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Insist on a risk-reward ratio of at least 3:1 when setting your day trading targets.
One of the most important lessons in stock trading for beginners is to understand a proper risk-reward ratio. As the Online Trading Academy instructors point out, this allows you to “lose small and win big” and come out ahead even if you have losses on many of your trades. In fact, once you gain some experience, risk-reward ratios of as high as 5:1 or even higher may be attainable.
Day trading requires patience, so be a patient trader.
Paradoxical though it may seem, successful day traders often don't trade every day. They may be in the market, at their computer, but if they don’t see any opportunities that meet their criteria they will not execute a trade that day. That’s a lot better than going against your own best judgment out of an impatient desire to “just do something.” Plan your trades, then trade your plan.
Day trading also requires discipline, especially for beginners.
Beginners need to set a trading plan and stick to it. At Online Trading Academy, students execute live stock trades in the market under the guidance of a senior instructor until right decisions become second nature. If you’re trading on your own, impulsive behavior can be your worst enemy. Greed can keep you in a position for too long and fear can cause you to bail out too soon. Don’t expect to get rich on a single trade.
Don’t be afraid to push the “order” button and execute your trades.
Novice day traders often face “paralysis by analysis” because they get wrapped up in watching the candles and the Level 2 columns on their screen and can’t act quickly when opportunity presents itself. If you’re disciplined and work your plan, actually placing the order should be automatic.
Only day trade with money you can afford to lose.
Successful traders have a “little bucket” of risk capital and a “big bucket” of money they’re saving for retirement or another long-term goal. Big bucket money tends to be invested more conservatively and in longer-duration positions.
Never risk too much capital on one trade.
Set a percentage of your total day trading budget (which might be anywhere from 2% to 10%, depending on how much money you have) and don’t allow the size of your position to exceed it. Otherwise, you may miss out on an even better opportunity in the market.
Don’t limit day trading to stocks.
Forex, futures and options are three asset classes that display volatility and liquidity just like stocks, making them ideal for day trading. And often one of them will present appealing opportunities on a day when the stock market is going nowhere.
Don’t second-guess yourself, but do learn from experience.
Every day trader has losses, so don’t kick yourself when the occasional trade doesn’t go your way, especially if you're a beginner. Do, however, confirm that you followed your established day trading rules and didn’t get in or out at the wrong time.
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