Successful trading is not an overnight process. Many people get into trading because they think it will be an easy way to make a lot of money without hard work. This couldn’t be further from the truth. Trading is no different from any other entrepreneurial adventure. You need an education, and you have to put …
Read moreThe Three Phases of Successful Trading | Momo Trader Day 2
Trading movies and documentaries are a great way to get excited about trading and the possibilities of making money. There are also some great lessons on what NOT to do when getting involved in the markets as most deal with extremely aggressive plays or illegal activities. Here are 5 great trading movies & documentaries every …
Fear is responsible for around 90% of the mistakes new traders make. Fear will usually manifest itself in three different forms in trading: Fear of losing money, fear of missing out, and the fear of uncertainty. Here are three ways you can combat these fears to help you take your trading to the next level. …
Risk management is an essential component of any successful trading strategy. Small losers are just as important as the big winners on the path to becoming a consistently profitable trader. Effective risk management cannot happen unless you are comfortable losing the money you plan to risk. Newer, under capitalized traders are especially prone to inappropriate …
Read moreRisk Management: The Importance of Sizing Your Trading Positions Correctly
It is essential to have a daily max loss set for your trading account to become a successful day trader. A daily max loss is the maximum amount of money you permit yourself to lose in a given trading day. Once you hit this number, you stop trading for the day. Having a max …
Do you ever find yourself having a rough day in the market? Does it cause you to spiral out of control so that by the end of the day it just hurts to look at your P&L? Well, we’ve all had days like that. Without rules to control our emotions we can get swept up …