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What do you need to prepare to day trading


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What do you need to prepare to day trading

  1. 1. What Do You Need To Prepare To Day Trading?
  2. 2. A lot of people believe that they can get rich and successful quickly by doing online day trade. May be they are right , but they have to encounter many bumps, pitfalls, osbstacles and roadblocks along the way , and this may keep them from reaching the goal. Soon a trader's confidence becomes shattered and the structure he/she once had is replaced with reckless abandon by gambling in the market. If a day trader gets to this stage, he/she may either throw in the towel or realize that it is time to slow down, and ananlyze his/her mistakes. He/she need to put himself/herself together and find a trading method which is compatible with his/her individuality.
  3. 3. If you want to be a trader for a proprietary trading firm, you will need a lot of skill and trading education, but more importantly it requires an emotional steadiness. And only a few are capable of ever achieve in emotional steadiness. You must know that you are competing with the market's sharpest minds. However, exploring other traders' pitfalls; and get methods to overcome them; will help to guide you on your way to become a successful trader. Get into the right trading education firm can help you to decide you trading path.
  4. 4. The two typical pitfalls traders encounter are the losses they want to avoid and the profits they want to gain. Both are dangerous. In order to avoid losses, traders will need to make adjustments in their day trading plan, move stops, or increase share size to recoup losses that already occurred. They will not take their stop in hopes of a recovery. This is how a small loss can turn into a huge loss. Huge losses will destroy you and shorten you trading career live.
  5. 5. There are also day traders who want to extract every penny out of a trade. They wait for the larger gain and watch a trade go all the way up into profitable territory, and then come all the way down back to a loss, and have no profit been taken off the table during the whole trading. More ridiculous is they may do this repeatedly. Eventually, they may take a profit at the first sign of green in their bank account even though they should have a much larger profit.
  6. 6. Whether you are a person in either cases, what you have to care is you have to fight back. You are your obstacle to a successful trader. Are you scared of success or failure? Do you limit you thinking? You need to dig into your inner self to find out why you are sabotaging your trading.
  7. 7. If you cannot honestly discovering who you really ae, then do not do any trade until you can identify youself. You will save your bank account and possibly your sanity. It is very difficult or may be embarassing for anyone to acknowledge his/her true inner self because he/she will have to admit that he/she is flawed and no one wants to do this. Most people will cover up their trading flaws by switching brokers and trading systems, and extolling to other the few great trades they occassionally make. Now, it is time to control your fear about yourself and your trading. The best way is to create structure. A good trading education and prop trading firm can help create the structure by giving you the tools, software, educaion, coaching, training and prop trading account to help you become an expert trader.
  8. 8. So, are you cut out for online day trading? Or you still want to be a trader and trade with a proprietary firm? To be a trader and trading with a proprietary trading firm requires a lot of skill, but more importantly, it requires an emotional steadiness that only a few are capable of ever achieving. Success will not come overnight, it requires years of diligent hard work, perseverance and patience.
  9. 9. On your trek to be a prop trading trader (what you always dreamed of), you will discover how to avoid losses and how to capture the gains that are necessary to become profitable You will dig out your inner self to decide why you trade the way you do. You will also learn and acquire new discoveries your new self that will enhance your prop trading performance while ridding yourself of experiences that can have negative effects on your trading.
  10. 10. You will start creating to file every trade you have done. This is good that it will change the way your brain functions so it can help you trade more effectively, thereby will allow you to concentrate on trades that are more compatible with your individuality. You will soon become an expert with only few trading patterns and methodologies that will begin propel you into profitable territory.
  11. 11. A final word, you will start to make right decisions more consistently, and this will help to increase your confidence. You will be able to find and trade high odds trades, you will enter at the correct moment with no hesitation and take away profits as the trade goes your way. You will also be able to respond immediately to a stop, should a trade acts differently to your planned analysis. You know if you do not stop, you will deplete your capital. The more correct decisions you make, the greater confidence you will have in yourself for making right decisions repeatedly.
  12. 12. To anyone who is willing to take on the challenge, day trading is difficult but very rewarding. You have to encounter tons of bumps, pitfalls, and roadblocks along the way in the very beginning. If you can put in time and effort to overcome obstacles by controlling your fear, exploring your compatibility with the market, and by working diligently to build your self-confidence. You might very well be cut out for day trading at a prop trading firm.
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