10 Things to watch out for when starting to investigate the business of day trading:
1 - Indicator vendors who do not trade their own indicators.
2 - System developers who do not trade their own systems.
3 - Indicator vendors who do not teach how to trade with their indicators.
3 - System developers who do not teach how to properly use their systems.
4 - vendors who record market replay results of indicators or systems without any real time trading results or videos.
5 - "Secret" indicators or market knowledge known only by the vendor.
6 - Trade education rooms where you cannot see the trades either on the chart, dom, or in full clear view.
7 - Trade education rooms where you cannot see a track record of trades taken with accurate time stamps on each trade.
8 - Trade education rooms where the trades are not called in advance enough for you to take advantage of them.
9 - Hard sell trade rooms, email bombardment.
10 - Sales rooms disguised as trade education rooms.
10 Misconceptions about day trading that many traders believe;
1 - Trading is a hobby, and you can make money with this hobby.
2 - All trading indicators and methods should be free.
3 - Some indicators are better than others.
4 - Some systems are better than others.
5 - Only the "best" indicators can make you money.
6 - Indicators make you money.
7 - Anyone can succeed at day trading.
9 - Mechanical systems are best.
10 - The results the trade room moderator gets are what you will get too.
10 Truths about Day trading
1 - Trading is a serious business.
2 - The market has no mercy.
3 - For every trade there is a winner and a loser, and there are real people trading.
4 - Institutions and locals inititate market movement.
5 - Most retail traders loose money consistently.
6 - No one knows the future of where price will go.
7 - Trading is all about statistical probabilities of patterns and events repeating.
8 - Statistical probability is very short lived...often just 1 price bar.
9 - The results you get trading in a trade room have very little to do with the results a trade room moderator gets.
10 - Trading is not for everyone.
There are many more, but these are the ones I consider most important for the new trader.
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Posted:2012-01-23 01:28:13
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Excellent list mike keep it up brotha!
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Posted:2012-02-07 10:37:23
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i sure hope this training program i went through will pay off. I was always skeptical on these "training courses" guess we will see.
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