Tim Sykes set up a free webinar today and gave a long list of tips for being successful as a trader. Unfortunately I missed the first few tips that he gave because I was listening to the webinar while working, but I took footnotes on 28 through 1.
A couple of the things I did catch before, though I'm not sure of the numbering, is that becoming financially free via trading pennies is a journey, takes education, you should be thankful for what you get, and of course to always cut losses quickly.
Tips for being successful and making $$$:
28. Never be certain about a trade because the market is unpredictable.
27. Look to get the "meat of the move", profiting on 1/3 of the move is good.
26. Be open to trade both long and short.
25. CUT LOSES QUICKLY (I'm surprised Tim didn't make this the #1 top tip)
24. Look for the "gimme setup" there is nothing wrong with trading the easy.
23. Buy breakouts.
22. Short breakdowns.
21.Buying the dips.
20. Using the daily highs for finding potential plays for the following day.
19. KISS keep it simple stupid.
18. Have a plan for every trade incase it doesn't go like you planned.
17. Sometimes no trade is the best trade. Stay in cash when not trading. Being in the market = risk.
16. Don't trade uncomfortably, if the trade isn't doing what you want get out.
15. Live to trade another day
14. Goal of 20-50% in 1 to 2 days. But take your profits when possible.
13. It's a journey, it'll take time.
12. Journal your trade, all of them, especially the bad ones. Use Profit.ly, be transparent.
11. Set goals and make them count.
10. Sit in cash, trade like you're retired, be a sniper.
09. Never follow alerts, even Tim's, you need to be self sufficient.9
08. It's good to know the markets since tickers tend to follow market trends.
07. 99% of pennies are going to go to 0, short selling is key because it is the most predictable method.
06. Education and knowledge is a must.
05. Trade the ticker not the hype, never believe in the company.
04. Avoid FOMO fear of missing out. Don't force trades.
03. Take advantage of software and technology to trade.
02. Never scalp. Be the sniper and focus on the best trades.
01.25. You success is dictated by how you approach the market.
01.50. No one trade will make you a millionaire but one bad trade can destroy your account.
01. Look for a mentor...like Tim.
Hope this helps you as much as it helped me.
Update on swing trades:
$TRIL +11.39%, Long goal of 10-20%
Overall total on investment: -4.91%
$AVP -32.89%, short with a target of $3 to $3.50.
$RJET -9.02%, long, looking to exit as soon as ticker is traded again.
$SDRL +1.55%, short goal of 10-20%.$TRIL +11.39%, Long goal of 10-20%
$TWTR +0.74%, Long goal of 10-20%
Overall total on investment: -4.91%
No comments:
Post a Comment