Day Trading

So, do you really want to be a successful Day Trader making your living online trading? Did you know that 92% to 95% of traders fail during their first six months? Stop right here for moment and think about that last question. That question will either motivate you or cause you to begin to doubt yourself or become fearful. As for me, as soon as I heard those statistics, I got excited about day trading because I understood what those statistics really mean. It means if you get educated properly and you work hard, YOU can be in that top 5% to 8% of all traders. I went full time, as a day trader, my very first day.

Day Trading, in my opinion, is the best one person business in the world…provided you KNOW what you are doing. It is NOT like any other business in the world. You can either WIN BIG or LOSE ALL OF YOUR MONEY. It is a major league financial business opportunity game where you don’t have a minor league division to help you learn the trading game. You are competing against the smart professional traders with deep pockets. The exciting news is that it IS possible for you to beat the Wall Street professionals at their own game. Here are the four things you must do to become a successful online day trader:

1. Make An Honest Assessment of Your Mindset and Personality – The most important thing to understand is that you must truly know strengths, weaknesses and skills. If you are a positive person, you will most likely “filter” the data with a positive bias. It is important for you to know exactly how you think and process information. You need to develop a trading style that caters to your strengths. At the same time, you must also develop a plan to work on your mental weaknesses so that you continue to strengthen them. You must be willing to put your ego aside and keep an open mind about learning new skills. The skills that made you successful up to this point in your life are NOT the skills you need to be a successful day trader. The sooner you realize that, the better off you will be because you will actually LEARN the correct way to trade.

2. You MUST Raise the Level of Your Personal Discipline – Your Personal Level of Discipline will ultimately determine whether or not you will succeed as a Day Trader. In order to succeed as a day trader, you must first develop a very detailed and specific written plan for each aspect of trading (meaning your entry rules, trade management rules, money management rules, exit rules, etc.). Then, you must have the patience and discipline to FOLLOW your written plan to the letter. The only way you can measure your progress is to evaluate your actual actions compared to the written rules you have written down as your trading plan. Following your written rules is the key to becoming a successful day trader.

3. Get Educated Properly – This was one of the most difficult areas to discern the quality of the information and to determine if the information actually works when day trading in real time. You hear all the stories from various traders, those searching for the “holy grail” methodology or indicator, and find out that those systems don’t work. Unfortunately for many us day traders, me included, I spent over $40,000 on useless training and those “so called” proprietary trading systems which contributed to me losing about $75,000 my first six months of trading. And then, things turned around once I realized that those “so called” proprietary trading systems were a BIG part of the problem because when one of your trade setups didn’t work out, YOU COULD NEVER FIGURE OUT WHAT WENT WRONG since you could not “see under the hood” of these systems. This is when I took the time to study price patterns, supply and demand and the standard charting platform indicators by indicator. After reading over 700 books on trading and studying each indicator in detail in live market hours, I realized exactly what I thought was true…but, could not verify until I did all the grueling hours of research, work and study. You CAN USE THE STANDARD INDICATORS included in most charting platforms and STILL SUCCEED when day trading. Those trading teachers who were selling and teaching their “so called” proprietary trading systems DID NOT WANT TO TEACH YOU HOW TO BE INDEPENDENT…they wanted you to be dependent on their trading system. You don’t have to be dependent on anyone’s trading system or specialized indicator…it simply is NOT prudent for you to put yourself in the position to be dependent on them. What happens if you are using a specialized indicator for an earlier version of eSignal and eSignal upgrades their platform, like they recently did AND the third party does not recode the indicator to work with the newer version of eSignal? Here’s the answer…you are going to be very disappointed and frustrated to find out the indicator no longer works. It has happened to me a couple different times. My advice is to get trained by a mentor who teaches you how to succeed with price action and using the Standard Indicators found in any charting platform. Naturally, I would like to be considered as a possible mentor for you. Go to www.natebrooks.com and see if my approach fits your needs. I promise to teach you how to become an independent thinker and a successful self-reliant day trader, who does not have to follow a “guru”.

4. Practice In Simulation Mode UNTIL You Learn How To Successfully Trade The Trade Setups In Your Written Trading Plan – Too many day traders are in a hurry to start trading live. If there is one thing I can tell you that will save you the agony of losing $50,000 to $100,000 or more, it is this…BE PATIENT! Learn first before you go LIVE. It is not necessary for you to lose all of your money or blow out an account. I didn’t start out this way and that’s why I paid for my education by losing money in the market the first six months of my trading career. I paid a lot of tuition to the market…you don’t have to do that…I can help you save thousands and thousands of dollars. I look forward to helping you.