Top 5 Day Trading Rules To Follow

To become a successful day trader, here are the top 5 rules you must follow religiously.

Rule # 1 – Create A Plan And Stick To It

Once you create a plan, it is very important that you stick to it. If you have a sound strategy then you will ever make money. If you constantly switch strategies and never stick with anything, you will without a doubt fail very quickly. A good, sound strategy is objective. It deals with the facts and only the facts. It does not allow room for your personal feelings to get in the way and cause you to make bad decisions.

Rule # 2 – Know Your Market

All successful day traders know their market. They do not dabble in multiple stocks. Instead they focus on a small select few and get to know them intimately. By doing so you will naturally develop a 6th sense and start to recognize certain trends and movements in the market. You will be able to better gauge when you should and should not make a trade.

Rule # 3 – Prepare, Prepare, Prepare

Preparation is very important if you want to be a successful day trader. You must do your homework so you can make an informed decision about when and where you will get in and out of the market. Proper preparation will help you avoid any huge losses.

Rule # 4 – Do not Be Greedy

This is a big one. Being greedy usually leads to you losing more money then you could ever imagine. Do not squeeze every trade to the last tenth of a point. Get out at a decent time so you can avoid major losses. DO NOT BE GREEDY!

Rule # 5 – Take A Loss If You Have To

Most day traders fail because they do not know when to let go of a bad trade. They hold on to it hoping it will turn around. Sometimes you are going to have to take a loss. It's just part of the day trading game. A savvy day trader knows and understands this. The idea is to keep your losses small. It's all about management. Because it's the end result that really matters. A few small losses here and there will not affect your profit margins and the end of the month. But if you hold on to a bad trade for too long, your losses will mount up and could have a devastating affect on your profit margins. So make sure you know when it is necessary to take a loss.

Source by Jon Safer

10 Minute Forex Wealth Builder Review – Can You Build Wealth in 10 Minutes a Day?

Dean Saunders 10 Minute Forex Wealth Builder is a very affordable eBook and video currency trading training course that is written for people who want to learn currency trading but who only have ten or fifteen minutes a day to spare for trading. But does it work and is it worth the money?

Your Currency Trading Training – Currency Trading Basics and Beyond

The course is written in an interesting, straight to the point manner. Your currency trading training begins with the currency trading basics – currency pairs, the bid and the ask, and information about the Forex market itself.

Dean Saunders then recommends a specific broker who offers both free charting software based on the Meta Trader 4 (or MT4) charting platform along with very narrow spreads between the bid and the ask.

Spreads vary from one broker to the next. Some can be three times as much as another. Using a broker who offers narrow spreads can have a huge impact on your bottom line.

He also recommends this particular broker because they allow you to trade micro lots. This is especially good news for the beginning trader because if you start trading micro lots you do not have to risk a lot of money while you're learning to trade.

The importance of money management, risk calculation, and the trader's mindset can not be overstated and the 10 Minute Forex Wealth Builder spends ample time on all of those along with a realistic approach to helping you to determine your short and long term Forex trading goals.

This information alone is worth the price of the course, and that's before Dean Saunders's 10 Minute Forex Wealth Builder has even begun to teach you his trading techniques.

Learn Currency Trading with the 10 Minute Forex Wealth Builder's Two Forex Trading Strategies

Now you're in for a treat as he proceeds to teach you two different types of trading strategies – a breakout system and a swing trading system.

He then goes beyond currency trading basics as he shows you exactly what to look for in order to initiate your trades, where to enter, where to place your stops, and where to take your profits. The included videos show you live trade examples of what you've learned.

The 10 Minute Forex Wealth Builder is a very good place for you to begin to learn currency trading. And, as your currency trading training and experience grows, you will see how well this course is really.

Source by Steve Schulman