Home About Millennium Forum Guide to Services Trial Subscribe Member Login
Live chat by Boldchat

Stocks Trading Room
Futures Trading Room
Forex Trading Room
Options Trading Room
Chart Settings
Triple Access
Double Access
Stocks Trading Room
Futures Trading Room
Forex Trading Room
Options Trading Room
Market Commentary
Economic Calendar
Weekly MarketNews
Trader Tips
Market Alerts
Stocks Chat Room
Futures Chat Room
Forex Chat Room
Options Chat Room
Penny Stocks Chat Room Trading Rooms
Performance Tracking
Other Services
General Information
Stocks
Futures
Forex
Options
Penny's
FREE e-Book
Taking Day Trading
by Storm


Get into the basics on how to become a Professional Day Trader!

more info...







Trading for Success

Trading for Success Trading for Success

Trading for Success requires a necessity of learning your marketplace and controlling your emotions.

Do you really think those systems and strategies that you get in your e-mail every day will make us all millionaires?  Stop right there and think, then wouldn't almost everyone be making money rather than losing it?  Keep in mind that any trading strategy declaring 80-90% wins, would not be for sale at any price, at any time.

When you make a trade, remember that on the other side, there is always someone who is thinking the exact opposite of what you are at the same time in which you are executing the trade.

Patience is a a virtue acquired.  Without patience, your fear and/or greed will take over any strategy you might have devised.  Don't ever make a trade just for the sake of trading in a quiet market.  Your broker will love you for the commission he earned, but you will end up disappointed when your trade starts going in the wrong direction due to your haste.  Let the market come to you, and stick to 'your' rules of engagement, not someone else's.

Remember that all markets present opportunities within many different time frames, every trading day.  If you have a bad day today, stop and examine how or what you did wrong.  The market will be there for another day tomorrow.  Never, ever 'double up' after a loss, thinking that you will make that money back on your next trade.  Stick to your trading plan, absorb any losses that you might incur as a part of your trading and money management plans.

Learn why your trades won or lost by studying your charts.  Without any idea of why you either won or lost, you will have a much more difficult time of developing a stable strategy that works for you.  You might find that you could have entered on another earlier signal, or possibly extended your profits by exercising more restraint, or held your losses lower by keeping your original stop losses intact instead of following a market down or up thinking that a reversal will be coming 'any minute now.'

Keeping these simple tips in mind will help you grow your trading account day by day, week by week, month by month.  Many traders enter the market erroneously thinking that a couple of big 'kills' will make them filthy rich.  That kind of thinking will blow your account up faster than you can imagine.  Steady gains, and a sensible compounding strategy in the longer term will present many opportunities for financial satisfaction by observing and following those common sense rules which you have set in place.

Many trader's ask, what's a good place to set my stop at?  In the Millennium rooms, we set a 30 pip stop loss.  It doesn't change.  That is a room rule which is followed diligently.  While this rule works for Millennium, it may be quite obvious, that it may not necessarily work for you within your own personal risk tolerances, or money management strategies, or that of the trader sitting next to you in the trading room. 

Consider setting a reasonable profit target goal.  It could even be as low as 8 ticks.  Sell a portion of your holding at a profit, and then set a break even trailing stop, or perhaps a tick or 2 below your break even point, all dependent upon where you set your original profit target at.  In this manner, you restrict the chances of absorbing a loss, while allowing the trade to run forward if it happens to contain momentum whether it be a long or short position.  The longer it runs, the wider you might wish to set your trailing stop.  May all of our trades run far and strong!

See you in the Trading Rooms!
Contributed by MartyMT

March 2013


Top of the page


   

Performance
Stocks Trading Room
Total for Year
Last Week
$0.00
$0.00
Futures Trading Room
Total for Year
Last Week
$0.00
$0.00
Forex Trading Room
Total for Year
Last Week
$0.00
$0.00
Options Trading Room
Total for Year
Last Week
$0.00
$0.00
empty
Total for Year
Last Week
$0.00
$0.00
News & Commentary

Forex Day Trading Room Performance for May 6, 2016

Futures Day Trading Room Performance for May 6, 2016

Forex Day Trading Room Performance for May 5, 2016

Futures Day Trading Room Performance for May 5, 2016

Stocks Day Trading Room Performance for May 5, 2016

Forex Day Trading Room Performance for May 4, 2016

Futures Day Trading Room Performance for May 4, 2016

Forex Day Trading Room Performance for May 3, 2016

Futures Day Trading Room Performance for May 3, 2016

Stocks Day Trading Room Performance for May 3, 2016


News & Commentary

Monthly Trading Lesson


RSS Feed...
subscribe by
clicking on above

Social Networks...
subscribe by
clicking Icons below