What I learned being Novice at Day Trading.

Here is what I have learned being a Day Trader.

(Any of these tips are not technical and just personal opinions.)

No one can predict the future.

No amount of signals or patterns can pinpoint what the price will be after 5 minutes. You would have much less stress if you let go of trying to predict the future. But, you can always seek to increase the odds in your favor.

Taking Risk vs Risk Management.

Learn risk management. People usually either don’t take a risk at all and play cautiously or take too many risks and lose it all. When I started to day trade, I used to be very scared to take risks, I would either take no risk and cut down all my profits or would take a huge risk and wipe out all profits of the week. Learning risk management can help you control your losses and help you have stable profits.

Avoid Commitment Bias.

If you really want something to work but it’s not working your way. Say no. Just because you have put time and effort into it, doesn’t mean it has to work. Just say no and cut your losses.

Take Care of Yourself.

When I use to trade, once I would put in a trade option, I was fixated on the chair until the trade was over. Many days I would be watching the market from the market opening to closing. I would never take care of myself after market hours either. Don’t make the same mistake. Take care of yourself. Eat well, exercise, be grateful for what you have rather than what you could have.

One more thing, invest in a good, comfortable chair. You will spend a lot of time sitting on it, staring at the screen.

Don’t Rush Yourself.

Don’t think you are ready to master the market, once you have finished the theories and basics of the stock market. Try out paper trading and find out your style of trading. Paper trading is using demo accounts with fake money to learn to trade.

Get Rid of all Emotions.

You will dig yourself deeper down the hole if you are placing trades while you are annoyed, irritated, desperate, or upset, or even too happy. Step away if yours not in the mood.

Failure is also Important.

Don’t give up when you face failure. Failure is a part of it, it’s progress. Had a big loss? log off, but come back the next day without carrying the emotion from the day before.

You don’t need to be a genius.

Anyone with the patience to learn the ins and outs of the market and enough practice with paper trading can survive the bears and the bulls. You don’t have to be a genius to crack the secrets of the stock market.

Finally, learn to adapt.

Note down your trades, analyze them and make changes and develop the process to improve the outcomes. Learn to enjoy the process, because if you are forcing yourself to trade, it will go south pretty quick.

Related posts:

Written more words on that piece that you submitted. Made a few extra calls to prospective clients. Send a couple more emails than you did. And all of these eventually make you feel as though you…

Cognitive dissonance is a theory in communication and marketing that I have done two semesters worth of research on here at Missouri State University. The theory of how Public Relations professionals…

Social media is vital to your marketing; it is easy to set up, take advantage of, and help advance your project. You should not avoid it. Part of everyone’s marketing strategy should involve social…