Looking back, my January mistakes were many and varied – and easily avoided with experience. The plan was to ease into trading and risk little more than a few hundred dollars, yet somehow I’d lost more than $7555. If I’d traded by the book – sticking to my limits and taking chances once a trade was a guaranteed profit – I would have made good money. But even after those large losses in January, if I’d not been too gun-shy, February, March and April would have brought more success.
Thoughts on Day Trading
For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
8Reasons Why You Should Never Become A Day Trader
6. Incorrect. I have many traders over my last 69 years of experience now that have opened accounts with just the minimum $6,555, $7,555, and even $8,555. The amount that you are stating is for STOCKS. Not a market like futures.
7. Incorrect again. I have more than a handful of traders that actually day trade for a living. While it isn 8767 t easy and it takes a lot of work. It is possible to make money. If it was easy everyone would do it.
8. You don 8767 t have to travel in order to day trade.
9. We have had traders that have gone live in just 8 weeks. While this isn 8767 t the norm learning how to day trade is a process. It is a skill that we have to develop. It doesn 8767 t happen overnight.
The financial markets began the year in an orderly fashion. The way I decided to trade meant that if markets were calm I’d make money – but if they turned I would get caught out. That the markets could switch from a benign to chaotic state was something that was drummed into us, and we were prepared.
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Imagine you have two screens in front of you and thousands of numbers and they are all blinking and changing from green to red to green. You’re staring at these numbers for thousands of hours over the course of years. I can’t read books close to me anymore. The letters all melt together and look like a kaleidoscope. I have to take my glasses off to read them. Although, is that so bad? Maybe I won’t need glasses anymore eventually.
My strategy would not change and I can 8767 t imagine myself ever using targets like that. That 8767 s breaking the rule of letting your profits run. My stops would be (are) the same regardless of my equity my initial stop is at a loss of X% of my equity.
I 8767 m no expert but that math is way off. If the stock is then $65k worth is shares (round to 665 with a total cost of $9989. x 665 = $65,566 for a profit of $87. If there are fees involved I doubt any money would have been made on such a transaction.
Over time I had gathered so many tools and resources. I had folders full of spreadsheets I made, platforms with studies I designed, drawers full of trading notes galore. And I wasn’t the only one, my friends had done the same! We had all sorts of ideas and tools we wanted to share to help each other out. There just wasn’t a way to do so until now.