Online stock trading, 3 tips to get prepared.
Your guide to online stock trading
The first thing to realise when contemplating a career in online stock trading is,
- thinking about it is easy,
- doing it is quite a different matter!
If you are willing to struggle through the unpleasant waters of self doubt,
uncertainty,
frequent failure
and, often downright crushing frustration then you can continue reading!
Online stock trading and all of the derivative markets that have appeared online in recent years have increased access to the markets to the everyday individual,
such as myself.
They have allowed us to try our hands at attaining the wall St dream, that being deep pockets and freedom galore.
But access does not guarantee success!
Success comes from one cold and uncomfortable corner of the mind, the perseverance and discipline section.
When you make the decision to take control of you own wealth creating potential, by trading your own account, you must be prepare for the realities of online trading. Here are a few tips.
-
Get used to being uncomfortable.
trading is not easy in any fashion and if you wish get involved in Online stock trading or currency trading, realise that it will test your mental toughness to the limit. You will doubt every decision you make and you will be wrong most of the time.
-
The money you put at risk must be considered 'already gone'.
We have an emotional attachment to our money as it provides a certain amount of comfort and security. Nobody wants to be faced with the fact that they may have made the wrong decision. So, in order to trade objectively you must limit the emotional quotient in your decision making. A great way to do this is to get over losing the money first! Consider it gone when you fund your account.
-
Online stock trading is risky and you will lose money.
The trick to making money is to limit you losses. Great traders think about expected losses on a trade not expected gains. If you manage your losses correctly then you will put yourself in a position to reap the rewards when you are correct.
Most people who try online stock trading and currency trading go into to it blindly. They go in with high expectations of themselves and their account balance. Usually they make two or three bad decisions consecutively and then give up!
I would urge everyone to make the effort to take their wealth seriously and try trading their own account.
But getting started is difficult, and staying in is even harder!
Thats where Bullwaves.org comes in
A Bullwaves.org subscriber gives themselves the best opportunity at success, because they can follow our live trading, they get access to all of our trade setup ideas and they get notified of the best entry and exit points including stop placement and constant monitoring and charting.
By being a Bullwaves.org subscriber, you are giving yourself the best opportunity for longterm success.
Remember you will be learning by doing, not by sitting back and listening to people wander on about do's and dont's and burrying you head in books and litrature.
Get doing, thats the only way to succeed, Bullwaves.org can help you on the way.
Be sure to check out our Membership plans and our weekly market review videos to see what we are all about.
Thanks for reading, and good luck!
"Get over the emotion attached with losses early, then you can concentrate on what you are doing!"
Check out our weekly market review videos.