If you have been trading long enough – and making money, you have already developed a stock trading strategy that works for you.
If not, and I mean if you haven’t developed some basic strategies, then take the time now to do just that. It can mean the difference between closing down shop in the very near future or having a wildly successful trading career.
Here are some ideas for making the most money by trading stocks
These ideas are for everyone, from the well capitalized professional trader to the newest online trader.
Understand why you are trading. Are you in it for the thrill of trading, do you like to gamble? If so, then understand that you will need to have a bankroll of some sort to support your need. There are some very talented and hard working individuals out there who will gladly take your gambling money.
If you are a full time trader or you want to be a full time trader make certain you have all your “other” business in order. Full time trading is a job – it can be a very lucrative and rewarding job – but it is still a job. As such, make certain that you have all the equipment, support systems, computers, phones, faxes, internet connections, backup systems in place. If you have traded for any length of time, you know the unexpected, unplanned events do happen. Be prepared.
New traders realize that your job is to learn as much as possible without losing your account. Remember, the order of events is (1) learn, then (2) make money. Sure you can and hopefully will make money as you go along, but the key to your long term success will be to take those pesky little losses while you protect your precious trading capital.
Keep It Simple
Even if you have been trading for years, consider keeping your trading methods to a minimum. Master one or two trading methods and trade only those signals that meet your requirements.
When I say “master a method”, I mean know the ins and outs of your trading style. Know what the typical outcomes are for a specific trading pattern (this is my favorite).
One of the best things you can do to advance your success is keep a diary. Even if it means just jotting down a few notes about what your thoughts were during the trading day, do it. I often take a few “screen shots” of what the intraday trading looks like then print it out and make some notes and put it in a three ring binder. I have charts from 5 years ago and I can still remember what I was going through my mind!
Make an effort to keep you knowledge up to date. This might seem to contradict what I just said about keeping it simple, but it doesn’t.
Staying current with what’s new in the stock market just makes good sense. Understanding when circuit breakers kick in or how the futures market impacts your trading can leave more money in your trading account.
Take this offer I have and use it to your advantage. Visit the trading course page, or sign up for the FREE trading patterns course by filling out the form below. In minutes you will receive by email this powerful stock trading course about what trading patterns work in the stock market.