Beginner Day Traders - Easy Money? |
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By: Linda Wainman Posted: 2006-11-09 00:07:01 |
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In day trading you are pitting your wits against every other person in the market. Every dollar you make is on the back of someone else's losses.Every losing trader has failed at trading. Every successful trader has also failed at trading in their past.It is a very rare individual that can make money off capital loaned - the psychological influences will handicap you.Day trading is extremely risky. It's simply unrealistic to expect to be able to trade professionally and profitably from day one. Mistakes will be made; lessons will be learned; money will be lost as you learn.Risk comes from not knowing what you are doing. A good trading plan should go a long way in the direction of trading success.If you fail to plan then plan to fail, rather "Plan your work and work your plan".If you violate your trading rules, you are more than likely going to be on the losing side of the game.Greed Kills!!!! Money goals have to be realistic, clear and specific, and once you've made up your mind to achieve that goal, then go forward and make that goal a reality.Be patient and let the magic of compounding work.Don’t trade to feel good or to get high. Handle trading as a serious business.Day trading is like running any other kind of business. Adequate training, experience, capital and dedication is always required.Day trading is a full time job - you need to be ready to trade whenever the market shows you a great opportunity.Limiting your losses when day trading is far more important than making big profits.Remember, The Trend is your Friend. Never fight the trend. And when in doubt, stay out.When day trading, set yourself a limit on how much you are prepared to lose on any particular trade, and set your stop loss at that level.Avoid systems that are complicated. It does not mean they are better, in fact, the simpler the system the better.It’s important to feel confident with your chosen method of trading and not to change it all the time.Anthony Robbins has made a living by proving that success starts with a strong desire.A really important element in trading success is: YOU. Hold yourself accountable if things don’t go the way you want them to. Be disciplined, determined, persistent, and most of all enjoy and have fun.The benefits of Day Trading are all there for the taking, as with any change of career or indeed any major life change, as long as you go into it with your eyes open, and above all, prepare, then there is no reason why it cannot work for you .A trainee airline pilot won’t be let loose into the skies without having learnt the skills of flying, so you will endeavour to learn everything there is about Day Trading, whatever it takes to succeed.It certainly will take intensive studying and a lot of practice before becoming a consistent trader, but the end result of that hard work is an immensely valuable life skill that nobody can take away, and that allows for incredible freedom.Keep at it - day trading is like any skill - nothing worth having ever comes easy.
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