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Fatal Day Trading Mistake #7 Overtrading“Just one more, just one more.” It sounds a bit like a toddler asking for cookies, but it’s something most traders find themselves saying more than they should. What’s the deal with overtrading? Why can’t we all just stick to our plans? There are three main reasons, and you should know them all. Fatal Day Trading Mistake #6 -not Controlling Your EmotionsWe’ve all experienced the deadly trading emotions – fear, greed, indecision. But how do you keep your emotions from getting the best of you? How do YOU remain in control of your mind and actions? The answer is simple, but not always easy. The Myth of Automated Day Trading SystemsThere is a widespread rumor in the financial community that successful day trading can be manually programmed and automated to produce vast profits for minimal work and input on the part of traders, providing a regular and consistent income by simply setting up a system, clicking a button to turn it on, and walking away. The Why and Wherefore of Candlestick ChartingCandlestick charts are not new – they’ve been used for hundreds of years by Japanese traders to predict and act on market movements. The Ins and Outs of Performance Reports (part 2)Every trader should test the trading strategy that they’re using. And, while testing your trading strategy, you should keep detailed records of the wins and losses in order to produce a performance report. Many software packages can help you with that, but a simple excel sheet will do the trick just as well. The Ins and Outs of Performance Reports (part 1)Every trader should test the trading strategy that they’re using. And, while testing your trading strategy, you should keep detailed records of the wins and losses in order to produce a performance report. Pros and Cons of Futures TradingFutures trading is amongst today’s most highly leveraged, potentially profitable financial pursuits. It allows traders to build up their trading accounts fast with only a small amount of capital at their disposal. However, if you take futures trading lightly, you could also wipe out your trading account in a matter of days. Making Sure Your Trading Plan Works:the Ten Power Principles (part 1)Having a trading plan is like having a solid blueprint to build your home, or having a map when traveling to a new location. How Much Money Do You Actually Need to Get Started in Day Trading?I hear this question a lot from aspiring day traders, and the answer really depends on the market you want to trade. Determining Your Risk Tolerance in Day TradingEach individual day trader has a risk tolerance that should not be ignored. Any good broker or financial educator knows this, and they can help you determine what your risk tolerance is and work with you to find investments that do not exceed that risk tolerance.
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