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Get Trained: This is the “information age” for stock traders. There are more resources, educational courses and established traders sharing ideas online than ever before . When I started trading in 1999 there wasnt very many chat rooms, social media didnt exist so there was no twitter or stocks twits or free you tube training channels like ours here. You basically learned everything on your own, the hard way, and trading was a lonely job. Because of this the average road to success was long. Now with all the resources available and the many trade rooms online that have experienced traders in them, there is no reason not to get trained. Getting trained the right way from the start, no matter what the cost, will save you a mountain of headache in the future and probably be the most significant factor in the outcome of your career. Its that important.
Find A Process: As the saying goes “There are many paths up the mountain but the view from the top is the same”. There are so many different types of trading instruments and trading strategies available that its not difficult to find the one that suits you best. However, you can not come to the market everyday without a process or a plan. You cant guess at this or “wing it”. You have to know what you are looking for and where you are going each day. You dont need but 1 to 2 good strategies to make a handsome living in the stock market but you need to know what those are. Find what you like, perfect it and spend your life trading it. You will get richer that way
Get The Right Tools: You will need to take advantage of the resources and technology available to you today to maximize your performance. Being a member of the right trade room can give you access to 100+ eyes on the market. It can act as a scanner for stocks, an idea generator, a support system, and even a place for continuing education. Also, a dedicated custom scanner, like the one we use with trade ideas here, is a blessing. Having a computer system search through 3000 stocks every second to find the right stocks that fit your strategy is incredible! There is no way any human on this earth could do that much work that fast. The advancements in technology has made stock trading more streamlined and efficient. I couldnt imagine going back to the old ways.
Trade With The Right Broker: Unfortunately, most people start out trading with the popular online brokers or I should say the ones who do the most advertising. Although many online brokers have great charting software and colorful layouts, many of these brokers charge in excess of $10 a trade. That may not sound like a lot but it is when there are trading accounts out there that charge only 0.00027 cent a share, like the one we use here. That is an incredible difference. To put that in to perspective if you trade 100 shares with a $10 pr trade broker you will need 20c of a stock move to breakeven ( $10 in $10 out Total round trip $20). Whereas at 0.00027c ( 27c pr 100 shares 27c in 27c out Total .54c) you would only need 5c to breakeven, that is huge. Not to mention in this example you are saving $19.46c per trade. Over the course of a year a profitable day trader may make 1100 trades! At 19.46 savings pr trade that would be an extra $21,406 a year you would save in commissions alone. Nuff said
Start Small Many traders start out trading way to large expecting to get rich overnight. That does not work and never will. You can not put large amounts of risk capital on without having the tools listed above and the experience. You need to time to hone your strategies and acclimatize yourself to the way markets move. We always recommend to our students to start out trading 20 to 50 shares a trade and if you can put together a solid month of profits then you can start sizing up. If you cant string together consistency there is no reason to trade big. Thats just not smart.
If you intend on being successful you will need to draw from all the resources available to you. Some of the tools listed above may cost you but they will be well worth it both financially and emotionally. If you are looking to start out with the proper training take a moment to enroll in our free trade room. This will allow you to see all of our trades live, give you a first hand look on how we find stocks, the set ups we look for , and how me manage each trade. Click here to start trading with us
Doug
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Trading stocks has large potential rewards but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest or trade the financial markets. Don’t trade with money you can’t afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. For the avoidance of any doubt, TheLincolnList.com does not hold itself as a Trading Adviser (CFP or CFA).Given this representation, all information and material provided by TheLincolnList is for educational purposes only and should not be considered specific investment advice.