Why you need to know the secrets of exposed trading today – every day the market offers many opportunities to make a profit. However, only a small minority make it. Is this the ‘crowd’ that other markets do? Maybe they use the best methods, but often not so well-known and resourceful. Fortunately, the day trading secrets below may show you 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. As a result, having access to reliable news sources is more important than ever. However, some sources go above and beyond breaking news reports. They also offer in-depth insight and commentary. All of which can improve your ability to predict future price movements.
So, one of the secrets of day trading is Financial Juice. Once you sign up for a free user account, live news will be read seamlessly as it breaks. Keep up to date with events that can impact your market easily and conveniently. This all makes it one of the best day trading secrets to uncover.
However, if you’re looking for additional commentary and insight, you may want to consider some of the main options available:
- Ransquawk
- Trade News
- Benzinga Pro
All three offer high-quality financial analysis that can help reduce your research time. However, unlike Financial Juice, they come with a price. Fortunately, you can sign up for a free trial to see which one is right for you.
So, if you want to assert and maintain an edge across the market, use Financial Juice or one of the other options listed above.
2. Economic Calendar
The next day trading secret that is exposed is a tool often overlooked by traders, the economic calendar. They simply track the occurrence of events that move the market. But when used correctly, they can also help you to anticipate and make a plan around the future.
They will break down key influential events, including:
- Interest rate decisions
- Non-farm payroll numbers
- GDP announcement
- Consumer Price Index (CPI)
- Purchasing Managers’ Index (PMI)
The economic calendar will also foster discipline and organization. Two very important qualities day traders need to develop.
But using the economic calendar, in general, is not the best kept secret. Instead, it uses the Price Signal tool ie. Their easy-to-use app allows traders to follow all world economic events in real-time through their Economic Calendar.
You can develop a custom alert system. The calendar comes with country and important filters. Plus, you don’t have to log in or submit any personal information. Not to mention, it’s completely free.
3. Improved Analysis
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 important. It is also why in this list of 7 secrets to success, eSignal should be mentioned.
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 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.
In addition, financial media features and social integration allow you to connect instantly to information and experienced traders. Bouncing ideas off other traders can prove an effective way to hone advanced day trading scalping strategies, for example.
NinjaTrader
If you’re looking for the inside track, NinjaTrader logging software is another little-known trading secret. NinjaTrader provides everything from order entry to execution. But what separates it from the rest is its customizability. Not to mention third-party library integrations that make over 300 additional products compatible.
Therefore, with more than 100+ technical indicators and advanced charting capabilities, you are in a better position to interpret and react to market data than others.
The only downside is that unlike many of the secrets above, NinjaTrader is not free. However, it remains a sensible choice.
For more information, see our NinjaTrader page.
4. Practice Makes Perfect
Profiting from intraday price fluctuations requires more than knowledge. It also takes practice. Too many people lose their hard-earned capital from initial mistakes that would be best made in a demo account. So, this practice account is the perfect place to get to know market conditions and hone strategies.
In fact, one of the top trading success secrets is to run a better strategy through a simulator account first. Funded with virtual money, you can identify weaknesses and improve your techniques to produce consistent profits. Then you can apply it to the account directly.
However, a mere demo account is not an insider’s day trading secret. This secret uses Oanda practice account.
Registration is quick and easy. It comes with zero fees and can be used for unlimited time. This ensures that you don’t have to risk your own capital until you feel confident. You can also choose between the popular MetaTrader 4 platform or its own proprietary platform. In addition, you can access your demo account through the mobile application.
But one of the biggest selling points is access to their advanced auto charting feature, ‘Autochartist’. This allows you to build and improve strategies using highly sophisticated tools and technical analysis.
This all means that the Oanda demo account should feature on every day trading secrets reveal PDF.
For further guidance, see our demo account page.
5. Trade Diary Secrets
Too many traders are concerned with quantity and forget to sit down and look at the quality of their trades. Ignoring the need to find out where and why they went wrong. That is why in my secret day trading in stocks or other instruments, keep a journal with TradeBench upwards.
TradeBench is a completely independent online trading journal. You can plan trades, position sizes and it comes with risk management software. Most importantly, it keeps detailed records of previous trades, including:
- Points in & out
- Trade data
- Opening & closing times
- Position size
- Profit and loss
This allows you to easily look back and identify weaknesses in your strategy. While others will continue to make the same mistakes, you can continue to improve.
Therefore, in any PDF trading secrets, opening a journal with TradeBench should feature high on the list.
6. Stay Neutral
It’s barely lunch and you’ve just lost $500 on a trade. Now you doubt the carefully formulated plan. On the other hand, when you’re at a significant level, holding a winning position feels like the right thing to do, regardless of your strategy.
But as a successful trader Victor Sperandeo insists firmly, “The key to successful trading is emotional discipline. If intelligence was the key, there would be more people making money. ” However, developing monk-like discipline is almost among the top 15 secrets to day trading success. Instead, the secret is knowing how to develop that emotional discipline.
To do that, you need to take a good approach and follow all the steps below:
10 Steps to Mental 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 must outline your strategy in the beginning and stick to it afterwards. Trust in your research and data.
- Start small – Focus on the big wins and you forget the importance of following a pattern. In the long run, taking smaller positions will give you greater control. Then you can gradually increase your position size as your confidence grows.
- Lifestyle – You must 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 excellent opportunities.
- Noise reduction – It’s all too easy to get bogged down in large amounts 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. Therefore, set small and realistic goals, especially to start with.
- Loss Clipping – Going on autopilot and exiting is essential when threatened with large losses. Therefore, prepare mentally and imagine that emergency exit. As Bruce Kovner emphasized, “if you personalize losses, you can’t trade.”
- Learn from the best – Pick up books on developing discipline. The Disciplined Trader by Mark Douglas is a great place to start.
- Trust yourself – While chats and forums can be useful, don’t let yourself get too carried away. Spend too much time on them and you’ll soon doubt your strategy when your capital is on the line.
- Overview – Fix your bad habits and build powerful practices in all aspects of life. You will then find staying neutral when you trade easier.
7. Go to Automatic
Once you have a consistently effective strategy, automation can be used to increase your returns. This is because you can only make a few trades manually each day. Although the algorithm can execute a large number of transactions once the predetermined 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 of high-profile automated systems and facts.
The system is very fast, processing up to 500,000 events per second. The open source architecture also allows for great customization. Third-party libraries can be integrated and built-in features help reduce costs, increasing your profit margins.
Built-in features include, but are not limited to:
- Execution algorithm
- Optional pricing engine
- Download historical data
- Reports based on Excel backtesting
- Automatic parameter optimization
Reliability, support and a wide range of features separate it from many of the offerings currently available. This means that if we had a 15 day trading secret for success, AlgoTrader would be on top.
For more information, see the pages on Automated Trading and AlgoTrader.
The Final Word on Secrets
Even with the above intraday trading secrets, generating consistent profits is no easy task. While some tools work well for some people, they can leave others no better. The trick is to find the secrets listed above for day trading that compliment your individual trading style.