*****How are you prepared technically? I'm not speaking of TA I'm speaking of knowing your platform, your computer, your charting software. Each of those will influence your plans, setup and execution of trades. It encompasses hardware as well as software. Can your equipment handle the memory required, the broadband and the number of monitors needed to be able to trade well? Make no joke about it, if you cannot find or execute the information fast, you are gambling with your profits.
Your desktop is your office; your communication center, your marketing tool and your store. Not unlike any other business, just much more compact, and your profits depend on how well you are able to handle it all. Your computer and communication ability is the extension of your brain, the more familiar you are with all the technical aspects, the easier you will be able to handle your business. So don't underestimate the importance of having good equipment maintained in good condition and then a backup equally available in an instant in case one fails, as machines often do.
"Bums Rush" Know how your platform operates so you don't get the bums rush entering/exiting your trades. You don't have the time nor can you afford to fumble about for the buttons you need for trading.
"Too Much Trouble" When it comes to trade entries does your platform allow you to keep it simple? If you have to take too many steps to set up and enter a trade, it's too much trouble.
"As Long As the Price is Right" The commission you pay makes a big difference in your ability to trade. Does your broker like your money better than you? Negotiate.
"Cheque Book" Be sure you're account is well funded for the type of trading you like to do. Important if you want to stay out of trouble. Margin calls can kill trading ability and profits.
"You Shouldn't Call the Doctor" Don't trade if you can't afford to pay. Always know the risks you are taking.
"Sugar Shaker" "Can't see no chicken sittin' on a pigeon's egg" love that line in the song. Strive to go for the best performer/trader that you can. Analyze which stock you're holding in a sector.
"Roxette" You took the time to study and make a list, so keep it up. Make sure you know what your watchlist is doing everyday, it will give you the best opportunities for profit.
"I'm a Hog for You Baby" You won't lose out if you take profits but you'll get slaughtered if you don't. Many traders dream about taking profits but don't actually do it even when knowing the danger. The fear of missing out is stronger than the fear of loss.
"Shotgun" Keep your targets on alert and take profits when you hit them. This is so very important it's what keeps you in profits and not get slaughtered as above.
"Nothing Like It" Make enjoying life as one of your goals. Take time away from your equipment, platform and the pursuit of profits; you may find that there is "Nothing Like It".
Today's British pub-rock featured band, Dr. Feelgood, hailed from the early 1970s. They became popular with their distinctive British R&B sound. Their high energy style is no longer performed with the original band members but they continue to have worldwide popularity at live events.
Happy Trading, Living and Dancing Be Alive, Be Happy, Be Free Anni ©DayTrading with Anni 2012 All Rights Reserved
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