| o Invest in yourself. I did not - at first. I tried to be | | | | and react to your setups.o Set daily and/or weekly |
| hard headed about learning to trade on my own - | | | | profit goals and stick to them. In other words, do |
| some of that was just being cheap. After much trial | | | | not get greedy. It is usually the first trade you make |
| and error trading, I had lost a bundle. Seeking the | | | | after you have met your goals that takes all your |
| advice of a seasoned trader will help you cut down | | | | profit back.o Take advantage of simulated trading. |
| the learning curve and protect your account. Invest in | | | | Most brokers will give you a free simulated account. |
| your education just like you did by going to college, a | | | | Never trade cash money with any strategy until you |
| trade school, etc.o Treat day trading like a business | | | | are comfortable that you can consistently be |
| instead of a hobby. This one is closely related to the | | | | profitable. For some that day may never come, but I |
| tip above. If you expect day trading to eventually | | | | would recommend at least 2 - 4 weeks.o Always use |
| pay your bills, how do you expect to accomplish this | | | | a stop loss. This has been said over and over again |
| is you don not put in full time hours? If you treat it | | | | but it is the truth. More importantly, never move |
| like a hobby, then that is all it will ever be - a very | | | | your stop loss farther away from your entry price or |
| expensive one at that.o Trade only with RISK | | | | cancel it all together.o Become an expert at exiting |
| CAPITAL - money you can afford to lose. If you are | | | | and managing a trade. The entry of a trade is really |
| opening an account with next month's mortgage | | | | not that important. Successful traders make a living |
| payment then you do not understand this concept. | | | | on letting profits run and keeping losses small. Most |
| This is called trading with "scared" money. If you do | | | | everyone can make money when a trade goes |
| not have at least $5000 of risk capital then I | | | | exactly as planned. But what is your plan if they |
| recommend saving up until that is possible.o Trade | | | | trade does not go as planned? There is truly an art |
| the appropriate amount of contracts for your | | | | to this and it takes years of practice to become |
| account size. This can vary depending on your trading | | | | good at it.o Have fun! I know a lot of traders who |
| strategy but never put your entire account at risk. | | | | are mad when they lose and mad when they win. If |
| Trading too many contracts on too small of an | | | | you are not having fun in your chosen profession, |
| account is a recipe for disaster.o Do not guess which | | | | then make a change. The emotions of being a day |
| way the market is going. The market is going to do | | | | trader are off the charts so you must enjoy what |
| whatever it wants to do. You can not stop it. Watch | | | | you are doing or you will be miserable. |