See every trade made live on screen with our desktop sharing trade room. Learn to trade like a pro . Click here for details on how to get started for free.
At the Lincoln List, we have people coming in and out of the trade room all the time. It is part of being a subscription service. We try to help out all new members and get them up to speed to our trading strategies. That’s usually the easy part. The hard part is teaching them all the other nuances such as trading psychology, position sizes, range, etc.. which is where the money is earned.
Since new members are a bit “raw” when they join our trading room, we have taken several steps to “keep them in the game”. The first we advise new members to do is to simply sit back and observe how we trade. There is no need to rush into the market with hard earned money, only to blow it up in a couple of days. We advise them to take their time and understand what we are doing and why we are doing. At the same time, we have an open question environment. That is, anyone can ask anything at anytime, before and after hours. Want us to explain a recent trade in front of everyone? No problem. Want Doug to sing? (not recommended) No problem!!
Another thing we teach is the importance of keeping position sizes to a minimum until he/she is consistently profitable. This rule alone takes a lot of the emotion out of the game and it allows new members to learn while using real money. Yes, paper money is OK but there is no emotion involved and when it comes down to it the way you handle your emotions will determine your success level.
Introducing the One Trade a Day Strategy
This is a spin-off of something we teach over at Champ Camp. But basically, we don’t want new members to be “gunners” when they start out. Overtrading on too much size is a recipe for disaster. So a strategy we like,is too simply take a trade a day. Yes, one stock trade a day. Sounds cheesy? But we implement this in our Lincoln Million swing trade room. . One trade a day will slow down the the market noise and allow you to focus on just one thing or in other words simplify the game. If you’re a struggling trader, try it out. Below are a few steps to help:
- Focus on a handful of stocks.
- Focus on one set-up. For example a high RSI para
- Take ONE trade and manage it well.
Now, for the trade don’t focus on whether the trade made you money or not. Focus on your process. Some questions you might have:
- Was this a stock that you had on your watchlist? Did it come from a live stock scanner?
- Did you develop a trade plan before you entered the trade?
- How was your entry? (Did you chase?)
- How was your exit?
- Did you use proper position size?
Finally, take time to write it down in your stock journal. This will help you see if you are progressing.
Watch Some Of These Video Lessons And See More Rants.
* TheLincolnList.com website is for educational use only. Any opinions, news, research, analysis, prices, tweets, posts or other information contained on this website or any hosted public/social outlet is provided as general market commentary, and does not constitute as investment advice or a solicitation to buy or sell any security of any type. TheLincolnList.com does not take into account your personal circumstances so please do not trade or invest based solely on this information. By viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general information provided by TheLincolnList.com
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.