Three Big Day Trading Mistakes to Avoid
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Transcript of Three Big Day Trading Mistakes to Avoid
THREE BIG DAY TRADING MISTAKES TO
AVOID
By www.ProfitableTradingTips.com
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Day trading stocks, commodities or
Forex can be profitable.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
And there are three big day trading
mistakes to avoid along the way.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
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Before We Continue…
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
First of all day trading is a business
and not gambling.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Second, there are rational limits to
how much money you can make and
when you can make it.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
And third details like setting your stop
losses are the most important part of
successful day trading.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Here are more thoughts about the
three big day trading mistakes to
avoid.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Going to Work Every Day
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Day trading is about making money.
To make money in a business you
need a plan.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
You need to stick to the plan and you
need to continually modify the plan to
fix problems and make your business
more profitable.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Despite the excitement that day
trading can generate it is not a trip to
the casino.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
So the first of our three big day
trading mistakes to avoid is treating
your business like sequential trips to
the casino.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Unlike the casino the stock market,
Forex market and commodities
market are not stacked against you.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Learn the fundamentals that drive
prices and learn to do technical
analysis of stocks in order to
successfully predict short term price
movement.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Do not stay in a trade when you do
not understand what is going on.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
And, most importantly, go to work
every day.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Attend seminars about trading. Pay a
coach for help if you need it.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
And keep track of profit and loss as it
relates to the time you spend trading.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
After all the point is to make money
than at your day job!
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Realism versus Fantasy
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
There are times when it is possible to
make an absolute killing in a single
trade on a single day.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
But the second of three big day
trading mistakes to avoid is the belief
that a single big win in the market is
what it is all about.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
A long time ago we wrote an article
entitled Trading a Disaster about
trading in regards to the BP oil spill.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
If you are at the trade station when
this sort of news hits it might be
possible to make a lot of money.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
But, you need to understand the
range in which the stock in question
usually trades and you need to know
or find out in a hurry how badly such
an event will hurt the stock.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Chance events favor the well
prepared in day trading as in all
aspects of life.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
The vast majority of profits in day
trading come from spotting and taking
advantage of the continual stream of
small to moderate inefficiencies in the
market that occur every day.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
If you do that and your homework too
you may, on occasion, be prepared
for a huge trade when the opportunity
arises.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Life and Day Trading
Success Are in the Details
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Successful day traders always set
their trading stops.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
A smart trader will always let a winner
run, continually resetting upper and
lower sell orders.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
But, a smart trader has a set of rules
for getting out of a trade.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
Obviously setting stops to close to the
current price ensures that normal
static of trading will take you out of the
trade almost instantly.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
And setting the lower stop too far
down may allow you to lose an
unnecessary amount before exiting
the trade.
http://profitabletradingtips.com/trading-investing/three-big-day-trading-mistakes-to-avoid
This is a skill set that develops with
time and not learning it is the third of
our three big day trading mistakes to
avoid.