Just got my old job back after living off trading for 2,5 years. To say the least, I'm somewhat burned out and it will focus work and receive a negotiated change-but not a complete change, Will continue to trade paper mini Dow for creating the past performance numbers for my upcoming brands.
I had time to look at my past mistakes and I would like to share with you, so you can avoid them and be a successful trader and is a better starting position and then I was, since I was all self-taught.
SET A GOAL FOR TRADE:
When trading day, especially when trading currencies, meat and metals, it is always a risk that can afford to lose, and set a goal for trade: checking on the market, not to leave on the market. Read my prior articles about how much risk are satisfied during marketing of above. This applies also for day trading the S & P mini and the mini Dow-always use a break and have objective in mind.
With swing trading for 1-10 days, you can use a target or to monitor closely and take profits along the way. I would like to be in 1-3 days and take profit, wait, go again and take profits again.
STARTING & KLISIS CLOSED FOR THE DAY:
If it doesn't work for long or short, reversal of the trade. wrong! Bad news, you may work sometimes, but most times you will lose. IMPORTANT: Set a maximum loss per trade on a daily basis. Say you are trading the mini Dow, set a limit lose say $ 200.00 to $ 300.00 per day, although things are not going your way: IMPORTANT: always remember there's always another day to trade-today is your last trade and not many traders trade as soon as there are no occupations-there will always be is another market tomorrow or the next day and the day after that. It keeps jumping and undertaking, goes along with reversals-a loss is bad ... many losses in a row is devastating for your psyche and especially for your account balance!
WELL BE FINANCED:
Very important. Trade with VENTURE CAPITAL, loan money. Don't draw the roll IRA account if you lost your job and you want to trade-this is your retirement! Do not borrow money from relatives. You will never pay back. Remember, there is a learning curve to trading, and start to use the broker who can guide you to make suggestions. especially with the euro, copper and feeder cattle (to see my prior articles, put my name in the search bar of the article). Shop for a broker, avoid brokers discount at startup. Start you will have to pay $ 45.00 a round voyage to negotiate with broker for the best round trip. After 6 years, your transactions without a brokers only give him advice and trade, and now my costs € 15.00 a trip commissions! See the difference! A route guidance is that your account should be double what you need on the commercial trade margins. Sample: I traded into account $ 60,000 p.m. when traded 6 contracts Dow Mini-with a margin requirement of approximately $ 39,000 p.m.-I had a lot of room for losses: sometimes it was $ 5600.00 in a period of two or three day! And I am making $ 15,000 10.00 a month on a regular basis, before the financial meltdown came all.
DON'T GET APLISTOYS:
Take profit constantly-no matter how small. Create your account and your confidence, taking profits. As I said before, no trade as this is the last trade and there will be no more-always there will be another day to trade! Taking profits and calling it a day never hurt anyone!
Hope this helps you avoid blowing a few accounts! View my other articles 17: just type my name in the search section of this article.
Learn & prosper.
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