Matthew Poll Day Trading, speaks of getting in the game of day trading like a well-oiled machine. It isn’t just about the mechanics of trading – knowing who, when, or where to put your next hard-earned dollar, it’s about where you are when you shell it out.
Consider yourself in a game of football. If you are one of the players, you are in the game of football. If you’re in the stands, a referee, the coach, a player assistant, or watching the game from your favorite big screen at home, Poll suggests that you’re “not playing in the game” at all.
“What if you thought you were in the game and I was to tell you that you were not?” states Poll, in his YouTube video, “Are You in the Game”?
“In the game of life, we can… think we’re in the game when we’re not. We can think we’re playing, when, in actuality, we’re only talking about changing areas of our life or ignoring our life altogether. Fear may stand in the way of living life in the field where the game is actually being played.
Consider relationships, money, health, and spiritual well-being. In all of these areas, “winning and losing occurs” because some risk has been taken to play in the game. It isn’t easy to share your heart with someone you are struggling with. It isn’t simple to balance your money, deal with debt, consider your health – what you eat, how you exercise, how you sleep. It isn’t easy to find peace amidst the world’s turmoil. But, like football,
As Matthew Poll Day Trading will tell you, it’s not always luck that gets you the win, even when the going gets tough. It’s the strategies you implement.
Matthew Poll, (with a bit of education under his belt) realized in 2008 that he could make a “profit in an up market, but also in a down market. When we started, I finally had this awakening,” he said, “like, oh my gosh, you can make money, and this thing’s going down.”
The traditional way of trading, putting the money in, sitting on it, and waiting for it to go up, was suddenly way beyond the back burner. In its place? Day trading empowerment.
What comes first?
Consider using a demo account to practice up on day trading. Some sources say that practicing for three months will greatly improve your success in day trading once you go live. Although it is natural for your demo account not to directly line up with live trading, (you may find you’re not doing as well as live as you did on the demo), you will be able to remember and put into practice what you studied.
Study up on Day Trading:
This includes news, economic calendars, and Federal interest rates that affect stocks, etc. You’ll need a trading platform, a broker to facilitate your trades, and the proper software and equipment to trade. Jumping right in might sound exciting, but knowing what you will be doing before doing it will greatly facilitate your earnings.
Take an Honest Look:
As soon as day trading opens in the morning, take an honest look at what is happening. Read the market. What do you like? What can you afford? Don’t make any moves for fifteen to twenty minutes. It will be difficult for you to recognize correct patterns in the beginning, but this won’t always be the case. Save the middle or late hours for the seasoned players.
“Remove yourself from [the] emotional response”:
The emotional response will “kill you. It’s that thing that’s going to have you do what everyone else is doing [when] you should be doing the opposite,” states Matthew Poll Day Trading. As you become more skilled at day trading, you will be able to see when you are making an emotional response in favor of sticking to the plan. How much are you willing to risk on a given day, for example? Stop trading when your cap is reached.
Finally, consider keeping a Day Trading Journal:
Because you don’t want to miss the action when it is happening, “take a screenshot of the trading day with some typed annotations on it,” at the end of the day, or day trading period, states thebalance.com.
“Save each day with the date as its file name, and keep them in a trading folder saved to an easily accessible location on your computer or in the cloud. Create subfolders for each year and month to make the files more easily searchable.”
On any given day, you can go back to your journal and see what worked for you (and what didn’t) to help you with future day trading.
You see yourself sitting in your old armchair, buying and selling stocks, hoping to be the next success story. You’re interested in buying and selling on the same day, hoping to capitalize on a stock’s movement short-term. You’re up for an adventure, one filled with undeniable excitement and risk.
There have been many before you in history. The furthest back, Jesse Livermore, an American trader “shorted the 1929 market crash, building his fortune to $100 million,” according to Investopedia. Though not successful in the long-term, others who followed him – William Delbert Gann – known for his mathematics, geometry, and astrology trading genius and George Soros, born in 1930, known as “The Man Who Broke the Bank of England” is known to have placed within his pocket a billion-dollar profit.
Linda Bradford Raschke, whose trading story is found in the equally successful book, “The New Market Wizards” by Jack D. Schwager, tells her story from the ground floor of the 1981 Pacific Stock Exchange to her current successes and losses some 40 years later, and how she has more recently stepped up to electronic trading.
And then there’s day trading star, Jane Gallina, who didn’t enjoy her job in 2004 working for the airlines and eventually made her way to day trading making “over $150,000 in a year trading penny stocks as a stay-at-home mom” (stockstotrade.com).
Did you know that “every day, 5 trillion dollars is exchanged in the foreign exchange/currency markets (Forex)” and that “thousands are getting a piece of the pie”? (Solving the Forex Puzzle, by Matthew Poll).
The question that remains is, do you want a piece?