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New trader questions

A common question among new traders after they graduate from our Equity Trader 101 course is “what should I be focusing on next monday when I get started?”

There are two skills you will need to build in order to be a consistent trader. You might as well focus on the foundation:

  1. Ask yourself “Is there an obvious trend, how strong is the trend? Is there any significant support or resistance levels ahead to stop the move? Is volume confirming the move, both on the tape and on the charts. Is it obvious on multiple time frames? Which would mean I can use more leverage.
  2. Place a trade and say to yourself, “if it goes here I will take a loss, if it goes here I will add to it or book a profit.” And DO IT!

The only way to make consistent, money is to place trades and get good at making high probability decisions.

Money comes from many good decisions, not from one lucky trade or bull market (which can be two hours in intra day trading!) Develop good habits from the start. Associate with an active trading desk where you can ask questions and keep a journal!

Categories: Beginner education
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