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Also, always have an emergency stop-loss in place.Ĭan you temporarily suspend any preconceived notions you may have about trading? Test your connection for speed and stability and make sure your broker will answer his phone if your connection goes down. This may sound like a stupid question but there are plenty of places which still do not have really fast dsl lines or cable modems. Hesitation causes death.ĭo you have access to an extremely stable, high-speed internet connection? You cannot let three tick losers turn into eight tick losers. As soon as you know you’re wrong, you must must must click your mouse and exit the trade for a loss.
NO BS DAY TRADING COUPON HOW TO
The general rule is: if you don’t know how to make money during the opening hours, you usually will not make it in the afternoon. There are often good opportunities in the afternoon, particularly in the stock indices, but you have to understand the movement can be very different from the morning activity. There tends to be less liquidity in the afternoon and the moves can be more erratic. Trading in the afternoon can be quite different than trading in the morning. There is a learning curve and it takes some time to pick up on what’s happening. If you cannot afford to sit there for five or six months (or longer) and make no money, don’t trade. If you have a 9 to 5 job, you obviously cannot day trade. You’ll have more fun in Vegas though.Ĭan you sit in front of a computer screen during opening market hours every Monday through Friday? Or go to Vegas and let it ride on the pass line. Buy a coffee call option before the winter kicks in and hope for a freeze. If you think you’re going to turn $500 into $20,000 (which is what at least half of the day trading courses out there will tell you is possible), good luck to you. If losing that money is going make you suicidal, you shouldn’t trade. If you’re trying to make the rent money, you shouldn’t trade. It means, if you need money right now, you shouldn’t trade. This doesn’t mean you trade without sense. You have to be able to trade without fear. If you were to take whatever money you’re thinking about trading with and dump that money into a pile on the floor of your living room and light it on fire, could you watch it burn and know that it’s not going to make a bit of difference to your lifestyle? I’m being serious. I am going to give you an inside look into what it’s all about. If you’re not going to heed that warning and the decision to trade has already been made, then continue reading. You are not going to start printing Benjamins as fast as you think.
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But the amount of time, energy and money which is required to make it happen is substantial. The stories of million dollar traders are real. If you know absolutely nothing about trading, my first piece of advice for you is don’t do it.