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9 trading tips for successful day trading.

Comments Off on 9 trading tips for successful day trading. 03 July 2011

Since the stockmarket crash back in 2008 many traders have been burnt and
found it difficult to get back into trading. There is a lot of fear still
even though the market has rallied up to new highs.

What most people do not realise is that not sticking to a tight niched
plan is the easiest way to lose money on the market.

Here is a list of the top 10 rules that can help you make money and limit
your risks on the market no matter what the stockmarket or economy is
doing :-

1) Spend time formulating some sort of a plan before you make your first
trade. Know where and why you got in a certain position. Know where you
are going to exit and why. This will help keep your emotions out of your
trading.

2) Know the direction of the over trend, and what it is doing. The trend
is your friend so to speak. When the weight of the market is behind your
it is much easier to take home winners and to make profits.

3) Use stoplosses. Always protect your trading capital. Ensure you sit
down and workout correct position sizes and also your account risk per
share. This will save your from a disastrous loss, or overdoing things
when you are trading frequently.

4) If it goes against you, get out. If a trade happens to go against you
quickly, the best options is to get out. It is much better to be on the
sidelines praying you wish you were in the market, other than being live
in the market and praying you wish you were out. By then it could be too
late and the damage is done.

5) Trade like a robot. Too many traders get emotional when trading and
this is the quickest way for you to lose money. Trade like a robot, and
ensure you know the market will always be there, and you will take some
losses. Accept this and use your trading plan to help guide you along the
way.

6) Do not try to copy cat other market traders. This is the quickest way
to lose money in your account. Realise that you are an individual, what
works for you, may not work for the next guy beside you.

7) always keep a journal. By doing this your will soon realise your
strengths and weaknesses and you will be able to know what to do in most
situations to save money or make money. Most professional traders will
spend their weekends reviewing their trades, to see where they went wrong
and what things they can improve on.

8) If your a confused, do not trade. Most people feel they have to be in a
trade because they are a trader. That in the sense of the word really
means you should wait for the perfect conditions to enter or exit a
position. If you are confused about a stock or index futures, sit on your
hands. Wait for the next opportunity to present itself.

9) Do not trade just because you are bored. This is the biggest account
killer out there. If you go into a trade without any thought, or rationale
chances are that trade will go against you. You are not trading your are
just like a casino player gambling.

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