Making mistakes is normal but rather than give up, try to learn something from your own trading mistakes, bad strategies, emotions etc. When you have no other source of income and you only rely on speculative gains in the most volatile market, tension will most likely increase dramatically, leading to irrational trading decisions.
This entry was posted in Forex education and tagged Albert Einstein, keep it simple, tips for traders, trading education, trading for a living, trading lessons, trading mistakes, trading practice on December 18, 2010 by Liviu. This is a very good set of trading lessons that we can learn from, and may I say good set of illustration, it gets your imagination working not your typical boring article, this is really a good one. Warning: All the information on this site is provided "as is" for INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY, not intended for trading purposes or advice.
If you answered a resounding “YES” to the above questions, then you may have considered trying day trading for a living. If you are truly committed to becoming a full-time day trader, and achieving your dream lifestyle then nothing can stop you.
At the end of the day, becoming successful in day trading is just like becoming successful in any other business. If you are just starting out in the world of day trading, and dream of it one day becoming your sole source of income, here are a few tips to get you started. There are so many different day trading strategies to learn, but when you are first starting out it’s best to keep it basic. I think the best lesson is the one about work so many people want to quit there jobs right away and i say that it is better to work and build up equity while trading.
In fact, when you consider that Monday is often the most action filled day in the trading week, you would find yourself actually looking forward to Monday morning! If you are really serious about doing day trading for a living, then you would have to work really hard at it in the beginning.
Day trading is a skill that is perfected over time, through experience, learning and trial and error.
To make it in that business, you need a sharp eye for detail, a sense of opportunity, good money management skills, a capacity to handle risk and control emotions, and a knowledge of the industry many other people don’t have. Discover a couple of profitable strategies and put all of your focus on them for now to avoid overwhelm. Over-trading, scalping, over-leveraging, random decisions, greed and the mirage of getting rich quick will turn trading into gambling.
It'll be the very first thing I recommend to anyone I know who wants to get in to trading, hands down.
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