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Showing results for tags 'trading everyday'.
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There is so much information available to traders that sometimes I find it overwhelming or even confusing at times. Since the majority of the available and convenient information is in written form, it makes it difficult to ask questions of the author or the website. And if you do, more often than not you never hear back from them, right? And if you do, so much time has passed that you don’t even remember asking the question much less why you asked the question in the first place. Let’s say a trader is not sustaining consistent profits, and his question is “What do I do?” For the answer, you can go to the internet via any number of search engines; you can go to the book store and/or library to find out how to establish consistent profits; you might even go to some seminars and courses to find the answer. If you’re really on top of things, you might even ask your trading mentor. It’s a pretty broad question, but for as many traders that might be asking this question, there’s probably just as many answers. Why? Because there are a number of moving parts that are necessary for sustaining consistent profits, and depending on where you are in your trading development, the answer can be different and vary for each trader. Integral components to the answer may include your trading plan, your trading style, strategies, and more. The point is, you might “kinda sorta” find an answer to your question, but you may also find out relatively quickly that it is not necessarily customized to your current needs. To add to that, the answer to that question today may very well be an entirely different one if you ask the same question a year from now. The truth is, you need an affordable avenue for asking questions and getting direct, immediate feedback customized to your current needs and situation. Well, I’m happy to report that there is a solution to this sometimes “path to nowhere” when it comes to answering your trading questions. Trading Everyday has launched a new FREE mini-series of seminars called "Day Trading Questions Answered”. It is probably only one of very few seminars available without an agenda because the it is determined by you, the trader. Traders send their questions in advance or they can ask them when they join the seminar. The entire 90 minutes is dedicated to answering only those questions that traders bring to the table. Nothing more, nothing less. How refreshing is that? So if you’ve had those nagging trading questions that you can’t seem to find the answer to, you might want to consider registering for one of the sessions. Even if you don’t have any questions, my bet is that you’ll learn from the questions that other traders ask. It’s free. You have nothing to lose and everything to gain.
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Whether you’re a doctor, a basketball or tennis player, a musician, or even a cowboy, knowledge and skills are going to determine your status in your “community” of peers. The level of your knowledge and skills can either catapult you to world class status or usher you out the door; create increased (or decreased) demand for your services or performances; provide opportunities to win awards and generate tons of money if you’re the best, or no awards and little money if you’re not. Whatever you choose to do in life, your knowledge and skill level will determine your success level. If you’ve been in the workforce for a while now, you probably already know that how much you know (knowledge) and how well you perform (skills) are major factors in whether or not the company will keep you or fire you. Let’s take a look at how trading knowledge and skills determine your success in trading. While many people believe that the goal of trading is to make money, professional traders know otherwise. Being an active, professional trader, I know that making money is a byproduct of the primary goal of trading, which is to acquire the necessary knowledge and skills to protect your capital. Simply put, it is extremely difficult to make money if you don’t have the capital with which to make the money. Nearly all entrepreneurs would not have been able to start their businesses if they didn’t first have seed money, a line of credit or loan, or investors to do so. Trading is no different. Trading is a business, not an investment. Successful traders know this. It’s all about protecting your capital. If you are still struggling with your trading when it comes to making money consistently, take a look at your level of trading knowledge and skills vs. those who are actually trading successfully. What do they know that you don’t? Why are they doing well while you are not? Where did they get the knowledge and skills to do so well? It could be anything - from your Knowledge (Have you mastered the concept behind candlestick charts, studied up on risk and money management in trading, established an understanding of the stock market price cycle like the back of your hand?), Skills (How good are you at identifying Traps and 3-Bar Candlestick Plays, or how quick are you at responding (vs. reacting) to the trade signals with the proper set up?), Or even your Psychology (Are you too desperate, unable to control your emotions, distracted?), Habits (Do you have the discipline to follow your trading plan no matter what, the tenacity to focus on the charts on your computer screen 8+ hours a day, the determination to get up every morning no matter how bad it was the day before to do it all over again?). Attitude (Are you willing to learn from your mistakes, to get help from experienced traders through coaching or mentoring, to practice patience and a willingness to do what it takes to succeed?). At the end of the day, if you are deficient in your trading knowledge and skills, be prepared to work harder than those who are already successful. Commit to do what it takes to protect your capital and make money. If you don’t, you may well be ushered out the door sooner than you would like.
