V. 8:14 (544-544): Quotrek by Alexander Elder

V. 8:14 (544-544): Quotrek by Alexander Elder
Item# \V08\C14\R544.PDF
Availability: In Stock

Product Description

Quotrek by Alexander Elder

Address: FNN Data Broadcasting, 8300 Old Courthouse Rd., Suite 200

Vienna, VA 22182, (800) 777-3334

Product: Hand-held quote machine

Price: $399, plus miscellaneous fees

The skills that are involved in day trading and position trading are essentially similar, but day trading demands that you make decisions much faster. A position trader has time to mull his actions over at leisure. A day trader, however, must make decisions in minutes and often in seconds and act nearly instantly. Switching from position trading to day trading is like switching from playing Pac-Man at level 2 to playing the video game at level 9. The game is the same, but you accumulate points much faster and risk getting eaten by the monsters much sooner. The best time to day trade is after you have proved to yourself that you are a successful position trader.

If you day trade away from the exchange floor, you need a reliable stream of real-time data. A novice day trader also needs a computer with which to chart and analyze intraday data. Once you've learned how to day trade, your need for charts and indicators begins to decrease; you become more attuned to the prices themselves. Simply watching a series of quotes will be able to tell you whether the trend is up or down and how strong or weak it is. You start to develop a "feel" for prices.

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