Stock Trading Secret - Top 8 Secrets of a Successful Stock Market Trader

Stock Trading Secret

Stock Trading Secret

The first reason why 80% of stock market traders fail in their first year, is they do not walk into the game with a solidified plan of attack.

Below are the top 8 Secrets Of A Successful Stock market Trader:-

1. What times will you trade, but more importantly, when will you NOT make trades? here are some simple suggestions: Get a good nights rest, and never trade when you are tired. If you are emotionally stressed or intoxicated you should stay away from the screens also. These will minimize your risk and maximize your gains.

2. Decide on what vehicles you will trade and say vigilant. Chopping and changing is a big no no in this game. Stick to one vehicle and master that before you move on. Are you going to trade ETF's, Futures, Indices, Metals or individual stocks only.

3. Always have a back up plan. What secondary equipment will you use, in case of an emergency, or a massive power failure. How will you get in touch with your stock broker in such a situation.

4. How much capital are you willing to risk on a single positions. How far are you willing to leave a winning or losing position. Are you going to up your positions size when you are on a winning streak and minimize positions when on a losing streak. Stock Trading Secret

5. What type of methodology are you going to incorporate into your trading. Are you going to use fundamental style analysis or pure technical. Or both?

6. Are you going to trade under a corporate business name, or just yourself. Sometimes there are tax incentives if you are trading as a business.

7. Schedule and rhythm are the habits of successful traders. Work out a daily ritual and stick to that religiously. I.e. Charts, news, analysis, live trading. Once you get a daily ritual you feel comfortable and it is making you money consistently, do not deviate away from this.

8. Work out your profits and losses at the end of the day. Work out what works for you and what doesn't. Only reflect on mistakes for a few minutes and invent ways around these mistakes so that you don't make them again. Treat each day differently and consciously think about making profits, and never be negative and preempt a losing day.

This is in no way a simple exhaustive set of tips. These are just some simple ideas to help you get started. Stock Trading Secret

Stock Trading Secret - Top 8 Secrets of a Successful Stock Market Trader

By: Trading Expert

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