Today in meeting with our good friend Michelle it brought back all the memories of my start in the day trading world.
The first day I remember finding Timothy Sykes and starting to research terms and feeling overwhelmed. For those that know absolutely nothing about trading terminology you are going to find investopedia.com your go to spot for informing you.
Don’t be fooled that is just the beginning of learning the market. As like any profession you have to build a base before you can begin your trading journey
A guideline of how to make it as a trader as a profession. It will take hard work and patience in your journey.
Step 1. definitely start studying anything and everything about the market. The more you learn the more you will find you don’t know. The market is every changing and you have to adapt as the market changes.
Step 2. try to find a program or mentor that you mesh with that will keep you motivated along your journey. There are many out there. Make sure whomever you choose that they don’t boast a guarantee of their product to make you profit. Everyone learns differently and everyone has to find a strategy that works for them.
Step 3. Determine how much time you can honestly devote to trading. This might be something you will be doing part time to start as you are still working you 9 to 5 job.
Step 4. Once you know who you want to work with and how much you can devote then study up, and start your paper trading. I highly recommend paper trading to find your strategy. It is much easy to pay $30 a month to practice than lose your hard earned money. Remember that if you need to paper trade for a year that is roughly $360 versus thousands you could lose in your first account (I speak from experience on this one…I blew through a $6k account in a couple months not knowing)
Step 5 Once you have consistency and confidence in your personal fingerprint strategy. It is time to open your trading account. Depending on where you are in the world there are different brokers that you can use. If you are in the States and starting with a smaller account then you will probably encounter the PDT Rule
To name a few good brokers Think or Swim, Interactive Brokers, Trade Station, Fidelity and Lightspeed. There are other off shore brokers that you can use, but myself I have never been intersted in going with an unsecured company.
Step 6. Journal you trades from the moment that you begin trading a free site is Profitly
In trading you are not in competition with anyone else. Everyone learns at a different pace and your goal is to be profitable. Trading the right setups at the right time will help you be profitable. The more you keep track of your trades and your emotions in entering the trade and exiting the trade you will understand your trading pyschology. You are your own worst enemy in trading.
Step 7. Continue to grow in your trading. As your real money profits begin growing remember there are 4 outcomes: Big Wins, Small Wins, Small Losses and Big Losses. If you simply get rid of big losses and learn to let the Wins grow then you should be able to continue growing your account.
When you mess up know it is part of the trading journery and use it as a learning experience. If you need to step away from trading and don’t take it out on the market. Trade with a clear head.
I know you must have many questions and I’m always happy to share what I have learned to help you shorten your learning curve. I was in your shoes a short 3 years ago. I now wake up everyday and feel incredible blessed to have found it as a career. I remember back in 2009 a friend of mine did it and I said teach me. I never realized how passionate I would be about it and helping others in the same journey.
To help more people in person I set up the Modern Traders Summit which will be June 23rd in Orlando Florida. If you are interested in learning more make sure to check out the website where you can learn about other like minded traders that will be speaking about how they can help you improve as a trader. Seats are selling quickly so make your you secure your spot.
I have also partnered with Tradealike to provide my real time alerts via their mobile app. It is cool because there is no subscription cost and you can pick and choose which alert you would like to purchase.
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you have quest.ions or comments you can contact me here or on Profitly, Twitter (@jane_yul), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane). firstname.lastname@example.org or YouTube
If you are interested in receiving my morning watchlist email sign up here to receive 3 days free. It is affordable at $19.95 per month, which is roughly $1 per trading day.
My book is available at Amazon FMJ Trust Transition Trade: How Successful Traders Said It, Did It, and Lived It . As well as Barnes and Noble, Indigo, Chapters,and more.
If you want a signed copy please go to the book site
For my charts I use tradingview.com which offer free charting and paid services
Also Stocks To Trade that has a 1 week $1 trial
For the fastest level 2 I have found I use Equityfeed.
This blog is for information purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.