Online Commodities and Forex Currency Day Trading for a Living

November 23, 2009 by davidguide · Leave a Comment
Filed under: Currency Trading 

There are many folks out there today that would love to become full time traders and day trade online for a living if possible. After all anyone with a brokerage account and a connection to the Internet can day trade stocks, options, futures, commodities or forex currencies online from the comfort of their home. For what it is worth, it is way easier said than done.

In order to become a successful day trader and make a living from day trading, a person must be prepared to put in the hard work, time and effort required to succeed as a day trader. A trader has to master all the skills reqired to be successful. The biggest skill to be mastered is in the form of emotions and it is probably the hardest of all to come and master. That is why it is always better to learn day trading from a mentor who has been trading for a while. A mentor is always the preferred route compared to just reading some books on trading or buying a black box system. The training received from a mentor can be expensive but invaluable at the same time. One must always look at the background of the trading mentor before choosing one.

It is always a smart idea to start trading with money a trader can afford to lose. Paper trading works well too, but lacks in the strong emotion building process required to be successful as a trader. A trader must always use risk capital to succeed at day trading for a living. Using money kept aside for immediate day to day expenses or money borrowed from a credit card is a recipe for disaster. Scared money never wins the trading game.

A day trader must keep a track of all the trades placed in a journal. This journal must be updated on a daily basis. This will help the day trader immensely as he will learn from his mistakes and always keep working on getting better. A day trader has to keep his expenses low to make money in the long run. To do so, he must wisely choose his trading software, broker and his Internet Service Provider. A day trader must also learn to read the market well and know when to take trades and when to stay out. Following other traders or gut instinct can have negative consequences on the day trader as well as his account. It is always better to trade well as per the rules set out and come back to fight another day than to lose it all in one day.

It is possible to make a living at day trading if all the rules are laid out in a trading plan by the trader and followed religiously by the trader.

Please visit the Invicta Trader Inc. website to learn more about the Watts Online Trading System from Ryan Watts of the Watts Trading Group and see how it can be used to profitably scalp, day or swing trade stocks, futures, forex or any other liquid market and any time frame. It is the only online trading system out there that we believe offers a lot to traders who want to succeed at online futures trading, currency trading or even forex trading for such a low price.

Article Source:http://www.articlesbase.com/day-trading-articles/online-commodities-and-forex-currency-day-trading-for-a-living-1494961.html

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What Markets Are Suited For a Particular Temperament

October 3, 2009 by davidguide · Leave a Comment
Filed under: Currency Trading 

To a large extent, it is worth mentioning that the markets basically plays lip service to no one no matter ones status, temperament blend etc.   So we may now ask, how does my temperament affect the way I trade?

The sanguaine is likely to be an unserious person and this hampers his/her trading deccisions.
The choleric is likely to be one who thinks price should just go where it is going and the constant fluctuations of price may tend to rile his anger and ensure unsteady indecisions, hence losses.
The melancholy on his own becomes too analytical for the market that before he comes to a point of decision taking, the market has already played itself out.
The phlegmatic becomes so unperturbed in his trading that he allows his losses to run the mile race.

<strong>So how should these blend with their trades?</strong>
The base word in trading is discipline to follow. It may be a system, a plan or a pattern but one requires the discipline to follow through.

The equity market is filled with pattern of trades that does not require analysis at all or all that. It just requires you acting like a robot. The best part of it is being able to minimize risk and then looking for profits.

Basically, there are no markets suited for a particular temperament,, be it the stocks, options, futures, forex, oil and so on.  All these market have their own proportionate amount of risk and these risks come without warning so you definitely have to be prepared for it.

A word of caution though, Learn the trade, then trade the risk otherwise the trade learns you and you definitely become the risk.

It does not take a genius to trade these markets successfully but it does take a little discipline to follow patterns guided by your strict money management technique that will overtime make you confident in whatever trade you place and in whatever markets you finally decide to join.

For a more complementary analysis on trades suited for your temperament, you can see <a target=”_new” target=”_blank” href=”http://forexpavillion.googlepages.comhttp://forexpavillion.googlepages.com”>http://forexpavillion.googlepages.com</a>.

I’m just a start up guy with loads of experience and still counting. Forex trading just got better. Learn the trade, keep the pips.

http://forexpavillion.googlepages.com

Article Source:http://www.articlesbase.com/currency-trading-articles/what-markets-are-suited-for-a-particular-temperament-1294457.html

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