Beginners Blog
Last week I decided to get myself a new hobby, collecting stamps seemed a little dull and it’s too cold for gardening so I figured I’d have a crack at becoming a day trader. I set up an online trading account, put $2000 in and instantly knew that within six months I’d be able to [...]
My Trading Rules – Part Two
Following on from my previous post here are some more rules I follow:
Know when to exit a position. Before taking a position on a trade I always have a predetermined exit whether that be a stop loss to minimize any losses or a profit percentage at which I am happy to exit. This sounds incredibly simple but can be incredibly difficult to implement due to natural human instincts such as greed and stubborness. Remember the golden rule of all trading is to make money, cash is king. Trying to pick the high for the day as an exit is extremely difficult and elusive just as trying to convince yourself that a share will turn around and that your stop loss should be altered.
My Trading Rules – Part One
Like many rookie traders out there looking to make profitable trades on the ASX I have had my fair share of mistakes. Some of these mistakes are easily recognizable, some are not.
Some of my intial mistakes include:
Assuming that the collapse of a share price indicates value buying opportunities. Assume NOTHING, BBI, VBA, ROC, VPG are [...]