1. Watch Video Lessons
- Watching Video Lessons is extremely beneficial to become a successful trader. If you want to trade like a pro, watch how a pro trades. Watching live trade recaps/video lessons will prepare you mentally on what you will be getting into it. No matter how badly you want to hop in and start trading right away, watching hours of video lessons will help you learn fundamentals, technical analysis, and prepare you on the speed and how fast these stocks move. Dekmar Trades has 14 hours of Video Lessons to watch.
2. Study the Top Gainers and Top Losers of the Day
- This is one of the best free homework assignments you can do when you are bored. simply go to Finviz and just look at what the top gainers/top losers of the day are. For some reason or another, these stocks spiked or crashed. What you do now is figure out why. Stocks spike or crash from either a Press Release or Chart Pattern. When you can find out why, this will help you find future breakouts or crashes.
3. Ask Your Mentor Questions
- During a slow day your mentor should be happy to answer any questions you may have. When there are no good stocks to play or trade, asking questions is a great way to benefit. You have a mentor for a reason, make sure you are asking any question you may have. There is no such thing as a stupid question, we all started as a beginner at some point.
4. Paper Trade
- Paper trading (sometimes also called “virtual stock trading”) is a simulated trading process in which would-be investors can ‘practice’ investing without committing real money. You can do this on certain sites or write it down on paper yourself. Take your paper trading seriously, don’t but shares you can not afford, and do not ignore mistakes. This is great fun practice for anyone looking to improve their trading, without risking any real money. Investfly has a trading game where you can win money by paper trading.
5. Read Books/Blogs
- Everyone has different learning styles and while some enjoy watching DVD lessons, others enjoy reading books/blogs.
6. Review Your Trades
- Just like professional athletes watch film to review their pros and cons, a professional stock trader must do the same. Reviewing a good trade is easy because it is fun to see how much you have made. Reviewing a bad trade is where you can see your past mistakes. The only way to be a successful trader is by turning your weaknesses to strengths and overcoming your failures. Every loss is a lesson to be learned. You can track your trades with a Trading Journal.
7. Prepare For Upcoming Plays
- When the Stock Market is slow, its a great time to prepare for upcoming breakouts. Do different scans, find charts ready to spike, and look up what companies in your price range have news coming out.
8. Watch CNBC
- When in doubt watch T.V. when the Stock Market is slow, but make it beneficial. CNBC is the #1 tv station for staying on top of what is relevant in the Stock Market. You can see what sectors are hot, how the futures are doing, and seeing what will be the next big move!
This article was provided by Dekmar Trades.