The concept of building a bank account, quitting the job, and being your own boss is an attractive one, but this is the dream, and very few people have the character or patience to make it happen. Those select few who made it to the top now enjoy financial freedom, freedom to spend their time doing whatever they want to do, but they are the minority. It’s not impossible, but it takes skill, hard work, patience, discipline, consistency, risk management and a sufficient time. As with almost everything in life, there’s no guarantee.
Like many of us, a stay-at-home trader’s day might start with a cup of tea and a phone at the kitchen table. They start by checking the news to see what might be affecting the markets. Checking the global indices is a must. News can greatly affect prices and often run counter to technical analysis. Too many traders reading trends get caught out by reversals or spikes that commonly follow important announcements.
If the news is clear, it’s time to open charting software, start glancing over charts and taking notes. Research is key and patience is often the thing that keeps it all together. There’s no hurry. A trader might spend the whole day viewing charts without making a single trade.
If traders are prepared with the scripts, they analyze the script before market and they place trade if their decision coincides with the price action. Successful Traders spend more time on analysis before market and spend less time in trading.
In trading, your money is working for you now, even when you’re not there. There are ways to protect yourself from unexpected events. Two musts are the stop and target. When traders place an order, they can set an amount they’d be happy to earn. There’s no absolute rule for this, it’s a personal preference. The same goes for stops.
You can’t just quit your job and jump into trading with both feet. Some say fortune favors the brave, but such impulsive action will likely end badly. Every mountain is climbed one step at a time. The very first step is to join our program, get trained, practice daily and gain access to markets. Learner drivers don’t learn by reading, they get in the car and start driving. They have a professional by their side to keep them safe, so work on the guidelines preferred by mentor to achieve success in trading.