Here is a day trading stock tip not often mentioned: networking. With the advances in technologies, lowered commissions, and certain “edges” no longer effective in the day trading industry, consider networking as often as possible.
One of the appeals of day trading is that you do not have to deal with people very often. Once your account, computer, software, and strategies are all established all you have to do is flip on your computer and trade all day. Many day traders who trade from home or the office enjoy not dealing with the headaches and problems brought by dealing with others during the work day. While this is appealing, be sure to network with like-minded traders every once in a while as you will pick up useful knowledge in one way or another!
Here are just some of the benefits to this day trading stock tip:
- You might meet a possible mentor who will help you get to the next level
- You might find a new strategy to help you in case your current strategies are underperforming
- You might hear about a new way someone used a chapter in a trading book you own
- You can discover if another firm has lower commissions and/or better software
- You could hear about possible industry changes which might affect your trading style
In all, networking with other day trading industry participants gives you a chance to better understand what you are doing right or ways in which you can improve. If there are no industry groups in your area then join one of the respected online forums; and consider traveling to day trading events around the country.