How to Make Sure You Become a Profitable Trader

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How to Make Sure You Become a Profitable Trader

How to Make Sure You Become a Profitable Trader

Regardless of your trading style; day trading, swing trading, or position trading there is a simple step by step plan you can use to improve your odds for success.

1. Start by paper trading until you can be consistently profitable on paper.

2. Regardless of how much money you have, start trading with a small amount of money and work up over time.

3. If you are a day trader, avoid the very small time-frames like 1 or 2 minute as you get a lot of signals which can lead to overtrading.

4. Make sure that all your entry criteria are met for the trade setup. Don't jump the gun until everything is in place.

5. If there are no clear signals in the market, then do nothing. Forcing trades alsmost always ends up with losses.

6. Always place your protective stop immediately after entering the trade!

7. In your studies you will be exposed to many techniques. You will improve your results by concentrating on only one or two strategies. Get real good and consistently profitable with them first.

8. Don't watch too many markets or stocks at one time. This leads to too much confusion and indecision about which trade to take.

9. Win, lose or draw don't deviate from your strategies or change things.

This article is courtesy of Dr. Jeffrey Wilde, a trading veteran with 15 years of experience in all major markets. He is a trading coach to over 1400 traders in 38 countries.

For additional info: http://www.win-at-trading.com

In The News:

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UN Security Council calls for immediate Gaza truce (AP)

AP - The U.N. Security Council called for an "immediate" and "durable" cease-fire in Gaza in a resolution Thursday night even as fighting between Israel and Hamas raged with early morning airstrikes killing seven Palestinians and pushing the death toll to about 760 in the near two-week conflict.

Key panel recommends impeaching Ill. governor (AP)

AP - A key panel unanimously recommended impeachment for Gov. Rod Blagojevich on Thursday, setting up a vote that could make him the first governor to face such fate in Illinois' sordid political history. Blagojevich should lose his job for abusing power, mismanaging government and committing possible criminal acts, including federal allegations he tried to sell off a U.S. Senate seat, the special committee concluded.

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AP - Less than a month after its first report, a congressional panel overseeing the Treasury Department's $700 billion financial bailout is demanding more answers.

Petraeus: Afghan, Pakistan problems are really one (AP)

AP - U.S. policy to win in Afghanistan must recognize the poor nation's limitations and its neighborhood, especially its intertwined relationship with U.S. terrorism-fighting ally Pakistan, the top U.S. military commander in the region said Thursday.

Cheney: CIA did nothing illegal in interrogations (AP)

AP - Vice President Dick Cheney said Thursday that he sees no reason for President George W. Bush to pre-emptively pardon anyone at the CIA involved in harsh interrogations of suspected terrorists. "I don't have any reason to believe that anybody in the agency did anything illegal," he said.

Calif. court rejects lawsuit against tax increases (AP)

AP - An anti-tax group will consider new legal action after a California appeals court tossed out a lawsuit that sought to block tax increases passed by Democrats in the state Legislature, the group said Thursday.

Prosecutors: Madoff was ready to send out $173M (AP)

AP - Prosecutors said Thursday that investigators found 100 signed checks worth $173 million in Bernard Madoff's office desk that he was ready to send out to his closest family and friends at the time of his arrest last month in what is alleged to be largest financial fraud in history.

U.N. Security Council calls for immediate Gaza truce (Reuters)

Reuters - The U.N. Security Council called for an immediate ceasefire in the Gaza Strip but Israeli warplanes launched intermittent attacks on Friday.

Obama pushes stimulus, warns on recession (Reuters)

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Citi backs measure to help avoid foreclosures (Reuters)

Reuters - Financial giant Citigroup Inc will support a proposal in Congress to rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.

Illinois panel recommends governor's impeachment (Reuters)

Reuters - A legislative committee on Thursday recommended the impeachment of Illinois Gov. Rod Blagojevich, citing widespread abuse of power including allegations he tried to sell the U.S. Senate seat vacated by President-elect Barack Obama.

Qaeda Pakistan leader believed dead: U.S. official (Reuters)

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Obama names Virginia gov as Democratic Party head (Reuters)

Reuters - President-elect Barack Obama named Tim Kaine as head of the Democratic Party on Thursday, rewarding an early supporter with a high-profile political post even as he continues to serve as Virginia governor.

EU seeks gas supply return after deal on monitors (Reuters)

Reuters - Europe on Friday looked for a swift restoration of gas supplies, after striking a deal with Moscow on monitoring gas shipments via Ukraine that have been halted by a rancorous pricing dispute with Kiev.

UN Security Council urges immediate Gaza ceasefire (AFP)

AFP - Israel was under intense pressure Friday to end its two-week-old offensive in the Gaza Strip after the UN Security Council called for an immediate ceasefire as the death toll from the war rose past 760.

Progress in resolving gas row as Russia agrees to monitors (AFP)

AFP - Hopes for a quick resumption of Russian gas supplies to Europe were rising Friday after Russia agreed on the terms for the deployment of monitors in Ukraine.

How to Make Sure You Become a Profitable Trader

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