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The Key Essentials to a Trader’s Psyche #7:Controlling Negative Emotions By : Markus Heitkoetter Every trader will be afraid at some point. Only a few, the successful few, will resist the urge to act on their fear. Trading is a stressful process, and you will experience many setbacks, but do not allow the potential for failure to blind you to the possible gains. Remember that every setback is a chance to learn and improve. The Key Essentials to a Trader’s Psyche #6:Paying Attention to Your Mindset By : Markus Heitkoetter Keeping track of your headspace may be more important than keeping track of the market. Successful traders pay attention to their emotions. They try to control their emotions instead of being controlled by them, and they know to personalize their strategies for their own comfort and strengths. The Key Essentials to a Trader’s Psyche #5:Recognizing That Success Means Consistency By : Markus Heitkoetter Remember the old riddle about choosing between $10 today or a penny every minute for a week? The best traders know that the repeated penny over the long term is the only smart choice. Successful traders find success in consistency more than immediate profits. Being able to consistently make profitable trades, no matter how small, means that your system is going to be profitable over the long-term. The Key Essentials to a Trader’s Psyche #4:Finding the Ability to Adapt By : Markus Heitkoetter A trader who only repeats himself is a trader destined to fail. Successful traders can adapt and adjust their trading methods and decisions to changing market conditions. They know that no plan is 100% foolproof, and they stay open to new ideas and experimentation. Fatal Day Trading Mistake #5 - Lack of a Trading Strategy By : Markus Heitkoetter In this industry, most people call themselves ‘traders.’ Unfortunately, a better word for a lot of them would be ‘gamblers.’ No matter how you spin it, trading without a strategy is equivalent to a stint at the craps tables. But there’s no reason to resort to that – finding a dependable trading strategy and sticking to it is really very simple. Fatal Day Trading Mistake #4 - Trading the Wrong Market By : Markus Heitkoetter Traders who play favorites in this area are setting themselves up for catastrophe. It’s easy to get comfortable in one market, but it’s easy to get comfortable in one pair of socks, too. The bottom line is the same: you need to diversify. Thankfully, it’s not hard to do – there’s just one thing you need to look for. Fatal Day Trading Mistake #3 - Not Limiting Your Losses By : Markus Heitkoetter Hate to lose? Who doesn’t? But there’s a difference between losing and losing BIG. Lots of traders fail to limit their losses in search of that one, big win. They feel like any loss is a failure, and so they don’t incorporate a strategy for losses at all. That’s the first mistake. Luckily, it’s easily avoided. Fatal Day Trading Mistake #2 – Not Taking Profits By : Markus Heitkoetter It’s an emotion every trader is familiar with: greed. Who doesn’t want to get rich, and who doesn’t want to do it in one trade? But thinking that way is one of the main reasons most traders lose money. There’s a much better method to making your fortune. Fatal Day Trading Mistake #1 - Struggling to Identify the Direction of the Market By : Markus Heitkoetter New trader? Experienced trader? Somewhere in the middle? Regardless of how long you’ve been trading, it’s very likely that you’ve struggled with identifying trends in the markets. Trends are crucial to successful trading, but they’re also one of the biggest problems for traders. So, how do you avoid wasting time and energy when it comes to predicting trends? The answer is simplicity itself. Who Should Be Day Trading? By : Markus Heitkoetter Day trading is not for everyone. Yes, there are many advantages, but there are also some “negative” factors. One of them is that you WILL face losses. As a trader, losses are part of our business. If you can’t accept that fact, you simply shouldn’t trade. What’s Up With Trading Charts? By : Markus Heitkoetter If you’re new to the trading game, and you’re not a Ph.D. in Economics, then charts are the way to go. The most basic charts are bar and line charts. In fact, even if you’re an experienced trader, bar and line charts probably still have a special place in your daily trading life. Understanding the Forex Market: Risks and Rewards By : Markus Heitkoetter The word “forex” comes from Foreign Exchange, and is often ab¬breviated to FX. Trading the forex market involves the buying and selling of currencies. In simpler terms, it’s the exchange of one currency for another at an agreed upon rate. There’s More to Trading Than Just Having a Strategy By : Markus Heitkoetter As a trader, you understand that a good trading strategy is one of the single most important factors when it comes to your trading. The Importance of Stop Losses By : Markus Heitkoetter I once heard the saying: “A monkey can enter a trade, but money is made (and lost) when you EXIT it.” The Importance of Education in Day Trading By : Markus Heitkoetter Day trading can be simple, but don’t make the mistake of think¬ing that it’s easy. There are many websites and late-night infomercials that try to tell you differently. They make you think that you just have to read a few pages or attend an online class, and then, magically, you’ll become a successful trader. Don’t be fooled. Ten Reasons Why Day Trading Is Your Path To Wealth By : Markus Heitkoetter Day trading can be risky, but, with the right education and approach to the markets, it can also be your ticket to true wealth. And when I say wealth, I am not just talking about having a lot of money. Technical Indicators – Part 2: Support and Resistance By : Markus Heitkoetter Let’s keep it simple: money is made if you buy when the market is going up and sell when the market is going down. That’s why technical ana¬lysts hold to the motto "The trend is your friend.” Technical Indicators – Part 1: Mapping Trend Lines By : Markus Heitkoetter Let’s keep it simple: money is made if you buy when the market is going up and sell when the market is going down. That’s why technical ana¬lysts hold to the motto "The trend is your friend.” Making Sure Your Trading Plan Works: By : Markus Heitkoetter Having a trading plan is like having a solid blueprint to build your home, or having a map when traveling to a new location. Even a professional trader won’t survive in the markets without a good trading plan. Online Currency Trading requires Patience By : James de Wet When the going gets tough, the tough get going. This adage often brings back the memories of my past days when I was trading initially in the currency exchange market. Indeed, there’s nothing more hurtful than losing your invested money in the FX market. But, online currency trading is like life where you’ve got to learn from your wrong moves and keep moving on. Choosing A High Interest Savings Account By : Nicholas Hunt There's more to a choosing a savings account than simply comparing basic interest rates. Different account features can suit different situations, and choosing the wrong account could be costly.

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