All About Day Trading by Jake Bernstein

Author:Jake Bernstein [Bernstein, Jake]
Language: eng
Format: epub
Publisher: McGraw-Hill Education
Published: 2013-10-15T04:00:00+00:00

FIGHT TEMPTATION

The day trader must always fight the temptation to hold a trade beyond the end of the day, either hoping that losing trade will become profitable or that a profitable trade will become even more profitable. To do so defeats the purpose of day trading. I have been guilty of doing that too many times myself. The good news is that I make that mistake less frequently as time goes on. I firmly believe that a trade entered as a day trade must be closed out as a day trade and that there should be very few exceptions to that rule. In Chapter 11 I discuss several of these exceptions as part of my profit-maximizing strategy suggestions. Note that holding a trade beyond the end of the day could also affect your broker’s margin requirement, in as much as day trades in some markets qualify for day trade margins that are considerably lower than full margin. (i.e. futures)

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