I have identified the golden rule to trading, a sure-shot way to start generating consistent profits, and I am giving it away for free.
That’s exactly what a newbie would like to know. Anyways, most of us have already got burnt enough, and we do realize that nothing of that sort actually exists. Wishful thinking and unsuccessful traders always go along, and we can’t do much for them.
Congratulations! Really, you deserve that for learning to survive in this profession. Making a living out of trading isn’t a wrong choice, but you are surely not getting rich in a hurry. Trading is one of the most torturous professions out there. I can bet that more than 95% of the aspirants eventually quit after wasting lots of time and losing some serious cash.
What do you make out of all this? Most believe that patience and persistence are the hard learned keys to trading success. Hard learned they certainly are, but there is no hard-written rule to trading success. Every successful trader has his own rules; no one else can give him lessons on how to make money.
From all that I’ve experienced in my trading career, it’s a long wait before a trader starts generating consistent profits. In most cases, you actually start making a living after years of experience. Few profitable trades or a winning streak does not make you a successful trader. Similarly, a losing streak doesn’t end your sweet career. What really sets apart winners from losers is the mindset they carry. I know one trait of successful traders: They are always ready to be proved wrong.
I believe that it’s really difficult to trade devotedly with a small brokerage account. You should not keep high hopes if you are starting out with 15k-25k. I don’t advice full time trading with this kind of money. I don’t know how much you expect to make each month, but you are unlikely to sustain with such a small account. It’s perfectly alright to hold such trading accounts if your primary source of income is a regular job. That’s not all. The amount of money you can fund into your brokerage account is a secondary issue. You will not grow your account unless you emotionally detach yourself from the money in your brokerage account. Money doesn’t understand your emotions; it simply switches hands and finds its way to the vault of the unbiased trader.
Trading for Fun?
One reason, why most traders fail to grow their account, even after they have ample understanding and skills required to be successful is lack of discipline. This could be due to a careless attitude or the lure to gamble big every now and then. I have seen so many fellow traders simply wasting their time. Some have been so good at keeping their account in the same shape over the years, despite paying out thousands in commissions every month, I wonder they have been deprived of video games in their childhood.
You must understand that every trade you make accounts for your trading success. I recommend that you maintain multiple trading accounts for different instruments, as it’s hard to find a brokerage with a perfect offering. However, if you don’t mind paying a little extra in commissions for the comfort of making all sorts of trades from one account, then you should definitely take a look at TD Ameritrade for affordable pricing & unmatched services.
Refer your friends to OptionsHouse and get your choice of $150 or 30 commission-free trades.