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day trading to be right

Day trading for a living first requires learning how to not lose money. I know that is not the sexiest advertisement for a career as a trader but it is true. In order to understand how to use leverage properly you must have enough “screen time” to have an understanding of when to scale up or down you share size. The only way to have enough screen time is to be in the business long enough to see many different market conditions.

It is especially important in the beginning of your trading career to have a clear trading plan. This must include scenarios for if a trade moves in your favor or against you. Most new traders only have the first one. If you don’t have a plan that tells you exactly what you will do your trades will become emotional decisions instead of business decisions. In other words you will end up trading to prove your idea right instead of trading to make money.

Spend some time tonight working on your plan. I went through the same thing when I was a new trader. Too many emotional, last second trades is a road to nowhere.


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