When I first starting trading, I didn't know what I was doing...much less about being a consistent and profitable trader. Needless to say, I didn't realize the pain I would go through to learn how to be successful. After having one of my worst days I remember being so angry with myself that I kicked the elevator door when I was leaving. The door opened and there was this old lady who looked mortified at the noise my foot had mad. It was a little embarrassing but I look back now and laugh. It was at that moment that I knew I needed help so I asked around to find out who was the most successful trader. All my life I have been successful by finding those who are and copy what they do. I was introduced to Ryan. It was then that I saw the difference between a winning trader and the others who didn't know what they were doing...because I was one of them. Ryan was named one of the top 30 traders under 30 in the first anniversary edition of "Trader Monthly" magazine. He was amazing to watch. He and his team would make money with their computers by pressing keys almost like magic. I immediately started spending as much time with Ryan and his trading group...learning everything I could. Each had their own talents. Doc was incredibly consistent and Jorge was a master at stock selection and chart formations. They were like a well oiled machine, constantly talking about trading ideas and thoughts on current positions. Some time went on and I started to string together positive days. Then my winning days got bigger.
Having access to a team of traders was the key to my success. I am working to create a service to stock traders who would like to learn this profession. You will be able to listen to a team of stock traders in real time during markets hours. This will help you get in to the mind of a successful trader so you can become one too. Click here to discover online stock trading
I have always been fascinated with the financial markets. It's amazing to me that you can ente a trade and some time later (minutes or months); the stock is perceived to be more or less valuable. The trick is to be in high probability trades and on the right side of this market perception. No one will be right all the time. The key is to recognize when you are wrong and minimize your loss. I have always said that I am the best trader in the world when I am in a winner because the only thing left is where to start getting out of your position. It is vital to minimize your losses each trade and account drawdown is not your friend. This all comes down to discipline and sticking to your trading plan when you enter a trade. A fellow trader once said to me "Never walk in to a room where you don't know where the door is." No truer statement has ever been said. It is absolutely crucial that you maintain your capital reserves so that you can gain experience as you learn this profession. I have seen traders wipe through their savings in a week all because of lack of discipline or hope that things will turn around. The market does not care who you are, male or female, or how much money you have. It's taking you for a ride, whether you are right or wrong. Discipline should be your focus as you start learning this business.
There are different types of trading related to the amount of time you are in a trade. First, there is the scalper. The trader that is looking to make 10 cents quickly in seconds or minutes and doing this many times during the day. I have seen traders make thousands of dollars in seconds (myself included) with this style. It is a very active way of trading and you are continuously in and out of trades throughout the day. The second area is what I like to call the intraday position trader which I like to do. It is the trader that tries to establish a position and hold for as long as possible in an attempt to capture the entire move of a stock. Positions in this style are closed out before the market closes. This can prevent large after and pre-market moves in your stock. The next type of trader is the swing trader. This is trading where you are holding a position for days or even weeks. I believe this is where the real money is in stock trading. The last type of trader is the long term investor which holds positions for years. Our trading team focuses on the first three: scalping, intraday position, and swing trading. Whether you decide to use a trading platform for direct electronic access to the market, you will still receive a tremendous benefit from our service and be able to learn how to be in high probability trades...no matter how long you hold the position.
If you are going to use an on line platform for trading, you will need several things. First, I would subscribe to charting software so you can review the price action, volume and chart formations of different stocks. I prefer eSignal. Next, I would get a stock scanner service that helps you look for certain stocks that fit your trading criteria. I use two: Whisper and the Custom Stock Screening Wizard from Investors Business Daily. If you would only like one, go with the stock screen at Investors Business Daily. Lastly, I would also have a computer that you can dedicate to trading, one that you can rely on and is reasonably fast.
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