I am drooling to get onto the platform tomorrow and start live trading. The only thing to damper my enthusiasm is ALL THE HOMEWORK I have to do ("Pre-market Preparation") before I can trade tomorrow. I have to have an action plan written out, a checklist to determine if a trade is good enough to enter (risk management), and have an idea of the market sentiment of that day.
As a day trader, I will make my money on the movement of the market, either up or down. I WANT the market to crash because then I can "short" stock (stocks fall twice as fast as they go up). Now is a great time to short stock because the whole market is falling at the moment.
Tomorrow I will be using real money live on the real market, even though I may only trade 10 shares at a time, with maybe 10 trades for the day. A mature trader will use 1000-3000 shares in a trade, with maybe 1-2 trades a day. One trade of a $0.30 gain means a profit of $300 for a share lot of 1000. I'll be aiming for a gain of $1+ per share. It is all so exciting because money is exciting. The hard part is not getting excited because that is when traders make mistakes.
No comments:
Post a Comment