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Don’t Jump In All At Once

Written by Pip Wrangler | Leave a Comment
Topics: Money Management, Planning A Trading Career, Trading Strategies

When you trade with a plan, it will be easier for you to reach some realistic goals. When you start to trade you need to focus on becoming a consistent trader and learn some good trading rules. Don’t try to make money. Learn to make pips and the money will come. Think about it-when you can make 50 pips with 1 lot on a consistent basis, then you can try two lots. With the same effort you have doubled your pips. If you try to get too big too fast then you will end up wondering what happened. If this happens you many not be around long enough to become a good trader.

Set realistic goals and objectives. Start by learning how to not lose money. Once you know how to do that, focus your goal to learn how to read signals and make a little more money. Once you understand the signals and the key to not losing money, you’ll be ready to start bringing in higher profits. Trading is a process just like going through school. You start with basics, then you can add on more information. If you learn a step at a time you will build a good foundation.

When we talk to traders from beginners to experienced, it is easy to tell those who have a good base to work from vs. those that are still looking for a path to follow. Each trader has his own learning time frame and that is okay, but you need to build from the bottom up. You can not jump to the top without the time and effort.

So your trading plan should be knowledge as well as skill. If a person studies a subject for one hour a day for 3 years he will become an expert in his area. If he studies a subject for one hour a day for 5 years he will become an expert in his country. If he studies a subject for one hour a day for 7 years then he will be an expert in the world. I would suggest to plan to be a good trader on a steady path and don’t think you can get there too fast. You will know when you are ready to move on to the next level.

I decided to post these nine steps to have a trading future:

1) Start with a trading system.
2) Learn the rules.
3) Visually check it out on the charts
4) Plan your trades
5) Practice trading your system.
6) Test your system by demo trading.
7) Start out small 8) Keep a journal.
9) Evaluate your winning and losing trades.

January 30th, 2008
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