10stepdaytrader

Merry Christmas and a Profitable New Year! 10stepDayTrader -Trading Journal - 2012.xlsx

Trading is not easy. That is something that most of the brokers and vendors forget to tell you before you start. There is so much that needs to be learnt early to avoid the usual trial and error mistakes. My personal advice is to start with the basics and to understand them completely 1.Psychology of Trading Knowing how you will react to loss and gains is important because either event will impact your mental state. The two main culprits being Fear and Greed which can make you do things that you could regret later, such as ignoring a stop or not even taking a trade 2.Risk Management To make money you first need to have money and that is what risk management teaches you. Protecting your capital should be your first concern when starting. 3.Technical Analysis Technical analysis is our main tool as traders and a understanding of it and its basic principles will help any new trader. 4.Developing a Trading System You simply must have a trading plan or system in place before start. It shows you what works and what doesn’t for yourself. 5.Traders Journal Keeping a journal of all trades and personal trading notes helps to keep you sane in an environment that can make absolutely no sense 6.............Please share your tip for newbs