tips for become a good trader?
- Thread starter Mauwebluefinger
- Start date
Managing emotion during trading is very important as it can prevent you from making mistakes that can be costly. Traders need to develop a good trading mindset so they can be a better trader.
according to me no way to stop emotions when trading , but it can be controlled by practice more and more , practice in a cent account not in demo , because in demo there is no emotions. micro account little expensive but very supportive.
In trading over 20 years the main things I've learned are:
- do a lot of small trades with tiny stops vs few trades with bigger stops. Daytrading stocks I do 300-400 shares per trade with. 07-.12 stops, swings I start with under 1k worth of shares, eg 50 shares of a $20 stock, then scale in to the winners
- avoid trading when s&p is inside prior days range, same with what I'm trading, only trade outside charts eg above yesterday's high
- look at every trade as a sequence of 2-3 positions, not single
- do a lot of small trades with tiny stops vs few trades with bigger stops. Daytrading stocks I do 300-400 shares per trade with. 07-.12 stops, swings I start with under 1k worth of shares, eg 50 shares of a $20 stock, then scale in to the winners
- avoid trading when s&p is inside prior days range, same with what I'm trading, only trade outside charts eg above yesterday's high
- look at every trade as a sequence of 2-3 positions, not single
Looking at your experience, wanna question one thing- How did you manage to handle emotions?
By using OTO orders with automatic stops.
Or when that doesn't work, like in today's choppy af market that just cost me a few hundred $ in stops, I walk out. And come here
thanks for nice sharing , got some fine lines from your link .
i am very new in trading as well in this community . but really i want to be a good trader. i hope you guys will support me as beginner. Thanks
Good points\By using .... orders with automatic stops.
Or when that doesn't work, like in today's choppy af market that just cost me a few hundred $ in stops, I walk out. And come here
I finaly got filled on starting position SPLV, took most of the day;
+ SH i extended hours even though i seldom buy or sell extended hours/extended trends ok by me/LOL
.I took a little loss on SH today reg hours+ profits on[ UPRO spxl daytrades] + sso swing trade.
I'm planning on not trading or investing WED; have enough shorts SH +a few more tech trenders X3.; x2 ETFs
Good points\
I finaly got filled on starting position SPLV, took most of the day;
+ SH i extended hours even though i seldom buy or sell extended hours/extended trends ok by me/LOL
I took a little loss on SH today reg hours+ profits on[ UPRO spxl daytrades] + sso swing trade.
I'm planning on not trading or investing WED; have enough shorts SH +a few more tech trenders X3.; x2 ETFs
Good thinking ... bot small DIS PYPL NFLX ARKK UVXY for swings, did well daytrading SOXL UVXY