Good day trading advice will always include the importance of having the right mindset and knowledge BEFORE you launch into this. The following list includes everything you should understand to make a success of the emini trade opportunities:
- Have a day trading PLAN. - Day trading e-mini futures requires a PLAN framed around probabilities. The plan will be based on the probability that prices tend to act in certain predicable patterns. You pick one or more of these predictable patterns, ascertain the indicators which alert you to the “set up” of the pattern, and the set your PLAN in motion at the appropriate moment. You will not win every time, but because the probabilities are in you favor, you should win more than lose & therefore make money.
- Trade your PLAN without emotion. – If you have a PLAN and you trade your PLAN, then the emotional reactions which often attend the process of quickly rising or falling prices is removed. Your attitude becomes one of a professional. All professionals will give this day trading advice -You MUST have achieved this emotionless mindset otherwise you will either lose big or find it too stressful to enjoy it. Confidence is a key, but it must be placed in having a proven PLAN, not based on a misplaced bravado.
- Trade small – Emini futures trading is about many small wins rather then few big wins. When put at risk a small amount and lose some of it, you get to play again. If you risk much and lose some or all, then your ability to recover is limited.
- Limit yourself - In addition your day trading future system should include a target profit for each week or day, which, when achieved signals the end of trading for you for that week or day. This keeps the gambling emotions from creeping in. Feelings such as “I am on a roll” are totally out of place in your professional day trading environment. It also helps to reduce stress to restrict yourself to say, 3 or 4 trades per day, win or lose. Additionally, good day trading advice would say that you should not set your or weekly or daily profit target based on external needs such as $500 or $2,000 per day – this may give you unrealistic targets. You may reach this type of target with experience and more available capital, but do not overstep the mark when starting. Try measuring success in POINTS rather than $$$.
- Keep a record – You are a professional, so keep a record of your trades. An excel spreadsheet or word document recording dollars committed, timings, results (gain or loss amount), triggers (stopped out, took profits, hit target) , and personal comments about why you did what you did. If you regularly review your diarized comments you will begin to notice things that will make you better at what you do, and help you avoid recognizable mistakes.
You will get all the day trading advice you’ll ever need, from the emini day trading classes contained in the Day Trading Home Study Course. (Lowest cost version of this excellent day trading course available)
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