31 May How to make a living day trading – live event
the crucial points from the live scalper school presentation at Fineco bank
Wednesday 29th May, Fineco Bank – London EC3. – Full house, booking was closed previous day.
I look a bit serious here as our host enjoys the moment.
For those trying to make a living out of day trading, I find forex hard work but the indices have such large volumes they give very technical moves and are a great way to trade for short periods of the day for income.
How can you make regular profits:
ONE: You MUST have a system. No one can make a profit by just dipping in and out of the markets. It takes time to develop a system and can be very expensive in losses and time if you try and set one up yourself. So find a system that suits you; Scalper School is concentrated at the open (London & New York sessions). So we normally finish trading in an hour each session. Our system does not need a lot of leverage to make good profits, other scalpers use excessive leverage for smaller moves so be careful.
TWO: Trade with experienced professional Traders. Our live trading room has traders working to exactly the same system so that is a big help in looking at the market and sizing them up before you commit your capital. Gaining that discipline on your own and achieving the focus you need is doubly hard on your own.
THREE: Protect your capital. Trade the right position size, don’t change it and stop if your system isn’t working that day. Do the same thing every day and expect the same results. Many traders use a position size too high, keep stops too close and let their accounts decline because of it. Avoid greed, keep your focus on the markets, not your account.
FOUR: Limit your trading time. Peak hours, with good volatility is essential. Once out of the main trading window the volume drops most days so novices trade here if they are trying to recover losses.
Five: Losses. No one likes losing money, but few accept the Traders business model of ‘lower cost of losses to winners ratio’.
HOW do you achieve this then?
The key point is discipline, that’s why only 5-10% of traders make it to the top. To achieve all of these attributes of a successful trader – YOU MUST have a system; it’s the only way. As soon as you have rules you have a framework to trade in and if you find yourself trading outside of those rules, you should stop trading.
Make sure you think about a system that suits you though. If you do not like volatile trading then find an intra day or swing trade system. check it out thoroughly and think about how much time you can give to trading and how much you are prepared to train and work until you find yourself sticking to the rules and making consistent profits.
Find out if Scalper School is right for you. Contact us now from the details on this site.