Losing is part of the game but recovering is not an easy task and requires smarter trading decisions. So if your trading account is down 50% after 2 months, you’ll have to double your remaining equity to break even. 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. 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.
Trend Trading for a Living: Learn the Skills and Gain the Confidence to Trade for a Living by Thomas K. Trade the trend and you can trade for a livingIf you're going to play the stock market, play to win by using a fundamental strategy of most hedge fund managers-trend trading. 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.
In Trend Trading for a Living, the trading coach and hedge fund manager known on Wall Street as “Dr.
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.
If you are a trader you can have the best job in the world because you are making your living online. Due to this fact, good traders need a traditional approach which includes practice, study, and of course dedication. The good news is that there are many strategies out there that can help you do your day job and trading job together.
This means that you are encouraged to focus on long term opportunities.THE RIGHT AMOUNT TO TRADEA lot of people might not agree about the amount that you need for successful trading. You can implement similar strategies if you already have a hundred dollar or a million dollar trading account.Last but not the least note, you must never do trading for your children or as a form of investment for your kids or life’s essentials.
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