Practice! (Part 1)

Practice, Practice, Practice…

Is that what we’re talking about?!

Yes, we’re talking about practice. You can’t decide “I’m going to play in the big leagues” and think you have the goods to make it happen, no matter how much you want it! Not only does it take raw talent, but it takes practice, lots of practice, to make it happen and to succeed. You need to practice honing your skills in order to become proficient as a day trader.

Yes, just like any other profession, whether it be a lawyer, a doctor or an architect, in order to succeed, you need to have your feet in the fire. It doesn’t matter if you’re day trading for the first time, part-time or full-time, you always need to be honing in your skills at reading the market.

Knowing when to enter on your trades is absolutely critical to your success. When you’re trading a system, you want to be familiar with the “bells and whistles” of that system; how it reacts to market conditions.

You may say, “Well I don’t have a system”. If you don’t have a trading system plan each time you sit down for a profit making session, then that session will be nothing more than going to Vegas, sitting down at the Roulette table and placing your money on red. Red will be all you’ll see because you’ll end up losing all of your green (money).

Don’t put yourself in this position of anger and frustration. Make certain you are comfortable and familiar with the system you are trading. Now, does this mean you’re going to win every trade? No way, Jose…it just doesn’t work that way, but the real question is…”Can I be in the money and make winning trades 75, 80, 90% of the time, on a consistent basis?

Absolutely you can! But you need to have a plan, a system and practice that plan. Just like all other amateurs, pros (or anyone in between), you need to have that practice under your belt to get the feel, understanding, experience and knowledge necessary to succeed and earn profit on nearly every trading session you do.

You may also ask, “Does practice cost money?” The answer is yes and no. First, the “no”. It does not cost “real” money, if you practice on a “demo” account. With the brokers that we may recommend, they all provide you the opportunity to open a practice account or what’s called a “demo’ account that allows you to put your plan in place with “play” money. Now for the yes part, most broker’s require you to open and fund a live account with them before you receive access to a “demo” account. Hopefully, when you trade your live account you will have had enough practice to be proficient, so that it is not costing you money, but that you’re regularly making profit.

When you open and fund an account, the broker will make available a free demo account (at least for a period of time) so that you can familiarize yourself with the platform and their setup. Take full advantage of utilizing the “demo” account. Dive in and do it! This is the way you will gain experience, hone your skills and get proficient as a day trader. You will be better prepared to recognize trends, patterns and market movement as they develop.

Check out one of our proven Small Money Made Big winning trading systems. As always, they are very affordable, unlike other systems that can cost you $100, $200 and up to $1,000…and guess what?? Most of these expensive programs don’t even work effectively, which end up costing you even more money.

Subscribe to Small Money Made Big to keep updated with weekly market news that keeps you “in the loop”, along with helpful tips and strategies that keep you in the money, time and time again.

So remember, there is no magic pill…it takes practice and a winning system in order to be successful. But can you think of any other business opportunity that allows you such an enjoyable way to earn profit and doing it in less than a couple of hours a day?

THAT’S what we’re talkin’ about! PRACTICE!!

One thought on “Practice! (Part 1)”

  1. Hey Great stuff! Makes a whole lot of sense and as you say, it’s not magic but also it ain’t hard. A little planning and a little practice and we’re on our way to prosperity. Thanks for the interesting blog post. Keep up the good work! Edmund

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