Any online investor / trader seeks an excellent off or online future trading career opportunity. Despite this goal, did you know 95 percent of all traders go broke within the first two months? Why do investors lose vast amounts of wealth in one or more of the following markets ? option trading, forex trading or currency trading, stock trading, future or commodity trading etc? in such a short amount of time?
Most online investors / traders interact in devastating forms of thinking, which convinces the mind to the point where the trader believes that an educational enhancement ability that develops superb market research skills is not important. On the contrary, if trading is not treated as other business opportunities, the new sales and trading job will cripple the trader. You must develop a purposeful or industrious undertaking to learn how it works. Would you conduct business as a brain surgeon with out a college or university degree? I do not think so; similarly, the same course of action holds true for trading success.
The secret of my success required an earnest and conscientious effort on my part. This action accomplished something to the point of pure boldness; in other words, no matter how boring or non-important you think learning how to trade may be, it must be done to insure a success story.
Every successful company needs a business plan. Yet, when most people take a gamble on the securities industry, they fail to put a trading plan into place. In other words, they end up going on an emotional roller coaster, governed by how the market performs.
Without a trading plan, the majority of traders approach the financial market in an inconsistent manner - i.e. they follow their whims. The typical pattern may include the following:
Day 1 - experiment with option trading
Day 2 - randomly select any online trading brokerage firm.
Day 3 ? try out future trading
Day 4 ? read about oriental trading then decides to go into that direction
Day 5 ? change mind completely and try currency trading or forex trading
Day 6 ? try day trading then in midstream chooses to hold trade for the long term
Day 7 ? venture off into stock trading
Day 8 ? dabble in commodity trading
Day 9 ? give up because you think it is a hopeless cause.
This example is meant to look confusing. Similarly in the illustration above, this trader may use one set of indicators one day, and the next day they will throw these indicators out the window and take on a completely set of new rules.
Unfortunately, with no consistent approach, your trading decisions, governed by emotions, are doomed to failure ??? here is why.
When faced with losing money in the market, what do traders do? Usually, they end up rationalizing to hold on to a losing stock. The driving force behind this is that they do not want to be wrong. They let their ego get in the way of making profits.
LOOK! Let us set the record straight. THIS IS A FIRM FACT - not every trade will be a winner. You will not make the maximum profit out of every trade. There is no Holy Grail trading system! You just need a trading plan, which matches your personality.
When I say trading plan, I am not talking about fundamental analysis or technical analysis specifically, I am talking about setting up a simply a set of guidelines to follow regardless of what stock selection method you use.
In fact, through a study of successful traders, I found there are many different trading methods for entering a security. I have seen people use technical analysis; fundamental analysis even astrology to determine when to enter a trade. Despite these varied entry methods, one component remains the same among successful traders? they all have a trading plan that suits them.
In fact, successful traders have a written plan and my friend this is the essential component to their success. I guarantee that investors who stick like glue to a trading plan are the ones who make NOT LOSE MILLIONS of dollars in their activities of online investing.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
David Jenyns is recognized as the leading expert when it
comes to designing profitable trading systems.
His most recent course Ultimate Trading Systems is a step-
by-step trading roadmap to designing profitable trading
systems. Learn how *you* can become one of his students.
Click Here ==> http://www.ultimate-trading-systems.com
Receive David's free trading tips by sending a blank email to:
==> http://www.ultimate-trading-systems.com
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
Being wrong is OK, but let's not carry it to... Read More
On Friday or Saturday evening my wife gets a movie... Read More
For the last few weeks we have seen the stock... Read More
If you go to Haiti or other places in the... Read More
At some time in your life you have been on... Read More
Every day I hear someone on CNBC proclaim that "this... Read More
The Shadow knows. Remember him? It seems a shadow has... Read More
As I have said many times before in this column... Read More
Humpty Dumpty had a great fall and all the King's... Read More
Ever turn down a street, get half way and suddenly... Read More
If there is one term over-used when talking about making... Read More
Forget making a profit; instead focus on the income provided... Read More
The fight continues to rage among traders who use technical... Read More
During the day I watch CNBC-TV, the stock market channel.... Read More
Do you have a nest egg? You know, a place... Read More
How many times has this happened to you? You're at... Read More
Are you paying any attention to your retirement savings? Do... Read More
Dollar cost averaging is one of the most popular ideas... Read More
Never lose money in the stock market again. Yeah, I... Read More
This is a guide to the different types of mutual... Read More
If you have talked to a stock broker or financial... Read More
Before you buy another car you walk around the lot,... Read More
Why? Because I am going to shatter your conventional wisdom... Read More
"There is nothing more frightful than ignorance in action!" Johann... Read More
There are major differences between trading stocks and trading futures.... Read More
Antigo wedding limo ..Every stock market investor faces one primal enemy. An enemy... Read More
At some time in your life you have been on... Read More
One of the great truisms of Wall Street is "Don't... Read More
This is an extract of an article which was first... Read More
When it comes to mutual funds, there is a lot... Read More
If you're like many investors who squander those small dividend... Read More
Both the stock market and oil prices rallied recently, which... Read More
The trash business in its efforts to cook their books... Read More
When it comes to buying a stock or mutual fund... Read More
What account size do I need?How much money can I... Read More
With over 6,000 mutual funds available, it may be tempting... Read More
Robert Rodriguez likes to buy stocks at their lows. When... Read More
All of the talking heads have been telling us that... Read More
When it comes to stock market trading it PAYS to... Read More
Ever wondered what is a mutual fund? A mutual fund... Read More
According to Investopedia Inc. the penny stock market has seen... Read More
Reduce your investing and stock market risks by:Setting your sights... Read More
Spread trading is a technique that can be used to... Read More
As an investor you will want to check out any... Read More
"If you don't know where you are going, any road... Read More
An insane person cannot evaluate an insane evaluation system.As you... Read More
Is really not as important as to how you invest... Read More
Let me start by saying that...Most online brokers do not... Read More
Forget making a profit; instead focus on the income provided... Read More
Recently I was invited to appear on a live CNNfn... Read More
Stocks & Mutual Fund |