DISCLAIMER

The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. we will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Wednesday, January 27, 2010

Steps To Success

That begs the question, how do you do it then? Here are the steps to success as a day trader as I see it.

1. Success at trading. Don't try to day trade until you've proven to yourself that you can trade successfully at a much slower pace.

2. Sufficient capital. If your trading account isn't in the high five figures, you shouldn't day trade (if that's going to be your only source of income).

3. A winning system. Day trading is harder than any other kind of trading that I know of. You really need to make sure your system will hold up. A system that works in a slower time frame will not necessarily work for day trading. Make sure you're system has a positive expectation.

4. Practice. Practice makes perfect. Yes, it's a tired old phrase, but it's true.

5. Patience. The market will try to destroy you as a new day trader. Have patience. Hang tough. You will make it, provided the previous four items are in order.
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