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Keep Trading or Move On

Keep Trading or Move On

Day trading or short term swing trading can be just as risky, as much as they can be rewarding. Anyone who wants to be a day trader or short term swing trader has two options – jump in and blow your trading capital or, use your head and demo trade until you develop a successful, consistently profitable trading strategy. As cold and direct as it sounds, its reality and anyone who is unable to face up to the cold hard facts needs to move on to another career and forget about day trading or swing trading.

Trading the markets today is not like it was in 1999 or early 2000's – the world has changed and those trading days are over and there is a little chance they will return. While day trading and short swing trading can still be very rewarding, due diligence is imperative if you plan to be successful. Rule #1 – while following the trading method for stocks/futures/Forex picks from a reputable trading service can be very useful, refuse to get caught up in trying to match performance. Successful trading consists of acting and reacting to the movement of a stock, futures contract or Forex lot – get in, turn a profit and take your money and run. Foolish traders place too much risk on trying to capitalize on hitting the big runs. Returns grow with time on trades. While the big runs can and do occur, if you plan on sitting around waiting for it to happen – its time to move on.

Trading success comes with making positive trades happen, not sitting around waiting for them to happen or waiting for profits to fall from the sky. Positive trades can happen but, it depends upon your trading strategy as to the amount of gains you realize. Not all positive trades result in huge gains. Consult with other day traders or short term swing traders as to the trend of their financial success. 

Determining a realistic profit goal per trade, profit goal for the day or profit goal for the week is all part of creating your trading strategy. Loss targets per trade, per day or per week are also part of the package.

Successful trading is so much more than just making a good trade. Emotions and discipline are specific tools of the trade of day trading and swing trading. If you do cannot maintain control of your emotions and lack the ability to control your trades, its time to move on. Just as a day to day 8 to 5 job has its requirements, so does day trading and short term trading. Successful trading requires a focused mentality because you are in control of your success or... your failure.

Just as you must give 100%+ of your soul to do a good job when you work the 8 to 5 job – be prepared to give 200% of your soul should you decide to take on the career of day trading or short term swing trading. Hard work is generally rewarded but, it takes a great deal of time and you must decide whether you are willing to put in the time and devotion to reap those rewards. It is NOT a get rich quick scheme but a career.

November 2010


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Forex Day Trading Room Performance for May 6, 2016

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