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Archives for January 2018
Day trading education is an absolute necessity these days if you are just starting out. The world is much more complicated than it was years ago when you could jump on a dial up modem and trade stocks without going up against hedge fund with giant supercomputers. There still are inefficiencies in the market that you can spot and exploit. It just takes some time to learn how to do that.
Day trading education starts with learning the lingo. Limit order is especially important, because it speaks to how you need to manage your risk with every single trade. The buy limit order is important because it states that you can put in an order to buy a stock, but it will not execute until is drops to the exact price that you specify. With a sell limit order, it is the exact opposite. The order will not execute until the stock price reaches the price that you set in the limit order. It is a way to automate your trades to make sure that you make the best trade possible.
Day trading education also starts with watching online video classes from excellent veteran teachers. Learning the strategies and techniques to spot hot stocks each day is not something that is done overnight. You need to spend the time to really learn the strategies and be able to implement them. They you need to spend time practicing in a paper trading simulator so you can become good at placing limit orders.
When you take the time to learn how to trade in a simulated environment, you can avoid some potentially expensive mistakes. Learning to manage your risk in a simulated market means that you can make the mistakes to understand that learning and then be able to avoid those mistakes when it comes to real money.
When you learn how to place limit orders and stop-loss orders on your trades, you can really make a dent in your costly mistakes per month. It really is basic risk management that requires traders to plan entrances and exits with the appropriate limit orders. That is something you need to learn early and employ as often as possible.
As you make your way through your day trading education, it helps to have friends. And the best way to make the right kind of day trading friends is to get into day trading chat rooms. That is where you can find people that are going through the same ups and downs that you are, learning the market and figuring out how to be profitable in such a volatile profession. The bonds that you make in a chat room are great for staying social in what can also be a very solitary pursuit.
Many day traders stay at home, watching four or six monitors at once, learning how to spot trends and watch the market. It can be a lonely experience. Being in a chat room with other people can allow you to swap tips, share stories and learn from veteran traders that bring you their experience. Once you learn the terms like limit order and gap trading, you can begin to wade out into the choppy waters of the market and make your fortune.
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There is loads of economic data coming out every day that can have a tremendous effect on the markets. Non farm payrolls is a big data point, but so is data coming from the rest of the US government, like consumer confidence indexes and explanations of defense spending. The US is a massive governmental entity that can have a huge effect on the global economy, in many ways you might not expect.
First, take a look at what economics actually is. The freshman college course that you might have slept through for much of second semester actually had a lot to teach you. Economics deals with choice. It purports to deal with rational human behavior in a world where there is scarce resources. How do we get what we want when our choices always have to have a trade-off.
Economics takes into account the way that corporations invest throughout the world, how business pay their employees and how consumers spend their money. In a world that is governed more and more by capitalism, it makes sense to pay attention to the way that all this activity affects people. And the markets.
One of the largest info bombs that hits the global economy each month is the United States report on non farms payrolls. Sometimes the most effective piece of inof is the number of jobs added to the US economy added each month. That small bit of data can have an effect on the S&P 500, the confidence of consumers spending throughout the country and how foreign investors see the world. All of that can have a major effect on global markets.
Also released with non farm payrolls is the U.S. unemployment rate. That metric is very important in determining the psychological health of the US economy. And the US economy has an outsized effect on the rest of the world. Economic indicators in Europe and Asia have a large effect on the global markets as well, but the US is the most powerful government in the world and the largest economy in the world. So the machinations and changes within the economic fortunes of its citizens are vastly important to traders and global market watchers.
Sometimes analysts are bullish about non-farm payrolls and they tend to think that more jobs will be created. Many times, they are wrong and the market corrects itself. Sometimes the non farms payrolls will outperform expectations and the market will respond accordingly. Either way, there are opportunities for traders to make money on these moves.
Following economic data points is important for any investor because you can really get yourself an education about how the world works when you spend time looking at where the money goes. It can help you make decisions about where to put your money and where to get good at trading. Trading can also flourish off the release of economic data like non farm payrolls because savvy traders know which stocks or commodities will spike or fall based on the data that comes out.
That knowledge comes along with watching the market closely. When you pay attention to economic data then you can grasp a global picture of the market and how it might affect your world. That will give indicators and trends that you can follow as you trade stocks, bonds, commodities or futures. Really any kind of trading or investing can benefit from watching and understanding global economic data.
For more information on how to get started in online trading,, look to this resource for picking the right platform that will match your risk appetite and strategy.