Commandments - day trading

veluri1967

Well-Known Member
#1
COMMANDMENTS for day trading.[/B]

1.) Understand the Risk


The online trading market can be volatile, which creates risk. To
be successful, you must be aware of factors that can influence
prices, such as economic releases, earning reports, and statements by government officials.Staying updated with new developments will allow you to make sounder trading decisions.

2.) Choose a Trading Time

Before entering the online trading market, be sure to choose a
block of time that suits your lifestyle. There is no point in trying
to trade if you cant find a suitable time to do it.

Everyone has commitments in their lives which cannot be ignored, so you have to decide for yourself which regularly scheduled block of time you are most comfortable with.

3.) Develop a Strategy For Your day trading

Every online day trader should have an online trading strategy
which he follows religiously. Most of these strategies will have
common elements, including guidelines for signals, indicators,
and rules regarding entry and exit. Its important to determine
your strategy before you begin to trade.

4.) Trade the Right Market

Different markets have different trading profiles, which vary in
volatility (the online currency market is considered the most
volatile of them all). Some are ideal for intraday trading while
others are favorable for long-term action.

Determine the market you want to invest in based on factors
such as your account size, trading timeframe, personal knowledge, and risk tolerance.

5.) Be Open to Learning

If youre a first-time day trader in the market, there are a number
of risk-free ways for you to gain experience. For example, with a
demo account, you can practice your order execution and trading
systems to check their viability before putting your actual money
at stake.
Take advantage of the ample resources available to learn and
practice the craft of online day trading.

6.) Don't Trade Too Often

Overtrading is one of the most common mistakes of traders. It
occurs mainly when traders try to compensate for their previous
losses with just a few more trades.

Wise traders will allow themselves a pause from trading activity
after a loss, instead of trading frantically in an attempt to recoup
their money.

7.) Start Small

Starting small is a wise choice, especially if youre fairly new to
online day trading. Being conservative in your trading decisions
will help protect you from possible mistakes and failures. Remember, if you trade big, youre risking big money and setting
yourself up for big failure.

Also, consider a few of these effective day trading strategies to stick to:

Believe in the day trading system you follow. Do not question the effectiveness of its rules and methods unless, and until, you have successfully explored all of its trading options.
Trade only twice a day once in the morning and once in the
afternoon. Continue trading this way for at least the first 2 to 3
months. A conservative schedule will save you from the temptation of overtrading.
Make a weekly goal of RS.5000/- TO RS.10,000/-
When you get a successful trade and achieve the weekly target, you should switch off your trading screen and take
a break until the following Monday. This will be good for your
health and itll also help prevent overtrading. Trust me, when
the discipline you have practiced with a small weekly goal is applied to a larger weekly goal (where you will be trading 10-20
TRADES), youll be very glad that you took the time to focus on
the smaller goal first.

If, for some reason, youre not able to meet your set profit goal in a particular week, dont worry. Its happened to everyone. Just focus on consistency in your trading results and you WILL find success.

If you are a beginner, you won't be disappointed visiting the following links:-


http://www.traderji.com/technical-analysis/33046-practice-technical-analysis-beginners.html
http://www.traderji.com/technical-analysis/33021-technical-analysis-beginners.html


VELURI1967
 
Last edited:

hardik0007

Well-Known Member
#2
Sorry to pin point your view.......

But whatever you wrote, it only feels good to read n hear

Whenever money comes there is alwz greed to make more.......

Out of 100, 90 wont switch off screen after their winning streaks or making 5000

Every week to make 5000/10000 is very easy but to hold that money is diffcult. 52weeks u make 5000/10000 is not possible. Only a day can take your money wat u earn that 51 weeks.
 

veluri1967

Well-Known Member
#3
]

1.) Understand the Risk
[/B]

The online trading market can be volatile, which creates risk. To
be successful, you must be aware of factors that can influence
prices, such as economic releases, earning reports, and statements by government officials.Staying updated with new developments will allow you to make sounder trading decisions.

2.) Choose a Trading Time

Before entering the online trading market, be sure to choose a
block of time that suits your lifestyle. There is no point in trying
to trade if you can’t find a suitable time to do it.

Everyone has commitments in their lives which cannot be ignored, so you have to decide for yourself which regularly scheduled block of time you are most comfortable with.

3.) Develop a Strategy For Your day trading

Every online day trader should have an online trading strategy
which he follows religiously. Most of these strategies will have
common elements, including guidelines for signals, indicators,
and rules regarding entry and exit. It’s important to determine
your strategy before you begin to trade.


6.) Don't Trade Too Often

Overtrading is one of the most common mistakes of traders. It
occurs mainly when traders try to compensate for their previous
losses with ‘just a few more trades.’

Wise traders will allow themselves a pause from trading activity
after a loss, instead of trading frantically in an attempt to recoup
their money.

7.) Start Small

Starting small is a wise choice, especially if you’re fairly new to
online day trading. Being conservative in your trading decisions
will help protect you from possible mistakes and failures. Remember, if you trade big, you’re risking big money and setting
yourself up for big failure.

Also, consider a few of these effective day trading strategies to stick to:


• [/B][/COLOR]Trade only twice a day – once in the morning and once in the
afternoon. Continue trading this way for at least the first 2 to 3
months. A conservative schedule will save you from the temptation of overtrading.

If, for some reason, you’re not able to meet your set profit goal in a particular week, don’t worry. It’s happened to everyone. Just focus on consistency in your trading results and you WILL find success.

If you are a beginner, you won't be disappointed visiting the following links:-


http://www.traderji.com/technical-analysis/33046-practice-technical-analysis-beginners.html
http://www.traderji.com/technical-analysis/33021-technical-analysis-beginners.html


Dear Hardik0007,
I agreee with you.
I want everyone to be among that successful 10% but not in loosing 90%.
Hope overtrading and greed are the causes of worry.
These commandments are meant to create consistently successful traders.
Hope you will agree with me.
Thanks for your views.
veluri1967.:thumb:
 

hardik0007

Well-Known Member
#4
Dear veluri1967,

Commandment always make path, how to work, how to play safe.
But to follow is quite difficult.
I too burned my fingers many times. After falling, I started learning.

But to learn this commandment at initial stage is difficult.

TRADING IS NOT GAMBLING ..... for me this is commandment.:)

And risk commandment i noted down :thumb:
 

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