LiveTraders Expert Tips: How To Get Started In Trading Stocks
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Now that you have a better understanding of the difference trading accounts out there, it’s time to choose one. Much of this depends on how well capitalized you are, how much discipline you have and of course how important controlling trading commissions is. HOWEVER, opening any of these accounts does not give you the right to go and risk lots of money when you are new!
The single biggest mistake that new traders make is risking too much money too soon. They somehow feel entitled to profits. Here’s some advice, you ‘earn the right to raise your risk.’ Thus, when you open up your trading account, start slow and start VERY SMALL. Let’s say you open up a trading account with $30,000, which is the minimum required for a ‘retail pattern day trading account,’ you should be risking no more than $25 per trade. This means, if you lose or make a mistake you’ll only be out $25 or slightly more if you mess up.
In the begi ing your goal should not be to make money. Your goal should be to learn how to trade. In fact, for the first 2-3 weeks you should be using a simulator so you can learn the ins and outs of your platform. Then slowly transition to real money, in very small increments. I want to make this extremely clear: I don’t care if you are Bill Gates or anyone in between, you absolutely SHOULD NOT be risking more than $25 per trade when you start. If you so, you are simply throwing money away.
Your first several months, even up to the one year mark, you will be learning so much new information, not only about the markets and technical trading, but also about your own emotional demons. This is a time for learning and introspection. Too often new traders have too short of a time line, they get frustrated and then do something stupid, like go on tilt and blow up their account. These are the horror stories you hear. This article is meant to make you aware of these things to help you avoid these potential pitfalls.
Once you learn the technicals and master your emotions (which can take a while) you will quickly realize that day trading is just a game of odds. If you follow your trading plan closely you will make money. It’s when you break the rules and do foolish things that bad stuff happens. Don’t let that be you.
TRADING CAN BE AN AMAZING CAREER
We’ve talked about the difference between fundamentals and technicals, as well as the reason why most traders fail. Let’s change things up and talk a little about why it’s such an incredible business.
As previously mentioned there can be a substantial learning curve in trading, however, once you master the craft it is perhaps one of the best professions in the world. The freedom, time and flexibility it offers are second to none. A good day trader can literally trade 1-2 hours a day and be completely finished. Personally I love to trade the market open, so I get to my desk at 9am EST to prepare, which usually entails creating my morning gap list and daily carry over list. This usually takes about 10-15 minutes, once finished with that, I then go through the list again and pick out my top 3-4 ideas, the ones that are most likely to move at the open due to a special gap or some other type of shock value. When the market opens at 9:30 I am ready to pounce.
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