First Steps in Day Trading
First Steps in Day Trading
Most people new to day trading are normally introduced to the markets via a "holy grail" system with some dazzling headline like "earn loads of money whilst eating your breakfast" or something similar. Also it would be wise to take any claims about money earned from any advertised trading system with a pinch of salt. The reason I can say this is because after training in excess of 700 traders & having received well over 1000 testimonials I can tell you right now, I have never received a testimonial with a monetary value included in it. Sure, many will say something like "earned my 20pips today" but never will anyone discuss money in an email.
So, what else would a new trader need to be aware of?
1. Most "out of the box" strategies do not work - FACT
2. The strategies that do work are not suitable for most new traders - Fact
3. Trading seems hard & frustrating - Fact
4. You will lose money - FACT
5. You can have the most profitable, consistent strategy in the world, but if it does not suit your trading style then it is worthless - FACT
Ok, so that is the bad news out of the way. Think about when you learnt to drive for the very first time. you paid for lessons, met the driving instructor & they taught you how to drive. We can apply certain parallels with this in trading. For instance, as a new trader you need to ensure your mentor (driving instructor) is contactable via email & responds within a reasonable time-frame. Do they offer a Live trading room where you can learn to trade in realtime? I think it is very suspicious if a system seller does not offer a live facility as hindsight in trading is a wonderful thing. Lastly, can you see any testimonials? If so, how many? I can tell you from personal experience that I am proud to receive testimonials & publish them on the website for all to see.
So there you have it. Three simple measures for your first steps into trading; make sure your mentor is reliable & are th
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