Learning how to trade would be wholly potential. It boils all the way down to the ideal combination of “ingredients” that’ll create a winning trader and much more notably a winning mindset.
Well in this informative article, I will help you through 9 elements that have helped direct me about this particular journey.
Number 1 – Trade Less
The before all else thing people consider times is the fact that afternoon trading boils to setting many trades every afternoon. This couldn’t be the furthest thing from the truth. You can be a day trader and only place one trade per day.
It’s not about the amount of activity that somehow lets you in the club. This is not a knock to my scalpers out there, but the point is if you are starting out it’s not about placing 100 trades per day. It’s about knowing why you are trading, so you are not out there just swinging for the fences. 
If you are really new at trading, it’s probably best that you only place three trades per week. The before all else sense is that it limits your exposure to the marketplace, which allows you to dissect and process your trading activity.
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The second sense is that it allows you to day trade with less than $25,000 dollars which means you can only place 3 round trip trades per week anyways. 
Bottom line, give yourself time to learn the game before increasing the number of trades if you ever need to develop it at all.
#2 – Trade Small
The other misnomer out there is you need to have a lot of money to make money in the marketplace. One of the biggest accomplishments of my trading career is when I took a $3,500 dollar account up to $7,500 in 5 months. You would have thought I hit the lottery of life.
If you are unable to make money trading a small account, you will not have any greater success plunging thousands of dollars in the marketplace.
Remember, time is on your side and the only one rushing is you.
#3 – Become an Expert of One Strategy
There are traders that are able to trade 5, 7 or even 10 patterns effectively. Well, guess what? You only need one pattern to work for you to make a living trading.
For me, I really only trade two patterns. The morning breakout and the morning pullback.
Now, I don’t get it right and make some bone head mistakes. But emphasizing both of these routines has enabled me to master my own entrance, stop and leave rules. This has led to me to be able to make a benefit on a weekly basis no matter the way the extensive marketplace is now trading.
Below are types of those trades I try to find each morning.
Number 4 – Master Your Craft
Please don’t make the mistake of purchasing a trading training course, appearing at it and going out trading and here together with professionals.
Trading isn’t like any specialized skill. It needs training and more training.
You must set in the difficult job if you would like to be described as a victory.
This doesn’t mean trading only when the marketplace is open. This also means you put in the time outside of marketplace hours. For me, I love to review trades over the weekend.
It’s like everything slows down and I am able to process the charts in front of me with such clarity.
#5 – Journal
Show me a struggling trader and I will show you a trader that does not journal on a regular basis. As a trader, you need to be more of an analyst than a technician. This means you need to figure out not only what system works but how you are trading within that system.
Journaling allows you to not only review your trades but also your mental state when placing those trades.
Dr. Steenbarger talks about journaling not only trades but your psychology. He says traders should track their trading emotions across three areas: (1) behavioral patterns, (2) emotional patterns, and (3) cognitive patterns. 
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For me, I have never had a losing streak when I was journaling.
It’s only when I start trading without tracking my performance do I run into problems.
#6 – Take Money Out of the Market
You need to take money out of the marketplace, so the reality of what you are doing hits you. If you do not take the money out it will find a way to leave you.
There are those that can just compound their returns day after day. But for us mere humans, taking the money out of the marketplace helps with the psychological barriers that prevent us from having breakthrough success.
Similar to your job or profession, you would not come to work every day and not obtain paid.
#7 – Focus on One Time of Day
I cannot trade the midday for my life. Those of you that follow the blog know this because I have been very transparent about my struggles.
However, put me in the morning and I can generally walk away a winner.
One of the before all else things you should do is focus on a specific time of the day and commit.
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So, if you are going to day trade the morning, then do that and do it with conviction. If you are going to trade wedge patterns during lunc, then do that as well.
Lastly, if you want to trade end of day patterns to see if you can catch the final push higher, that’s okay as well.
But please, please do not try to trade all day when you before all else start. I literally could have saved thousands of dollars and countless hours of headaches if I only followed that one decree.
#8 – Be Prepared for the Long Haul
If you are going to trade then that’s what you are going to do. Do not obtain in the game, only to quit a few months or even a year after starting.
Treat this decision like it is irreversible. Now, this does not mean go down a blind path of financial ruin. It more means you are going to take a mature and methodical approach to learn how to trade.
I still believe anyone can learn how to trade, it just takes a person sticking in the game long enough to learn what works and how to become a successful trader.
#9 – Read About Other Self-Made Traders
At times you will need to find inspiration to keep going. Now I don’t imply you google millionaire share trader, as this will draw the greed out that you have to keep in order.
I recommend you read novels such as Momo Traders or Zero to Hero which can be somewhat more interview-style books. This will let you obtain in the mind of those traders to view exactly what causes them to work.
Again, I am a strong thought it’s about the plans, however more about learning exactly what generates some traders sign up and the way they can triumph win a major scale.
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- Dr. Steenbarger, Brett. (2010). Just how Do I Avoid Overtrading? . traderfeed.blogspot.com
- Pattern Day Trader. Wikipedia
- Dr. Steenbarger, Brett. ‘The Daily Trading Coach’. John Wiley & Sons. p. 43