Five Tips I Wish I Knew Before I Started Trading

Published on August 21, 2020

Day Trading Tips, Five Tips I Wish I Knew Before I Started Trading – Day Trading For Beginners.

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I’ve made a successful career from trading, but I did it on my own. I didn’t have a mentor to help me. So I want to help YOU. Here are five things I wish someone had told me before I started trading … pay attention!

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FULL DESCRIPTION
I’ve made a successful career from trading, but I did it on my own. I never had a mentor. I want to be the mentor I never had. Today, I’ll give you five tips I wish I’d known when I started trading.

A lot goes into every single trade I make. It doesn’t matter if I’m trading big or small. I’m always thinking. I’m very meticulous before I risk my hard-earned money. So here’s what I wish I’d known before I got started trading…

You need to prepare, plan, and be meticulous. What’s your trade goal, your risk, and your thesis? What’s the stock’s past performance like? Have you checked out the intraday chart?

Always protect yourself. Think about what you can lose in every trade. Remember, roughly 90% of traders lose.

Always remember and stick to my number-one rule: cut losses quickly! Anything can happen. The longer you’re in a stock — especially a volatile stock — the greater your risk.

Singles add up. I wanted to be a millionaire when I first got started. I think most people want to make a lot of money. I wish someone had told me that the key to making a lot of money — especially with penny stocks — is that small gains can add up. It’s not about one trade. It’s about finding consistency.

Focus on stocks that are already in play. With penny stocks, you don’t need to be first … That actually can be a disadvantage. Even if you do perfect research, even if you know everything, something could happen and the company fails. Most penny stocks fail. So focus on plays with hot news, that are moving, and that have a lot of volume. Make sure you can exit your position easily.

BONUS TIP: Be flexible. Learn to adapt. Be willing to go long or short, don’t just judge a company. Sometimes the most fundamentally screwed-up companies spike the most because they have the most short sellers in them — and that creates a short squeeze.

Stocks might have good news or bad news. The company might issue toxic financing, or maybe they somehow pull off a good financing. Something might happen in the overall market, and then three out of four stocks fall on the market…

After over 10 years of teaching, I’ve become very flexible and adaptable to whatever opportunities are out there. Sometimes the best trade is no trade, but I’m always looking for a good setup with good odds. If you start to recognize which plays work, over time you start adapting to what works for you. That’s how you find success.

This is all about a game of adaptation. How quickly can you adapt to moving stocks and moving markets?

What do you wish you knew before you started trading? Leave a comment and tell me if these lessons help you…

#TimothySykes #Pennystocks #Investing

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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I’ve learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*

—————————————————————————————————————-* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here: https://www.timothysykes.com/terms-of-service/

Five Tips I Wish I Knew Before I Started Trading, Day Trading Tips

Day Trading For Beginners Five Tips I Wish I Knew Before I Started Trading.

Explore Relevant Stories Relevant to Day Trading For Beginners.

Foreign Exchange Trading Techniques

These strategies might additionally serve you well as a part-time foreign exchange trader:

Take fewer placements as well as hold for days.

It is important that you comprehend the vehicle drivers of your money pairs as well as have made the effort to truly comprehend your market. Consequently, after studying the marketplace as well as limiting specific selected money pairs, selecting a couple of placements as well as holding them for a longer amount of time is a prudent approach for part-timers. Another sensible approach is to put in stop-loss orders with all your trades to minimize any kind of losses if the marketplace relocates against you.

Look at long-term fads.

There is worth in considering longer-term fads (daily/weekly) rather than considering hourly and even four-hour charts. This will certainly enable you to trade while considering your computer only daily.

Set up trading orders.

Establishing restriction, stop-loss or various other entry/exit orders can guarantee you do not miss chances to get in or leave placements. The majority of trading systems permit these orders without added fees.

Usage technology!

Set up automatic signals to your mobile phone or email to maintain you informed of money rate activities while you are not proactively trading.

Five Tips I Wish I Knew Before I Started TradingFive Tips I Wish I Knew Before I Started Trading Five Tips I Wish I Knew Before I Started Trading Five Tips I Wish I Knew Before I Started Trading

Category: Day Trading Submitted by: MateoKarter

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