Why you need to know these exposure day trading secrets – every day the market offers countless opportunities to make a profit. However, only a small minority consistently manage to do so. What is this ‘in the crowd’ doing that the rest of the market is not? They’re probably making the best use of it, but usually not well-known methods and resources. Luckily, the day trading secrets below can reveal some of those invaluable tricks.
1. Knowledge is power
With instant communication, an event on the other side of the world can quickly affect your market. Therefore, access to reliable news sources is more important than ever. However, some resources go above and beyond reporting breaking news. They also provide insight and commentary. All of which can enhance your ability to predict future price movements. So, one of the best kept secrets of day trading is Financial Juice. Once you have signed up for a free user account, the live news will be clearly read when it is broken. Keeping up to date with events that can affect your market is simple and easy. All this makes it one of the best trading secrets revealed. However, if you’re looking for additional commentary and insights, you might want to consider some of the other top options available:
- Ransquawk
- Exchange news
- Benzinga Pro
All three provide high-quality financial analysis that can help cut your research time. However, unlike Financial Juice , they have a cost. Luckily, you can sign up for a free trial to see which one is right for you. So, if you want to claim and maintain an edge over the rest of the market, use Financial Juice or one of the other options listed above.
2. Economic calendar
Our next day trading secret revealed is an often overlooked tool by traders, an economic calendar. They simply track the occurrence of market-moving events. However, when used correctly, they can also help you predict and organize a plan around a future occasion. They will break down events that have significant impact, including:
- Interest rate decision
- Non-farm payroll number
- GDP announcement
- Consumer Price Index (CPI)
- Purchasing Managers Index (PMI)
An economic calendar will also instill discipline and organization. Two extremely important qualities day traders should develop. But in general, using the economic calendar is not the best kept secret. Instead, it is to use the Price Alerts tool. Their easy-to-use app allows traders to track all economic events around the world in real time through their Economic Calendar. You can develop appropriate warning systems. Calendar comes with country and important filters. In addition, you do not need to log in or hand over any personal information. Not to mention, it’s completely free.
3. Advanced Analytics
eSignal
Some say that you are only as good as your technical analysis. That’s why making sure you have powerful charts and tools at your disposal is so important. That is also why in the list of 7 secrets to successful daily trading, eSignal deserves a mention. 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 the custom scripts have been installed, they can then be used as indicators for reversals and drawing support/resistance lines. eSiganl also runs smoothly, allowing you to load charts on multiple monitors without any lag. On top of that, financial and social media integrations allow you to instantly connect with information and experienced traders. Getting ideas from other traders can prove to be an effective way to hone an advanced day trading scalping strategy, for example.
NinjaTrader
If you’re looking for inside tracking, the NinjaTrader charting software is one of those relatively unknown trading secrets. NinjaTrader offers everything from order entry to execution. But what separates it from the rest is customizability. Not to mention the integration of third-party libraries for compatibility with over 300 additional products. So with over 100 technical indicators and advanced charting capabilities, you can interpret and react to market data better than others. The only downside is that unlike many of the secrets above, NinjaTrader is not free. However, it is still a reasonable choice nonetheless. For more information, see our NinjaTrader page .
4. Practice makes perfect
Profiting from intraday price movements requires more than knowledge. It also requires practice. Too many losers gain from early mistakes that can best be done in a demo account. So these practice accounts are the perfect place to familiarize yourself with market conditions and hone your strategy. In fact, one of the secrets of success in day trading is running potential strategies through a simulator first. Funded with virtual currency, you can identify vulnerabilities and improve your technique until it generates consistent profits. You can then apply it to a live account. However, the demo account alone is not one of the best insider trading secrets. The secret is to use an Oanda practice account. Registration is quick and hassle-free. It comes with zero fees and can be used for an unlimited time. This ensures you don’t have to risk your capital until you feel confident. You can also choose between the popular MetaTrader 4 platform or their own proprietary platform. Alternatively, you can access your demo account through a mobile app. But one of the biggest selling points is access to their advanced auto charting feature, ‘Autochartist’. This allows you to build and improve a strategy using very sophisticated technical analysis and tools. All of this means that the Oanda demo account will appear on any PDF disclosed trading secret. For more instructions, see our demo account page .
5. Trade Diary Secrets
Too many traders care about quantity and forget to sit down and consider the quality of their trades. Skip the need to figure out where and why they’re going wrong. This is why in my secret on day trading stocks or any other tool keep a journal with TradeBench aiming for the top. TradeBench is a completely free online trade magazine. You can plan trades, position sizes and it comes with risk management software. Most importantly, it keeps a detailed record of previous transactions, including:
- Entry and exit points
- Commercial data
- Opening and closing times
- Position size
- Profit loss
This allows you to easily look back and identify flaws in your strategy. While others will continue to make the same mistakes, you can continuously improve. So on any day of secretly trading PDFs, opening a journal with TradeBench will feature high on the list.
6. Stay neutral
It’s lunchtime and it only costs you $500 for a trade. Now you are questioning your carefully crafted plan. On the other hand, when you increase significantly, holding that winning position feels like the right thing to do, regardless of your strategy. But as successful trader Victor Sperandeo correctly states, the Key to successful trading is emotional discipline. If intelligence is the key, there will be more people making more money. However, developing monk-like discipline is hardly among the top 15 secrets to success in day trading. Instead, the secret is knowing how to develop that emotional discipline. To do that, you need to take a holistic approach and follow all the steps below:
10 steps to spiritual success
- Stop – You must respect your stop. They force you to take a minute and focus on where and why you went wrong.
- Consistency – You have to outline your strategy at the beginning and stick to it later. Trust your research and data.
- Start Small – Focus on the big wins and you forget the importance of following the pattern. In the long run, taking on smaller positions will give you more control. You can then gradually increase your position size as your confidence grows.
- Lifestyle- You have to find a plan that fits your lifestyle. Looking at 50 charts when you only have time for 5 is a guaranteed way to waste time and stress. Instead, focus on a few very good opportunities.
- Noise Reduction – It’s all too easy to get bogged down in huge volumes of microdata. Breathe for a minute and focus your energy on the big picture.
- Realistic Goals – This is one of the best trading secrets. Unrealistic profit targets will quickly lead to reckless decision making. So set yourself small and realistic goals, especially to start with.
- Stop Loss – Going automatically and getting out is essential when threatened with large losses. So brace yourself and visualize that emergency exit. As Bruce Kovner emphasized, if you personalize your losses, you can’t trade.
- Learn from the best – Choose books on developing discipline. Mark Douglas’s Discipline Trader is a great place to start.
- Trust yourself – While chat rooms and forums can be helpful, don’t allow yourself to be unduly influenced.
- Spend too much time on them and you will quickly question your strategy when your capital is on the way.
The Big Picture – Fix your bad habits and practice building that will in all aspects of your life. Then you will find staying neutral as you trade much easier.
7. Automation
When you have a consistently effective strategy, automation can be used to enhance your bottom line. This is because you can only make a manual number of trades per day. While an algorithm can execute a large number of transactions as soon as predefined criteria have been met. In the world of automation, AlgoTrader is one of the best kept secrets. It is designed by industry experts and gives you maximum control over high-speed, fact-based automation systems. The system is exceptionally fast, handling up to 500,000 events per second. The open source architecture also allows for considerable customization. Third-party libraries can be integrated and built-in features help reduce costs, increasing your profit margin. Built-in features include, but are not limited to:
- Execution Algorithm
- Options pricing tool
- Download historical data
- Excel-based inspection report
- Automatic parameter optimization
Reliability, support, and a host of features separate it from the majority of existing offerings. All of this means that if we have 15 days of trading secrets to succeed, AlgoTrader will be on the way to the top. For more information, see the pages about Automated Trading and AlgoTrader .
The last word about the secret
Even with the day trading secrets above, making consistent profits is no simple task. While some tools work well for some people, they can make others no better. The trick is finding the secrets listed above for day trading that compliment your personal trading style.