When I finished the trading courses I dreamed to be a successful intra-day trader. In those days I didn't thought about something else except speculation trading and intra-day setup's; I worked so hard to gain few dollars and in the day after I worked harder to keep them in my pocket.
Like most traders- the first year was not profitable at all. I lost more money than I could afford and after the first year I get kicked out from the game.
loosing almost tree times monthly salary is something that single can live with, but without serious conclusions I cannot make sure it will not happen twice.
There is nothing depressing than sitting on the fence
While I'm understanding what's happened and why for god sake I cannot afford myself trade anymore I decided to create 'Path for success'
I mean recipe, ToDo list:
- Reading professional books – If you like to be a successful trader – you have to expose yourself to known names who succeeded and wrote about it. You have to learn the way they think and act.
- Plan your trade, Trade your plan – Raschke first rule says that you have to understand what you're looking for. don't trade like a leaf in the wind. Trading without plan can be very expansive!
- Invest in your social network – Keep in touch with other traders especially in the beginning, Sharing positions and consultation together can shorten your learning curve and even assist you being profitable early.
- Break up your self-esteem and ego – The capital market is the best gym for mentally. Always remember you're only a person. Don't trade with ego or honor. If you do not learn how to give up your self-esteem and ego, the capital market will teach you that, and it will be extremely expansive
- Stay simple – yes, I know you learned how to trade like the greatest names but you have to keep in mind that trading in the capital market require SIMPLE thinking. Don't waste your time on unclear situations. if you don't understand something don't test it with your own money. Always remember that the capital market is a microcosm of the society we live. Keep your focus on the meaning, not on technical matters.
There are many great tips, but I choose the best five tips for beginners.
You can add your own in replies
Have a great weekend!