Day Trading Stock Picks
By: Anne Durrell
It sounds simple: day trading stock picks should be trading very low and be undervalued, like General Electric and Ford currently are. Because these companies are so much in the news, prices are apt to be volatile. And when the share prices are really low and allow you to buy more shares than you would be able to otherwise, you feel like you're on the right investment track. And sadly, for the millions who are out of work with no prospects, the idea of snagging a big payday from day trading can be all too enticing.
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For the individual investor, the buy and hold strategy is still believed to be best, but confidence in the entire world financial system has been rocked over the past year. People may wonder if any of the old rules still apply. If you are determined to try day trading, do some homework before making your day trading stock picks.
You need to be well versed in the direction of the market overall, the sectors of the market that are doing well, and the tendencies of individual stocks. This information changes rapidly, so you need to have access to the most up to date information on the market, and you need to actually take some time to study up on it. That's not easy to do when you plan to buy and sell stock several times over the course of a day. While you may be anxious to jump into the water and try day trading as soon as possible, you would be very wise to set up a ‘paper trade' account so you can practice and test out your day trading stock picks without risking your savings.
Learning which sectors of the economy are doing well is also necessary to plan your day trading strategy. You can find information on which sectors are thriving on Yahoo! Finance, cnbc.com, and msnbc.com.
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