Before starting the day trade, know these steps

It may be true that no two humans or day traders are the same. But after literally dealing with thousands of traders in my career, I see the themes.

It is useful to know these topics before going on a day -long journey, as making some decisions at the key intersections of your travel can save you a lot of grief and money.

Phase 1: Early Fate

Given what you see on social media, it’s no surprise in this The day trade Looks amazingly charming. We hear about people who seem to be on the keyboard as an early day’s trader and make money. The day trade looks like fun! I can imagine some ideas that pass through people’s heads:

• I roam on social media, and I am a great concert. My reaction time is faster than anyone I know about, so how difficult the day trade can be? If matters go to the south, I can guarantee immediately, so I’m safe.
• I got a tip, bought some stock and earned more money in 15 minutes that I never made in my life so short periods!
• I have not one, not two, but a one consecutive three -profit trade! You know, I’m probably natural in it.

If what you had done so far was investing a little and making some easy money, okay, good for you. This happens. But here comes the first key intersection. The wrong turning point now is to think that you are special and maybe you will get immunity from the curved letters of learning, but everyone has to follow it: “If I have already earned the real money, why trade in the simulator? I just need to repeat what I have already done and repeat!”

The danger is that you follow these ideas such as quitting your job or putting all your savings into your business account.

If you do this, always – and I always mean – you will be a shocking awakening. Your big time will be wasted, and this will be the only question whether it is 80 % of your account or 95+ %. At this point, most of the early luck casualties are guaranteed.

Related: Ask yourself these questions before starting a trade

Phase 2: Construction of Foundation

If you decide to stay around, you make a slogan. You need to learn the profession, but for that you will have some profit. You may be thinking: Wow, I never realized that there is a quantity of learning! Day trading is a real profession.

This will frighten many people. If you stay with it, you will realize that Trade in a simulator Do you have a survival ticket? With what the real market is doing, you can really trade, but you don’t have to risk your livelihood. Congratulations: When you realize that Sim is your best friend, you have reached an important milestone.

Unless you trade for several weeks and reach the point that you are a brake trader. You will have some good and bad parts. But they will cancel themselves. When you specialize in learning the candle patterns and especially observing your emotions, you gradually become profitable for a few consecutive weeks. More and more people will be out of guarantee at this stage, because it is taking real task to learn these skills, and it is not as fun as it was in the beginning.

Phase 3: Real mini trader

After all this work, it is still called “early”, but you will not mind. You are eventually wrapping your head around the profession and seeing what will be really good in it. You will be fully aware of the few patterns that follow the stock and get some confidence and even some profit. You will also realize that you should learn a lot to do a lot of more profitable trading in the Caleedoscope, which brings every day.

Some people will stick to it. Others will feel that compared to the payment so far, this is a lot of work to overcome the regular shock involved in this stage.

Related: 5 things you need to be a successful day trader

Phase 4: Professional

You have proven your chips. You have made permanent money in both strong and weak markets, but the lesson has been learned that you can never leave your guard down.

You will have a few days when you don’t pay attention to many guards or principles, and you are hit on the pulp. But eventually you will have to know what happened, you violated one or more of these principles, and how expensive this lesson was. If you stay with the day trade, you will slowly control your emotions so that you withdraw and see what is more unwanted.

It will never be easy, but it will be easier and more beneficial. Even you can look back and feel how lucky you are to spend in the market in a serious concentration in the morning and then be able to spend the rest of the day as you want.

Does it ever become “great to be true”? No, when this show is time, you really need to join your game. However, the markets are cruel. They don’t care about how well you did yesterday, or last year, and how big your bank account is.

They are permanently ruthless, and you earn permanent money only when you are focused and highly disciplined. Every morning, you start from the beginning. If you are not right with it, then this is not the right profession for you.

But if you somehow can go through many of these gonuts and continue to trade profitable. What a crazy profession! You don’t have to travel to work, then attend a lot of meetings when you slowly work up to the corporate ladder. There is a very different way of success. Only a few will go to the turning point and the turning point, but their IT, it will be worth it.