How To Day Trade With Price Action
Most people finally decide to investigate how to day trade with price action only after they have failed at all of the common and misconceived trading strategies that simply do not work, but rather are built around slick marketing schemes. These losing strategies are nothing more than a system that is designed to separate you from your hard earned money on the promise that it will lead you to easy day trading riches. Trust me when I say this: There is no easy road to mastering the ability to day trade profitably! Sure, with the right strategy and hard work, it can be done, but never will it be easy for 99% of all traders that try their hand at day trading.
Most day traders give up and lose all of their money on their initial attempt at learning to day trade the market of their choice. A few though are so determined to make it that they continue to buy more courses or join more trading rooms, although most just continue to lose money. A few will finally learn the hard way that there is no holy grail when it comes to making money day trading. That’s where learning how to day trade with price action becomes something of interest to these losing traders, and they finally start to look into price action trading strategies in a serious way.
Anyone that is truly making money as a day trader is either the luckiest person on earth, or they have actually learned how to read a price chart, because there is no other magic formula that will make you money consistently when trading any market. Some of these profitable traders may not even realize or call it price action trading, but trust me, if they are making money consistently, they have learned to read a price chart and they are capitalizing on that ability, because there is no holy grail and there is no magic indicator that will consistently keep you on the right side of the market with precise timing. Learning to know prices and follow the correct price action rules is the only way you can make money in the long haul when day trading.
Here is a small portion of an interesting article we found posted at www.sniperdaytrading.com and this is what the article had to say.
“Price Action Day Trading”, is best described as traders reading the price structure or composite of support and resistance. You are trading the price of the instrument based on past data, but as it moves into and is creating new data.
The movement of these, which can be stocks, bonds, interest rates, ETF’s, Mutual Funds and yes, futures contracts on commodities and Index’s which we trade. The concept is the same, as all of these financial instruments are driven by “People”, who are lead in one direction to buy and or sell. Everyone of these traders that participate in moving the markets do so for different reasons, but collectively they are who make up any given market. Implied value would be what someone at that given point in time estimates its worth. Based on that, action is taken to keep the instrument in line with its perceived value. It may or may not be what the stock, index or what have you is truly worth, but it by and large is to those who see it that way. Here perception is greater than reality.
All of that said for one simple reason, its is people who make the price move and people are known for being very emotional and predictable. They usually tend to overdo it, in various things, what ever it may be. As it relates to money, even more so. This can be seen in bull and bear markets across the board. Getting to know how people will react in a given price action scenario is one clue or “Tell” to what is coming next. How does one get to know these coming moves? Well, we are not born with this knowledge, that is for sure. If it were so, more traders would be successful, but only at the expense of those who are not. You can read the entire original article here.
There are so many losing day traders that if you can learn to read a price chart, people are simply standing in line waiting to hand their money over to you. With so many willing participants just itching to give you their money, you would think it would be much easier to learn to day trade. The problem is nothing more than the fact that only a small percentage ever hang around long enough with the right tools to figure out the game. 10% of all traders are raking in all of the losing money from the other 90% that don’t really have a clue as to how to make money in the markets.
I’m here to tell you that you can learn how to day trade with price action. No, it will not be easy and it won’t happen quickly. I normally tell people that you should be able to make money consistently on the simulator for at least 6 months before trading with real money. 95% of all traders won’t have the discipline to do that, so they prove right out of the gate that they are not disciplined enough to be a profitable trader. These traders are so eager to trade that they jump right in thinking they have it all figured out, and most will blow their account with a few days to a few weeks. Why risk your hard earned money if you can’t even make money using the simulator? Prove you can do it using simulator software that uses live data first. Once you can do that long term, then you might have a better chance of duplicating that effort in real time with a live trading account.
If you are interested in learning how to day trade with price action, you have come to the right place. We have a price action trading manual and we offer our free daily video chart lessons to help you as you study. Price action is not slick and it’s not sexy, but guess what? It works and you can learn how today at our website if you so choose. Give up the search for the holy grail when it comes to learning how to day trade, and learn how to read a price chart with our price action trading course that can be found at http://priceactiontradingsystem.com/pats-price-action-trading-manual/.
Below is an interesting video on day trading price action, so check it out as well.