Teach Talk Trade Day Trading & Technical Analysis

The Drive to Succeed would be considered to be the trait I see as most important in being a successful online trader. You also need skill and talent. Skill can be gained by knowledge and practice. Talent is an inborn ability for an activity. You must have risk tolerance and have the ability to make decisions under conditions of uncertainty. All you decisions will have uncertainty built into them, you will be in a business of probabilities. You will have to get your head around this idea. Professional gamblers know they are in the business of probabilities, they try to play with the odds in their favor and you must do the same. Amateur gamblers are just throwing their money at something and hoping for luck and chance. Sure they will win some but more often than not, they will be losers in the long run. Online trading can be similar to gambling if you have the amateur mindset. You must develop the professional mindset and try to stack the odds in your favor on each trade. This is where education and practice come in. You need to develop a trading system that fits your personality, fits you risk and money management model and exploits your talents, then and only then, will hard work and discipline work in your favor. You need to be willing to accept losses, it is not a personal failure, it is a normal course of business. Would you consider Ted Williams or Cal Ripken a failure in baseball, of course not, they did not get a hit every time at bat. You will not a win each time you go to bat with an online trade.

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