18 How To Trade With Confidence - Developing A Winning Mindset

Estimated Reading Time: 4 Minutes Self-Confidence is an essential element in any business venture. This is especially true if your business is day trading, since psychology plays such a major role. In this blog post, I want to share a few things that helped me change and improve my mindset as a day trader, develop a winning mindset and trade with more confidence. About 10 years ago, I received a copy of the book "Think and Grow Rich!" by Napoleon Hill. Today, I credit much of my success in business (including day trading) to this book and the core values it teaches. At first, some of the principles and techniques

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20 Trading Tools And Resources

Below is a list of trading tools and resources that I personally use. Thought this might be helps. I'll update this page frequently, so make sure to bookmark this page and check it out from time to time. Cool Tools http://clocx.net - The famous clock that you see on our screens. It's a "floating clock" so you can move them anywhere you want on your screen. I always like to keep an eye on the time when trading. http://evernote.com - Great for taking notes and synching them across your computer, phone and tablet. I use this to keep my trading journal and write down trading ideas. Economic Calendar & News

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5 Trader Tax Status Other Tax Benefits For Active Traders

Have you heard of the "Trader Tax Status?" Do you know that as as trader, there are many tax breaks and benefits available to you? Unfortunately most traders don't take advantage of all available tax breaks. This could cost you thousands! It doesn't matter if you are new to trading or have been trading for a while. And it doesn't matter whether you are making money with trading or you lost money. If you qualify for "Trader Tax Status", then you are entitled to several tax breaks that investors are not. As an  example, if you qualify for trader tax status, you can deduct "investment expenses" such as home-office deductions

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51 My Favorite Trading Books

Estimated Reading Time: 3 minutes I often receive emails asking me to recommend some trading books. Over the years, I have bought dozens of trading books, and here are my 5 favorite books: Reminiscences of a Stock Operator One of my favorite trading books. This is the story of Jesse Livermore, a remarkable character who first started speculating in New England bucket shops at the turn of the century. Easy to read, yet full of priceless tips for traders, e.g. Learn how to lose Learn to take a small loss early Don't try to play the market all the time. It can't be done, too tough on the emotions ...

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18 10 Steps To Become A Trader

Estimated Reading Time: 6 minutes These days there are many people who want to become a trader. But as you know, it's not that easy! Every day I am getting emails from traders who tell me that they have invested a lot of money on systems, strategies and courses, spent countless hours in front of their screen staring at charts.... and yet they still struggle to make a living with trading. How can that be, if these days there are so many "experts" and "gurus" willing to share their "trading secrets" for only a few dollars? I don't know about you, but I am getting emails EVERY DAY about the

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2 The Difference Between A Trading Strategy And A Trading Plan

Estimated Reading Time: 4 minutes A solid trading plan is the cornerstone of your trading business. Unfortunately many traders think that all they need is a trading strategy. This is NOT the case! Let me explain the difference between a trading strategy and a trading plan. A (Day)trading strategy tells you when to enter and when to exit trades. A trading plan is more comprehensive than a trading strategy. A trading plan covers at least seven elements: The market(s) you want to trade. The timeframes you want to trade, e.g. 5 min, 10 min, tick or range bars. A brief description of the strategies you want to trade and when

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8 10 Answers To The Biggest Market Questions

I found THIS today on the Internet and wanted to share it with you. I think it's pretty funny. As part of my continuing commitment to public service, here are the answers to the biggest questions about the markets. You can finally stop asking them. Why did the market do X? There are so many participants in the market, someone probably bought or sold today because their favorite popsicle was out of stock at the grocery store. Whatever reason you can invent, someone somewhere probably acted on it. The result of all that foolishness is the market price. Thus, the real answer to “Why?” is always the same: All of the

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6 Day Trading In August (Rant Enclosed)

Ok, I have to share THIS video with you. Here's what happened: Yesterday morning I was in our Live Trading Room. As always, Rollie started with his famous pre-market analysis, and then he handed it over to me to trade the markets. As usual, before handing the mic and the screen off to me, he asked "So Markus, what do you expect from the markets today?" And I went on a rant! We received really good feedback on my "opinion on the markets", so I wanted to make the recording of this segment available to you. Click on the video below to hear and see what I think of trading

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31 The Risks Of Day Trading

Nobody wants to hear about the risks of day trading. As traders, our goal is to make money. Lots of money - hopefully. We day trade to win, right? No serious trader is trading to lose. People who tell me that they don't care if they win or lose are not serious traders. They are gamblers. A trader trades to win. But unfortunately, losses are part of our business. Those are the risks of day trading. However, as long as they are within your risk parameters, you shouldn't worry about them too much. Let me give you an example: As you know, we are running a Live Day Trading Room.

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7 Trading Tax - Why You Should Be Trading Futures

Last night we did a webinar with Robert Green, the leading authority on trading tax. In this webinar Robert talked about "Tax Benefits From Trading Futures & Other Section 1256 Contracts:" Section 1256 includes many instruments: Not just futures contracts, but also non-equity options including options on indexes, options on futures, most ETF options, broad-based indexes, many foreign futures and electing forex traders in forwards and sometimes spot. Lower tax rates apply to Section 1256 contracts: Section 1256 contracts have lower "60/40 tax rates." This can be up to 12% less than ordinary tax rates on short-term capital gains. That's up to a third off! Loss carryback election: At tax-filing

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104 Trade The Trend!

You might have heard the saying "The Trend Is Your Friend" and that you should "Trade The Trend." But sometimes this is easier said than done. In this article I will show you an easy easy to identify and trade the trend. How To Identify A Trend Way back in the 90s I used fundamental analysis to try and predict the market. Long story short, it didn't work for me. Since the mid 90s I have been using technical analysis in my trading. When using technical analysis, there are two different approaches: Chart Patterns and Indicators Examples of chart patterns are flags, pennants, triangles, double bottoms and tops, etc. Candlestick

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36 How To Be A Trader - Part 2

In the first article of the series "How To Be A Trader" we talked about the mindset of a trader and the importance of having realistic goals. You have learned that consistency is more important than windfall profits every now and then, and that a weekly target of only $100 - $200 can compound to very nice yearly returns. If you haven't had a chance to read the first article of this series, click here to read "How To Be A Trader - Part 1" Today we will talk about the most important skill of a trader. And it doesn't matter whether you are day trading or swing trading. It

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142 How Much Money Can You Make Day Trading?

Estimated Reading Time: 5 minutes. I receive many emails asking "How much Money Can You Make Day Trading?" In this article we will talk about realistic expectations of how much money you can make when day trading. The Mindset of a Trader Many people are intrigued by the idea of "making millions in minutes" while working from home or any place they want. No commute to work, no boss yelling at you, no deadlines, no annoying coworkers, no cubicles, no demanding customers.... and the list goes on. Often people dream of living in an exotic location, trading for a few hours in the morning and then enjoying life. And although

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31 The Best Way To Learn To Trade

Have you ever tried to learn something, but couldn't wrap your head around it? Maybe a language? Or a new skill?

Do you remember the times in school, or maybe even in college, when you just stared at your text book and just couldn't understand what you were reading?

In this article you will learn the fastest way to learn to trade. The key is the way HOW you learn new concepts.

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47 Something EVERY Trader Needs To Know

Before reading anything else, read THIS article!

In this article you will learn about the three areas you MUST master as a trader.
If you fail in any one of these areas, you will fail as a trader.

Click on Read Full Article to read this article.

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14 Important Support And Resistance Levels

As a day trader, you should know the most important support and resistance levels. Have you ever entered a trade, just to watch the market move immediately against you? Did you feel like there was some unseen wall, or some sort of “magic” price level that everyone knew about except for you? In reality there’s little magic involved, and what you do with support and resistance levels is ultimately more important that the levels themselves. But there are key price levels that traders should watch if you’re serious about day trading. In this article I'll share the 5 most important support and resistance levels for day trading. What Is Support

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12 The Story Of The Turtle Traders

The story of the "Turtle Traders" is probably one of the greatest trading stories of all times. It started with Richard Dennis and Bill Eckhardt, two great commodity traders, who argued about whether or not great traders were born or made. Richard believed he could TEACH people to become great traders, and Bill thought that they were born. So eventually they made a bet, and they took out ads in Barrons, The Wall Street Journal and NY Times, looking for individuals who wanted to become traders, but didn't have any trading experience. Turtle Traders Out of 1,000 applicants Richard recruited 13 people - and taught them his trading methods. He

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Day Trading The Grain Markets - Watch Out For Limit Moves

On August 1, 2006 the agricultural futures started trading side-by-side, and a few months later the volume in the electronic grains surpassed the volume of the pit traded contracts. The volatility and nice trends attracted many traders, and today day trading the grains is more popular than ever. However, when trading the grains you should keep in mind that these markets "lock limit" when there are strong moves. A lock limit occurs when the trading price of a futures contract arrives at the exchanges predetermined limit price. At the lock limit, trades above or below the lock price are not executed.  As a trader you want to avoid these situations,

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