LiveTraders Expert Tips: How To Get Started In Trading Stocks

Brand Stories January 7, 2025 27 mins read

Brand Stories ı By Live Traders

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To be very clear, the horror stories you hear about day trading have NOTHING to do with the technical chart patterns, or that trading doesn’t work, they are almost entirely down to lack of emotional discipline by not following their trading plan. This usually means (but is not limited to); not taking stop losses, risking too much money too soon, cost averaging down on LOSING positions, and not stopping when your trading plan/money management says to quit for the day.

Traders have very specific rules written in their trading plan. For example, one of the key components to my trading plan is that I am not allowed to lose more than 3 trades on any given day. This means that if I am risking $300 per trade, and I lose $900 throughout the course of the day, I must stop immediately. If I don’t stop then I am breaking the rules of my plan and endangering the favorable odds of my positive expectancy. This would be a poor example of money management, brought on by a lack of emotional discipline, which sadly is all too common in the trading world.

If you are risking $200 on a trade, and you are -$200, then you need to exit the position. However, if you let it go to -$500 or more, then you are breaking the rules of your plan. This is when trading becomes gambling.

The rules we have in our trading plan are put there for the well-being of the trader. They are non-negotiable. If you have an office job and you decide not to show up for 5 days in a row without telling your boss, there is a good chance you’ll be fired. Why? Because you didn’t fulfill the duties of the job. Trading is no different. If you don’t follow the rules of your trading plan, you will be fired. How? The market will take your money and your account will dwindle down to nothing and you will be forced to quit, aka: fired.

Any negative comment you hear about trading or likening trading to gambling is almost always related to the trader having a lack of discipline, which has nothing to do with the patterns working or not working. It’s no different than someone who dumped their entire 401k in February 2009 at the bottom of the market (after a 40% drop) then watched the market go higher for 8 straight years, and then blames it on ‘the crooks on Wall Street.’ That is simply a lack of understanding of the markets, or in our case, trading.

Common Reasons Traders Fail:

Risk too much money too soon
Don’t take stop losses
Cost average down on losing positions
Don’t have proper money management and quit when their plan suggests they should.

The reason that traders struggle with discipline is because they’ve never had to manage themselves before. They’ve always had bosses to tell them what to do and when to do it. Even people who have owned businesses before will often struggle in the begi ing of their trading career because they are not held accountable to anyone but themselves.

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Live Traders

Livetraders.com is a collaboration of professional traders: Anmol Singh and Jared Wesley who not only have a vast amount of market knowledge and experience, but also a hunger to help other aspiring traders become great. Here at Livetraders.com we wanted to be different. We wanted to show folks what REAL trading looks like. We offer various strategies and techniques that will suit the majority of aspiring traders. We educate on intra-day trading, swing trading, core trading and even options trading as well. Despite the challenges and the hard work that lies ahead for any new trader, there are also handsome rewards for people who are patient, disciplined and work very hard. These rewards are not just financial, but also with regard to freedom and flexibility with your time and lifestyle. Trading can be done from anywhere there is an internet connection, which makes this a truly special and unique business. Here at Livetraders.com we know all about the flexibility of this wonderful industry, because Jared and Anmol frequently trader from around the world in such places as Japan, Dubai, India, Canada, California, New York, and the Bahamas to name a few. Our goal at Livetraders.com was to build a trading community, of traders, for traders and of course by traders. Most of our clients come through word of mouth, which says alot! We pride ourselves in being upfront and honest with our traders, whether that means a $1,000 winning day or a $1,000 losing day. We want them to see how trades are executed and how to handle the many different scenarios that the stock market can throw at you. It is to this end that Jared and Anmol created Livetraders.com. We have gone through the myriad of pitfalls that this business inevitably dishes out to everyone and we survived through hard work, dedication and passion to success. We were able to do this for 3 main reasons: Dedication, Education and Persistence. So, if you are looking for a place that is open and honest about how to become a successful trader, then look no further than Livetraders.com. Jared and Anmol are here to help you achieve your dreams of becoming the best trader you can be. We've spent a long time mastering our craft, and now we have a platform to help others by showing them what successful, profitable trading looks like.

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LiveTraders Expert Tips: How To Get Started In Trading Stocks

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