Archivado en 31 julio 2020

hearing Hearings United States Committee on Banking, Housing, and Urban Affairs

31 julio, 2020

The 30-year-old was so successful at bringing crypto to the masses that he was considered the industry’s unofficial spokesman. He’s currently under house arrest at his parents’ home in Palo Alto, Calif. The audience seemed a bit perplexed when she promised, Oprah-style, to give each of them an NFT — another kind of digital asset that is basically cartoony crypto art.

crypto crash

Meanwhile, the Australian Government is planning on introducing legislation next year to better protect consumers against crypto shocks and scams, and is currently token mapping the crypto landscape to get a sense of the industry. While this doesn’t yet match the severity of the 2018 crash, in which Bitcoin lost 80% of its best cryptocurrency pairs to trade value, experts say things could still get worse for those left holding BTC—long regarded as the bellwether of crypto. So whatever the fate of SBF, and whatever failures or collusion with SEC regulators and politicians this scandal may expose; it looks like the crypto industry is ready to weather this particular storm.

The Six Stages of Asset Bubbles: The Crypto Crash

The pain of falling asset prices soon morphs into terror that total capital loss is possible. In the aftermath, ruined investors discover that many companies and bubble evangelists were at best wildly optimistic and at worst clueless grifters or outright frauds. The bloodbath spread over to the other stablecoins, such as Tether , the largest stablecoin, which lost its peg to the dollar.

  • Its failure brought down terraUSD’s sister token luna and hit companies with exposure to both cryptocurrencies.
  • This marked the first time charges were brought to people involving crypto assets.
  • Our estimates are based on past market performance, and past performance is not a guarantee of future performance.
  • For example, Bitcoin recorded a previous record high of nearly $20,000 in December 2017, but by December 2018 was trading below $3,500.
  • The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020.
  • These continuing shockwaves are keeping crypto prices low.

During the first six months of 2022, crypto transaction volume in Taiwan grew more than 30% — one of the fastest rates in Asia. The country’s biggest cryptocurrency exchange, MaiCoin, now reports more than $20 million in daily trading volume. Bitcoin’s value fell by more than half its value since its November 2021 peak, which caused the entire cryptocurrency market to collapse. Terra and TerraUSD both experienced such steep declines that investors may be spooked. When both cryptocurrencies were enjoying their honeymoon period a month ago, who would have thought they would face such a steep fall?

Even the top altcoins like Terra can suffer overnight losses and struggle to survive. The idea behind decentralized algorithm stablecoin, such as TerraUSD, looks fascinating, but it needs a better strategy. The centralized stablecoins like Tether , which are often criticized for insufficient cash reserves, look helpless in times of crisis. «If I were an investor now I would think about coming out of bitcoin soon because its price will probably crash next year,» she said at the time.


As of early December, BTC was worth around $US17,00 per coin, after dropping from a high of almost $US69,000 in November of last year. Australian experts agree, with Chris Berg, co-director of RMIT’s Blockchain Innovation Hub,claiming that inflation was behind the (pre-FTX) precipitous falls. As for whether this downturn marks the beginning of a long-term trend or a temporary blip, Giberstein believes the market could remain challenging for up to two years, but added things could worsen during that time. GettyIn fact, our analysis estimates that the overall cost of a major hack and devaluation of Bitcoin alone could be as much as $3 trillion. FTX founder Sam Bankman-Fried was the paragon of crypto. Sam Bankman-Fried was heralded as the savior of crypto.

crypto crash

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Bitcoin did fall below $20,000 in June, and then bounce in August before falling again through the rest of the year.

Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators. In February 2011, the price of bitcoin rose to US$1.06, then fell to US$0.67 that April. This spike was encouraged by several Slashdot posts about it. In June 2011, bitcoin’s price again rose, to US$29.58.

While Mobius expects bitcoin to hover around its current $17,000 level, the move to $10,000 could happen in 2023, he said. «South Korea is talking down the idea a cryptocurrency trading ban is imminent». From 8 March to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206. By October 2020, Bitcoin was worth approximately $13,200. A January 2018 article by CBS cautioned about possible fraud, citing the case of BitConnect, a British company which received a cease-and-desist order from the Texas State Securities Board. BitConnect had promised very high monthly returns but hadn’t registered with state securities regulators or given their office address.

December data

When professionals trade against each other it is called toxic flow, because the chance of profit is more like if their algorithms are equally fast and effective. Professional traders much prefer their counterparty to be an ordinary investor. Keep up with the latest cybersecurity threats, newly-discovered vulnerabilities, data breach information, and emerging trends. In the meantime, attackers will also be likely to keep advancing technology to stay a step ahead of the authorities with regard to traceability and laundering.

crypto crash

This sent shockwaves through the crypto market and led to a 10% drop in Bitcoin price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020. The same day, the SEC and Justice Department launched an investigation into the company. In early 2021, Bitcoin’s price witnessed another boom, rising over 700% since March 2020, and reaching above $40,000 for the first time on 7 January. On 11 January, the UK Financial Conduct Authority warned investors against lending or investments in cryptoassets, that they should be prepared «to lose all their money».

Some US crypto lenders, such as Celsius Network, Babel and Vauld, responded by freezing withdrawals; other exchanges, such as Coinbase, laid off staff. Locally, Swyftx announced they were cutting some 90 jobs, claiming that while they were not directly exposed to FTX, they had been impacted by the wider fallout. Brisbane-based Digital Surge has frozen customer withdrawals after it they revealed they were directly exposed to FTX. There is little doubt that the crypto slide has been monumental. Since last November, the market capitalisation of all crypto assets has dropped from a combined $US3 trillion to around $US900 billion. But the continuing existence of crypto still infuriates its detractors.

From $250,000 to $10,000 price calls: How market watchers got it wrong with bitcoin in 2022

After steadily losing steam amid falling NFT activity on the platform. NFL All Day—stemmed the bleeding after two straight months of 50% or greater declines. Flow posted about $6.8 million in NFT sales in December, down from about $7.7 million in November.

What If You’re Interested in Crypto, But Haven’t Yet Invested?

She says that in many ways, the downturn in crypto values has increased the risk appetite of cybercriminals and is spurring them into more investment fraud and cryptocurrency scams. The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. With the massive pullback in cryptocurrency prices and the collapse of crypto exchange FTX, the term “crypto winter” is now making headlines.’s stablecoin «magic internet money» also briefly lost its peg to the US Dollar for the first time since May 2022. This all resulted in a liquidity credit card ethereum crisis with the company unable to pay off the withdrawls. On November 8, rival Binance announced plans to buy the company to save it from collapse.


Accounting Definition & Meaning

27 julio, 2020

accounting meaning

An income statement can be useful to management, but managerial accounting gives a company better insight into production and pricing strategies compared with financial accounting. Financial accounting rules regarding an income statement are more useful for investors seeking to gauge a company’s profitability and external parties looking to assess the risk or consistency of operations. An income statement, also known as a “profit and loss statement,” reports a company’s operating activity during a specific period of time. Usually issued on a monthly, a quarterly, or an annual basis, the income statement lists revenue, expenses, and net income of a company for a given period. Financial accounting guidance dictates how a company recognizes revenue, records expenses, and classifies types of expenses.

accounting meaning

Second, accounting tries to measure economic events by assigning monetary values to them. Where quantification is not possible, some economic events are estimated. Thus, we cannot think of any business organisation without use of accounting in the modern world. Because, it is designed primarily to serve the different stakeholders in their decision-making process by providing them necessary, timely and relevant information. Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation.

Accounting Information May be Biased

Now, although accounting is generally recognised with the business, trade and profession, the business enterprise is not the only kind of organisation that makes use of accounting. Legal entities ranging from individual to governments use and prepare accounting to obtain information on the financial condition and performance of the entity in question. Just as the business enterprises (like firms, companies, societies and institutions keep their accounts, so can the nations and even the individual owners of the business and profession entities. A transaction is an event which can be expressed in terms of money and which brings a change in the financial position of a business enterprise. An event is an incident or a happening which may or may not being any change in the financial position of a business enterprise.

While accountants recognize a tradeoff between relevance and reliability, information that lacks either of these characteristics is considered insufficient for decision making. Managerial accounting uses operational information in specific ways to glean information. For example, it may use cost accounting to track the variable costs, fixed costs, and overhead costs along a manufacturing process. Then, using this cost information, a company may decide to switch to a lower quality, less expensive type of raw materials.

accounting meaning

Businesses must account for overhead carefully, as it has a significant impact on price-point decisions regarding a company’s products and services. At a basic level, equity describes the amount of money that would remain if a business sold all its assets and paid off all its debts. It therefore defines the stake in a company collectively held by its owner(s) and any investors.The term «owner’s equity» covers the stake belonging to the owner(s) of a privately held company. Publicly traded companies are collectively owned by the shareholders who hold its stock. Cash flow (CF) describes the balance of cash that moves into and out of a company during a specified accounting period. Examples include bank loans, unpaid bills and invoices, debts to suppliers or vendors, and credit card or line of credit debts.

Using Accounting Software

In addition to this financial overview, proper accounting practices prepare your business to file taxes and produce financial statements needed for potential investors or business loan applications. Accounting is popularly regarded as “the language of business” because it doesn’t just help you keep track of your money, but also helps you make informed decisions about your business. To speed up action, you may hire accounting professionals or purchase accounting software to ensure accurate financial audits and reporting.

  • Cost accounting is concerned with the collection, classification and ascertainment of the cost of production or job undertaken by a business.
  • It is concerned with the interpretation of accounting information to guide the management for future planning, decision-making, control, etc.
  • Our partners cannot pay us to guarantee favorable reviews of their products or services.
  • Many accounting practices have been simplified with the help of accounting computer-based software.

Accounting is the process of keeping track of your business’s financial transactions. Accounting software allows you to do basic tasks such as tracking inventory, invoicing and payments, and generating reports on sales and expenses. It’s useful for small businesses and freelancers who don’t have the resources to hire an accountant or bookkeeper.

What Is Financial Accounting?

In the U.S., licensed CPAs must have earned their designation from the American Institute of Certified Public Accountants (AICPA). Accountants may be tasked with recording specific transactions or working with specific sets of information. For this reason, there are several broad groups that most accountants can be grouped into. Therefore, the financial institutions need relevant accounting information to assess the liquidity position of the borrowing organization. The information required include Cash Flow Statement, Current Assets, Current Liabilities, security of assets offered against the current loan, fund required, etc.

  • That cost would be recognized regardless of whether or not the consultant had invoiced the company for their services.
  • For example, it may use cost accounting to track the variable costs, fixed costs, and overhead costs along a manufacturing process.
  • Because, the overall performance of an organization depends, to a greater extent, upon its management policies and programmes.
  • It also makes up a large part of the general information expressed in quantitative terms.
  • Since they influence the future results of the organization, it is necessary for the management to take the decision after evaluating the pros and cons of different alternatives.
  • Outsourcing can offer many advantages because it allows you to take advantage of specialized skill sets that may not be available when hiring someone in-house.

Nonprofit entities and government agencies use similar financial statements; however, their financial statements are more specific to their entity types and will vary from the statements listed above. Financial accounting guidance dictates when transactions are to be recorded, though there is often little to no flexibility in the amount of cash to be reported per transaction. International public companies also frequently report financial statements in accordance with International Financial Reporting Standards (IFRS).

What are some accounting concepts?

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. Another easy to use option that’s perfect for self-employed entrepreneurs who need an affordable accounting solution is Neat. For some, such as publicly-traded companies, audits are a legal requirement.

Income statements are one of three standard financial statements issued by businesses. Businesses and organizations use a system of accounts known as ledgers to record their transactions. The general ledger (GL or G/L) is the master account containing all ledger accounts. It holds a complete record of all transactions taking place within a specified accounting period.Major examples of individual accounts in a general ledger include asset accounts, liability accounts, and equity accounts. Each transaction recorded in a general ledger or one of its sub-accounts is known as a journal entry.

accounting meaning

The latter sense of the term adjusts these investments for any gains or losses the owner(s) have already realized.Accountants recognize various subcategories of capital. Working capital defines the sum that remains after subtracting accounting meaning current liabilities from current assets. Equity capital specifies the money paid into a business by investors in exchange for stock in the company. Debt capital covers money obtained through credit instruments such as loans.

Difference between Accounting and Accountancy

This may result in losses in the form of wages, labour and overheads, misappropriation obsolescence, deterioration, scrap and defective work etc. Likewise, labour cost is not recorded by jobs, processes or departments and, hence, it is virtually impossible to evaluate jobs or departments over a period of time. Financial data, presented at the end of an accounting period, is historical in nature, and prompt cost information on a day-to­day basis is not available. In the absence of up to date information, managers fail to initiate corrective steps at a right time. As an Information System, Accounting is involved in the process of converting inputs into outputs.

For example, a company that hired an external consultant would recognize the cost of that consultation in an accrual. That cost would be recognized regardless of whether or not the consultant had invoiced the company for their services. Others include accrued costs (costs incurred but not resolved during a particular accounting period) and accrued expenses (expenses or liabilities incurred but not resolved during a particular accounting period).

In fact, every organisation of human beings, regardless of the purpose of such an organisation, has felt the need for accounting information. In financial accounting, proper norms for efficient use of material, labour and costs are missing. As a result, there is no way to find out whether everything is progressing as planned or not. The financial data is interpreted in a meaningful way now so that various groups can arrive at decisions regarding the overall profitability of a business, its financial health and its future earnings potential etc. And it is the Accounting which processes, analyzes and interprets the data for the purpose of meeting the informational requirements of different categories of users of accounting information.

Consistency refers to the ability to make relevant comparisons within the same company over a period of time. After you enter a transaction and categorize it under an account, your accounting software will create a journal entry behind the scenes. Most modern accounting software uses the double-entry accounting system, which requires two book entries — one debit and one credit — for every business transaction. Accounting helps a business understand its financial position to be able to make informed decisions and manage risks. This is the act of tracking and reporting income and expenses related to your company’s taxes. You don’t want to be in a situation where you have to pay more income tax than is normally required by the Internal Revenue Service (IRS).


What is inventory accounting and why is it important?

27 julio, 2020

Your accountant should be able to advise you on which is the best method for your business. Of course, OneUp might be overkill if you only need basic accounting functionality, and at around $9 per user, per month depending on the plan, you might prefer to consider a free alternative instead. One downside to using AccountEdge is that it’s only available as a desktop application. This makes it less useful for on-the-go accounting than other options that have powerful mobile apps with a range of features.

  • Items such as pharmaceuticals, machinery, and technology are three products that require large amounts of expense after their initial designing.
  • Your system should enable you to split the costs based on item weight, volume and value and update all of the necessary accounting transactions at the same time.
  • Instead, inventory value is based on the average cost of items throughout the relevant period.
  • A key element to knowing your real-time profitability and cash-flow levels is tracking your Cost of Sale or Cost of Goods Sold (COGS).
  • Generally, however, this isn’t a major issue unless your cost prices are changing significantly and regularly.

One is that it allows you to collect varied accounting and inventory data to generate actionable insights that have value to other departments besides accounting. In this example, we open with $100, add $50 directly into the assets with the purchase order, and then subtract $25 for each of the 5 sales made, leaving $25 at the end of the period. The two methods of accounting for inventory go by different names in different parts of the world, so for consistency we’ll call these “Periodic” and “Cost of Sales”.

History of IAS 2

If you’re looking for free accounting software to help you keep track of your income and expenses and organize transaction records into categories for accounting, Wave might be the solution you’re looking for. The FIFO method, known as the first-in, first-out inventory management technique, tracks the value of goods as they enter and exit the inventory. This method concludes that the stock first purchased for inventory is also the first stock to be sold, even if it is physically not. Whereas inventory management tracks and controls the movement of inventory, the accounting side deals with the financial information intimately tied to the buying and selling of finished goods. When it comes to inventory accounting, you’ll learn everything you need to know in this guide to inventory accounting.

What are the 4 ways to account for inventory?

  • First In, First Out (FIFO): Companies sell the inventory first that they bought first.
  • Last In, First Out (LIFO): Companies sell the inventory first that they bought last.
  • Weighted Average Cost (WAC):
  • Specific Identification:

Inventory accounting involves accurately depicting a business’s financial health as determined by its inventory. There are many variables that inventory accounting deals with, from the movement of the stock, daily fluctuations in quantity, ageing inventory and deadstock, and so on. The main role of the accountant on a monthly basis is assigning costs to ending inventory unit counts. The basic concept of cost layering, which involves tracking tranches of inventory costs, involves the first in, first out (FIFO) layering system and the last in, first out (LIFO) system. A different approach is the assignment of a standard cost to each inventory item, rather than a historical cost.

Inventory Accounting: Definition, How It Works, Advantages

Inventory accounting is the practice of correctly valuing this business asset, so it can be properly documented in end-of-year financial records. Whether you’re manufacturing items or purchasing products from a supplier for resale, it’s essential that inventory be accounted for properly. Finding the method that best suits your business can go a long way toward making the process Accounting For Inventory easier. With Periodic Accounting, no transactions are made when items are shipped and accounted for, as they would be for a normal sale. If your order processing system does not allow for receiving goods back from a sale, then invoicing for that sale is needed. When the sales report is sent back from the retailer at the end of the month, inventory corrections are then made.

Accounting For Inventory

They can establish a smooth supply chain and ensure their clients receive the freshest items in their inventory. Using LIFO, because the $6 crystals were the last inventory items added before the customer’s purchase on January 20, they are the first ones sold. Among the most important features of good accounting software for inventory is the ability for it to account for sales tax. These days, few companies are still tracking and managing their inventory with a pen and paper.


When you sell goods to a customer and generate an invoice, it may be entered into your accounting system immediately but the goods may not ship until the following day or later. If so, you need to decide whether you want the cost of sale transaction to be dated as per the sales invoice date or the date of shipment. If you decide the sales invoice date and the shipment date need to be the same, your profit reports will be easier to understand, since the cost and the revenue are in the same period. Even though the asset will have been removed from the Balance Sheet, an inventory report on that date will show items in stock, since their shipment is still pending.

What is the IFRS for inventory?

Under IFRS, inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

Many companies will opt to use the FIFO inventory method to offload their older stock first. As a result, the calculations for an inventory’s cost of goods sold will reflect the movement and value of the goods. This inventory accounting method is one most often used by businesses, especially ones with perishable inventories. There are three main methods of inventory valuation that companies can choose to use to account for the value of their stock.


Resources for Day Traders

14 julio, 2020

day trader site

Magnifi is a marketplace that allows you, as the investor, to use common brokerage tools and AI to make the best decisions for your portfolio. Because you can pull up all the information you need on a given asset, you can easily invest in the assets that will give you the results you deserve and better match your day trading strategy. In addition, IB clients can earn extra income from their fully owned shares via their Stock Yield Enhancement Program, and they enjoy enhanced pricing via IB’s SmartRouting technology.

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TradeStation has better backtesting, TD Ameritrade’s powerful thinkorswim platform is more intuitive than TWS, tastyworks from tastytrade has a better all-around options trading experience, and Webull is cheaper. In this industry’s current state, however, no one broker can compete point-for-point with IBKR. It has the tools, asset range, speed, and global reach that make it a day trader’s dream in terms of constantly finding new price inefficiencies to exploit across markets and asset classes. Although IBKR Pro has upfront costs, it will likely be the choice of most day traders looking for fine control over order execution. Whether Lite or Pro, Interactive Brokers also gives traders access to the industry’s lowest margin rates to leverage up and amplify the returns on positions.

Didn’t find the best broker for you?

There are also no extra costs for features like bill payments, stop payments, and transferring funds in and out of the account. The platform combines low-cost services with industry-leading research tools and calculators that help plan, evaluate, and track finances. On top of these factors, day traders may like using an online broker because they can quickly access the market with a mobile app and stay apprised of where their positions are trading.

  • TD Direct Investing is a registered Canadian-based online trading platform part of the TD Bank Group.
  • Fortunately, most have a «play money» mode that allows investors to test drive the trading software without putting real money at risk.
  • Also, the day trade volume must be greater than 6% of the margin account’s total trade activity within that window.
  • E-Trade performs well all-around, especially with a discounted commission structure on options, and the broker really shines with its range of fundamental research.

They also rate and compare various financial products, for istance Online Brokers or Trading Platforms, making in-depth analysis. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Learn more about how we review products and read our advertiser disclosure for how we make money. US resident opens a new IBKR Pro individual or joint account receives 0.25% rate reduction on margin loans. Many or all of the products featured here are from our partners who compensate us.

Bookmap Review – A Unique Approach to Stock Analysis

In order to assess the overall day trading experience, we spend countless hours testing and trading a wide range of Apple, Windows, and Android devices and/or current operating systems. For the 13th Annual Review published in January 2023, a total of 3,332 data points were collected over three months and used to score 17 top brokers. This makes home to the largest independent database on the web covering the online broker industry. Here are the Overall rankings for the 17 online brokers whose offerings we analyze and test, sorted by Overall ranking. Below you can find a trading platform comparison table of common tools and features.

day trader site

Trading on a daily basis can be exciting and offers the possibility of winning big. Whether you trade with your own money or with leverage, keep in mind that day trading is highly risky and you can suffer big losses. We advise that you to start day trading only if you consider yourself an experienced trader. The DecisionPoint Market Analysis Gallery (DP Chart Gallery) breaks down how the stock market is performing by using various daily charts and technical indicators on different time frames. It’s a quick way to learn about analyzing price actions or grab a snapshot of the market direction and potential turning points. However, you can’t start trading with Firstrade if you don’t have some funds already prepared since the brokerage requires an account minimum of $500.

Best Trading Platforms for Day Trading

In this sense, it’s the opposite of long-term investing in assets like commodities or real estate. Features are extremely customizable, in that you can generate charts, monitor trends and simulate more complex trading options, based on your risk tolerance, goals and overall investing strategy. TD Ameritrade also offers a vast base of educational tools and resources to help you expand and improve your investing know-how.

  • Ask your brokerage firm for more details on how they count trades to determine if you’re a pattern day trader.
  • Those dipping into this kind of active trading may want to risk only a small portion of their account balance — 5% to 10% of your investable assets, at most.
  • You can also build custom watch lists and set alerts so you don’t miss any market movements that could have a critical impact on your FOREX portfolio.
  • Once your account has been flagged as a pattern day trader account, your broker will continue to regard you as a pattern day trader, even if you don’t day trade for a five-day period.

If you’re a rapid-fire trader, savings from better executions can add up. Fidelity also took Best Overall in our 2023 Annual Stockbroker Review. You can use your online broker or trading software’s stock screener to look for stocks that seem ripe for day trading. We also have a list of the best stocks this year, based on performance.

Motley Fool Stock Advisor vs. Morningstar Premium

Part of your trading plan can include education about market analysis and practice trading in a demo account. TD Ameritrade lets you trade stocks, options, bonds, mutual funds, ETFs, futures and forex. The broker offers clients free extensive research on several markets and educational resources for novices.

day trader site

While tastyworks may not be the best platform for all-day traders, particularly those who like to place multiple bulk orders at once, you can use their platform to make extremely reliable trades throughout the day. If you like securities, options, and stock trading, tastyworks has a ton of advantages. Interactive Brokers or IBKR is the platform for frequent day traders who want fast executions at reliable accuracy. If you’re looking for the cheapest brokerage for day trading, there’s a good chance IBKR is for you.

Can you make $200 per day in day trading?

A common approach for new day traders is to start with a goal of $200 per day and work up to $800-$1000 over time. Small winners are better than home runs because it forces you to stay on your plan and use discipline. Sure, you'll hit a big winner every now and then, but consistency is the real key to day trading.