These are some of my truths I've learned in trading over the last few years.
* You can not take a $5,000 account and make $2,000 a month with it
* You will not have more freedom then a regular job for the first few years
* You can not learn this business by devoting less then 4 hours a day to it. If you don't have the time, you may wish to reconsider.
* Becoming a successful trader will take anywhere from 6 months to years on end. depending on your mindset and determination. Trying a method, book, system or service for a week is a waste of money.
* If you trade with money you need or are counting on, you'll fail. This is almost 100% You need to have a savings or secondary source of income while your learning.
* Every method has draw downs and risk.
* If something seems too good to be true, IT IS.
* There is no method with small stops and huge gains
* Taking stops are a normal every day part of trading. Think of them as a business expenses. If you have a restaurant you must pay for product (shell out money) in order to sell it for a profit.
* The holy grail of day trading is realizing there is no holy grail
* Day trading is not easy and requires a disciplined person who can stick to a plan
* Don't expect too much. If your making $900 a month on an account of $10,000 or less, you're out performing 99% of fund managers on the planet.
* Jumping around from method to method will only ensure the quick demise of your trading account.
* Believe everything you read above and avoid having to find it out the hard way! It's brutally honest and may detour you from wanting to continue in this business. Making consistent money is a reasonable goal, getting rich quick is not.
There are many good books, services and honest people out there. Not all authors, and gurus are deceptive, but a high percentage unfortunately are.
CajunSniper
* You can not take a $5,000 account and make $2,000 a month with it
* You will not have more freedom then a regular job for the first few years
* You can not learn this business by devoting less then 4 hours a day to it. If you don't have the time, you may wish to reconsider.
* Becoming a successful trader will take anywhere from 6 months to years on end. depending on your mindset and determination. Trying a method, book, system or service for a week is a waste of money.
* If you trade with money you need or are counting on, you'll fail. This is almost 100% You need to have a savings or secondary source of income while your learning.
* Every method has draw downs and risk.
* If something seems too good to be true, IT IS.
* There is no method with small stops and huge gains
* Taking stops are a normal every day part of trading. Think of them as a business expenses. If you have a restaurant you must pay for product (shell out money) in order to sell it for a profit.
* The holy grail of day trading is realizing there is no holy grail
* Day trading is not easy and requires a disciplined person who can stick to a plan
* Don't expect too much. If your making $900 a month on an account of $10,000 or less, you're out performing 99% of fund managers on the planet.
* Jumping around from method to method will only ensure the quick demise of your trading account.
* Believe everything you read above and avoid having to find it out the hard way! It's brutally honest and may detour you from wanting to continue in this business. Making consistent money is a reasonable goal, getting rich quick is not.
There are many good books, services and honest people out there. Not all authors, and gurus are deceptive, but a high percentage unfortunately are.
CajunSniper
