Steps to serious trading..

jbtrader07 · (#1 (**permalink**))

I am quite new to the forums and wanted to introduce myself. I have been paper trading for quite some time and have also traded some smaller live accounts. I am looking to increase my frequency of trading in the upcomming months and saw these forums as the perfect place to get some helpful tips on doing so. Any advice on making the transition from part-time trader to possibly a profession?

ChrisEccles · (#2 (**permalink**))

Add to your profitable positions. Always be aware of the b/e points.
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Ruthlessly exit unprofitable positions. Suck it up and carry on trading.
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When you make a big gain, stop for the day, and tell yourself you're good.
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When you make a big loss, keep moving, and tell yourself you're good.
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Never think you can scare the market.
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Never let the market scare you.

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Chris

Pharaoh · (#3 (**permalink**))

ALWAYS have a stoploss in place. Even if you are sitting there with your finger on your mouse ready to close if the trade goes bad, what happens if you lose your connection to the broker?

ChrisEccles · (#4 (**permalink**))

Quote:

Originally Posted by Pharaoh

ALWAYS have a stoploss in place. Even if you are sitting there with your finger on your mouse ready to close if the trade goes bad, what happens if you lose your connection to the broker?

This is probably the single finest piece of advice for anyone !

There are people who climb rockfaces without ropes and safety nuts.
It's called "free climbing".
The graveyards are full of them.

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Chris