So I am continuing with my 10 things series, with hope that I help myself and other new trader work through some trading speed bumps, straight in then. I'll be honest I have traded bad lately, got into the FOMO (fear of missing out) and just messed up trades bad, fortunately as much as it hurts to say “I have learned a bunch from those trades. “

 

So that being said lets jump in. 10 things Part Deux

 

1. Get involved in the community.  I think we all know that day trading is not easy. If you think it will be for you then, God bless you, you may have a rude awakening. According to Tim 90% of day traders lose money. Wait don't quit yet, you have hope, being around successful people bread success. (If you follow the rules) So what to do? ANSWER:  find role models in this community. A) I suggest you find at least 5 people on this site that you follow around like a puppy, I don’t mean the big gurus, but people that are transparent and are at various stages of growth just ahead of you on their trading journey.

 

2. Learn from Tim and Gurus Etc. What did he do and what does he still do? A). He has developed certain charts (What are they) and certain plays (What are they) that when executed properly are 70 percent effective. And when they don’t work, well "cut loses quickly"

 

3. Create your own library. Read every blog post with pen in hand, I know I hate to read too. Just show me right.. Well NO you got to read. Get your hands dirty formulate your trades from these people. Save the videos to thumb drive or email and watch over and over till you have the play.

 

4. Learn you Brokers Rule and software. This is what has killed me. My brokers software is great till it come to placing a trade then it’s below par. (long story) But to trade well you have to know the software you’re using like the back of your hand.  As you know I am 2 plus months in and no joke I just found a new feature on my software yesterday. This is a must, play with it, call customer service ask questions. Is this the best way to do this? How do I do that..           

 

5. And LAST.  Don’t be too hard on yourself. You want to make millions learn how you learn. This is a marathon not a sprint watch those emotions they will kill you. I know you feel stupid making poor trades, yep so do I, So did Tim and  he lost more cash than you will see this year so relax, limit your losses and enjoy the learning like an athlete that  has to run through mud and play in the rain.

 

A. Trick you mind so it does NOT spaz out on you. The thing that I hate most is the fact that I still spaz out when trading.

 

Especially on break outs.. Where the top I think.. Bid how much.. Its moving tooo fast etc..  A) One thing I will be doing is playing more fast moving games I spaz on them too, but eventually I get better and better. Trade or don't trade. Find a stock with less volume and moving a little slower. Either way eventually you'll figure it out if not there’s another possible better trade coming you’re not missing a thing.

 

 

 

Hope this helps and I hope you all have a great 2016. And as they saw where I am from “Hold onto your knickers it will be 2017 before you know it.”