Trade Like A Professional

The most successful floor traders are those that have the most experience, this is no coincidence at all and should be a pointer for those who aspire to become a good trader. Day trading can be likened two being a sportsman, such as a golf pro or tennis champion, you need to be trained and in good physical shape. Which skills are needed must be developed over time and practiced until they become 2nd nature. If you want to learn about trading indicators you must be prepared two put in the effort. Here are a few of the key skills that you must develop as a trader. 

1. Technical analysis can be used for futures as well as the more standard stocks, options and bonds that most people trade. This can give you an edge over other traders who have not taken the time to study the charts support and resistance areas, trend lines and patterns. Learning Technical analysis is a must do if you want to trade futures successfully. 

2. This is a very basic points but is very important, always have your trading plan prepared before you enter a trade, never try and create it on the fly, you will be much too emotional. Make sure that you have both an entry and exit points in your plan. 

3. Keep your trading unloaded small!, This is the one thing that every trader must do if they want to stay in the game for a long time. By doing this you will preserve your trading capital Allowing you to trade another day. Your small gains will compensate your small unloaded Allowing your two big wins give you an overall profit 

4. Over trading is a big mistake that a lot of amateurs make. Professionals tend to be more patient and wait for the better opportunities to come along, this is called cherry picking and takes both patience and discipline. These are must have skills that you must develop. 

5. This is a big day trading tips, it is important that you track all your trades and review them to see where you are making the mistake. This is quite hard work, but this is what Separates the professionals from the amateurs. Unless you do this you will keep on repeating the same mistakes. The best way to do this is two keep both a daily, weekly and monthly log. 

6. Only trade when you are physically and mentally prepared. This is often overlooked but is very important. Do you think a tennis star can win a game when they are tired and not mentally focused?, It's unlikely. Being prepared means getting a good nights sleep, having your trading station and Chartwell prepared before the market opens, taking the time each and every day to review your trading plan and rules. Finally it's important Be the mental frame of mind and confidence that you are going to be successful today in your trading. 

7. If you are a new trader take the time to paper trade until you are very confident that you are going to make money. You will know when you are ready Because you will start to hate paper trading knowing that you could be making real money profits on a consistent basis. 

Remember that the markets only trend of about 20-35% of the time, the rest is either sideways or very choppy, if you want to trade OJ successfully You must be fully prepared when the opportunities arise.