed record of past trades, including:
- Entrance and exit points
- Data of the trade
- Time of open and close
- Position size
- Loss of profit
This allows you to easily look back and identify mistakes in your strategy. While others will continue to make the same mistakes, you can constantly improve.
So, in any day’s trading secrets PDF, a diary with TradeBench should be high on the list.
6. Stay neutral
It’s barely lunch and you’ve just lost $500. You are now doubting your carefully formulated plan. On the other hand, if you’re significantly up, holding on to the winning position feels like the right thing to do, regardless of your strategy.
But as the successful trader Victor Sperandeo rightly says: “The key to success in trading is emotional discipline. If intelligence was the key, there would be a lot more people making money. ” However, the development of monk-like discipline is hardly among the top-15 secrets to this day. Instead, the secret is knowing how to develop that emotional discipline.
To do this, you need to take a well-rounded approach and follow all the steps below:
10 steps to spiritual success
- Stopping – You must respect your stopping points. They force you to take a moment and focus on where and why you went wrong.
- Consistency – you need to lay out your strategy at the beginning and stick to it. Trust your research and data.
- Start small – Focus on big wins and you forget the importance of following the pattern. In the long run, it gives you greater control over smaller positions. Then you can gradually increase your position size as your confidence grows.
- Lifestyle – you need to find a plan that fits your lifestyle. Looking at 50 cards when you only have time for 5 is a guaranteed way to waste time and stress. Instead, concentrate on a few very good opportunities.
- Noise reduction – it’s all too easy to get bogged down in large amounts of microdata. Breathe for a moment and focus your energy on the big picture.
- Realistic Goals – This is one of the best trading secrets. Unrealistic profit goals will quickly lead to reckless decision making. So set yourself small and realistic goals, especially to start with.
- Loss reduction – automatically flying and exiting is essential when threatened with large losses. Prepare yourself mentally and visualize that emergency exit. As Bruce Kovner emphasized, “if you personalize losses, you cannot trade.”
- Learn from the best – Pick up books on developing discipline. The Disciplined Trader by Mark Douglas is an excellent place to start.
- Trust yourself – while chat rooms and forums can be helpful, don’t let yourself be influenced too much. Spend too much time on it, and you’ll quickly find yourself doubting your strategy when your capital is on the line.
- Big Picture – Correct your bad habits and practice building strength in all aspects of life. You will then find that staying neutral when trading is much easier.
7. Go automatically
Once you have a consistent effective strategy, automation can be used to increase your returns. This is because you can only make a certain number of trades manually each day. Although an algorithm can execute a large number of trades once predetermined criteria are met.
In the automation world, AlgoTrader is one of the best kept secrets. Designed by industry experts, it gives you maximum control of automated systems at high speed.
The system is exceptionally fast, processing up to 500,000 events per second. The open-source architecture also allows for considerable customization. Third-party libraries can be integrated and the built-in features help lower costs and increase your profit margin.
The built-in features include, but are not limited to:
- Execution Algorithms
- Option price engine
- Download historical data
- Excel-based backtesting reports
- Automatic parameter optimization
The reliability, support and the wide range of functions separate it from many of the available offers. All this means that if we had 15 day trading secrets for success, AlgoTrader would be near the top.
Final word on secrets
Even with the above intraday trading secrets, generating consistent profits is no simple task. Some tools work well for some, but they can’t do better for others. The trick is to find the above secrets to date that compliment your individual trading style.