Day Trading Rules You Need To Understand
Follow these day Trading Rules and be successful
Many people seem to think that to be a successful day trader, all you need is stratigies and Technical analysis, and you'll become rich.
The truth be told, beginners have a hard time when the start trading. You need to ride a large traing curve in order to understand the ins and out on trading. Simply Reading a report or getting a "tips" is not going to make you rich.
After studying for a duration of time, it is not unheard of for students to start his or her search for the "holy grail."
Many people hunt for more indicators, graph and or chart patterns, gurus, alert providers or the newest secret day trading systems along with items that will give you their answer to becoming successful.
The Truth is this. Success lies within you .. And it will not likely arrive easy.
I come to understand this process early on, its this:
"People that are successful merely do what others are afraid to do"
Lets look at some Day Trading Rules:
1.If your mind stays consistant, then however the market moves, you can make money. Don't get overly frustrated in the market, it will never act the way you want it to. You can rely on the market to be inconsistent. It is totally unpredictable at all times. If you research properly, and make a educated "guess", sometimes the market will act normal, thus giving you a great advantage in trading. This is where consistency pays off, you need to watch for those senerios, and trade them as they appear.
2.Trade like your money depends on it. Don't over trade, as most start-ups do. It is a common trait among new traders. Your role will be to be better as compared to various other day traders in having the discipline to wait for the suitable moment and then execute your trade without delay.
3.All you need to remember is to cut down on mistakes most of the time, and you be succesful. Make a copy of your Day Trading Rules, place it near your compter, look at them, and most importantly, use them! Most traders fail to remain diciplined! No matter how good a trade looks, or if you have a hunch, if it violates a rule, don't trade it, simple!
4.Make sure your emotions are in check before making any trade. The worst thing you can do is trade when mad, upset, or not focusing 100% on the trade at hand. Day trading is a marathon, not a sprint. You need to make split second decisions, if your not FULLY involved in the trade, you will risk losing it all on a single trade. Your mind needs to stay focused and keep your emotions in check.
5.Keep a detailed log with all information written down. Every professional trader keeps a detailed trading log. However, most new day traders will not do this. Obviously, This is a huge mistake. Not only log your trade, dig deep and see if your mind is totally in the game for the trade, and write that down. I believe in Journals, sot his kills to birds. This simple tip has saved me plenty of money, just looking back at my mind set on some bad trades.
These 5 rules may not sound important, and you may have been looking for something different. The problem is most people look for rules and things like "How do I make money trading".
I'm not an amature, I know those things have a place in day trading education too. Interesting fact, many people HAVE those rules, yet still fail because they refuse to learn the basics that I just gave you!
They all fail, even with the best "do this" systems becasue they forgot the easiest rule, monitor your own actions
If your reading this and thinking its a waste, remember, you are no amongst those who "know it all" and will fail 90% of the time in Day Trading. Most of the new Day traders will fail at day trading, you need to seperate yourself from the pack and do something different from the rest of the people.
These 5 rules are among the hardest you can follow, becasue they deal with you. Most people are simply unwilling to master them. A motto you should never forget: "Successful people do what unsuccessful people are unwilling to do".
by: toddw6uube
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