Tutorial – Learn how to successfully day trade in a week

It’s no secret that the majority of people who start trading have dreams of becoming a successful Day Trader, living life on their own terms and working their own hours while earning boatloads of cash is just unrealistic.

In fact, most people actually lose all of their money or never even see enough money to make day trading worth their time.

In this short guide and video, I’m going to teach you exactly How to Successfully Day Trade in the Foreign Exchange Markets within a week. You don’t need any experience, and you won’t need a ton of money either. If you just follow the steps laid out in this video and remain patient, you will be a successful day trader, but before we begin I want to share the biggest killers of success.

Pitfall 1: Greed

There is no such thing as “get rich quick.” I hate to be the bearer of bad news, but if you thought you would get into this industry with massive income potential and quit your job you hate the very same week, it’s seriously unlikely. Unless you’re 100% committed to becoming Pro Forex Trader AND have the Cash Reserves to sustain Yourself for 3 – 6 months with no income, I wouldn’t recommend you flip the bird to your boss.

“The critical ingredient is getting if your butt and doing something. it’s as simple as that. A lot of people have ideas, but there are few who decide to do someting about them now. Not tomorrow. Not next week.But today.”

This is what I call greedy thinking, people who want money fast. It’s actually greed that enables people to place trades that are far too large for their accounts. And when any trade is too large for your account, all you need is a few big losses to put yourself out of business. In most things in life and especially in finances, slow, steady, and disciplined wins the race. Kind of like your body. You know that it won’t change overnight by hitting the gym once, You need to consistently hit the weight shack and maybe 3 months later your body will see some big transformations.

Pitfall 2: Cockiness

Let’s not mistake confidence for cockiness. Confidence is wearing a smile in the face of obstacles and personal belief in oneself.

Cockiness is thinking you’re smarter than you are and letting that mentality dictate your decisions. And most people don’t start out cocky, they usually start out like everyone else but then they make a few smart moves, take a few lucky trades, and all of a sudden they’re a big shot, taking bigger trades and doing riskier things. One poor trade can put any trader into a state of disrepair.

Trading is ALL about risk management and humility. NOBODY is ever smarter than everyone else, eventually, you will lose and there’s always a trader out there who will beat you. Did you know: Most pro traders usually lose more than they win, it’s just that their wins are far bigger than all of their losses. How? Discipline, humility, and risk management is what wins the long term.

Pitfall 3: Lack of Preparation

Good old Abe Lincoln the 16th president of the United States, and by far one of the most memorable/successful was once quoted saying,

“If you gave me 6 hours to chop down a tree, I would spend the first 4 sharpening the ax.”

Preparation, the mother of all success. Could you imagine going into a major exam without having studied the week before? What about being a lawyer to a case that you have no clue about? How about going on a trip around the world without having planned your travel or hotel?

Becoming a Successful Day Trader is the same way, you must prepare daily by doing proper analysis BEFORE you enter any trades. Don’t rush into a trade for Fear of Missing Out. Better not to enter a trade at all then to hopefully make a ton of money.

Also, learn to prepare mentally. What does that look like for you? What disciplines will you hold no matter how volatile the markets get?

Pitfall 4: Never Leave a Trade Open Over The Weekend

I won’t dive too far into the reasons and mechanics behind this one, it’s just in my experiences, I’ve never seen more trades go south more quickly than by leaving a trade open over the weekend.

Come Friday at 2:00 pm PST, I’ve witnessed friends leave trades open, then some major news event happens over the weekend and come Monday, the markets turn for the worse and your trade quickly becomes a money-eating monster. My advice? Just develop the habit of closing any trades you have open before market close on Friday, it’s safer and will serve you well over the long run.

Instead, here are the things you should do successful day trade starting this week .

1. Start Small

One of the most valuable things my mentor ever taught me about the business was to trust someone with a little until you can trust them with a lot.

Think of it this way, would you ever approach a random stranger with your business? Simply walk up to them and hand them the keys to your estate without first vetting them and knowing whether or not they’re trustworthy and capable? Of course not, the same is true for you.

One of your biggest hedges (or protections) against losing your money in these markets is to start small. If you can consistently win with small amounts or at least win more than you lose on 50% of your trades, then you’re in the money and that’s where things get exciting because all you need to do is:

2. Take Advantage of Compounding Growth

Einstein Called Compounding Growth “The 8th wonder of the world” and rightfully so because over time and with discipline, anyone, (yes, that also means you laddie) can turn a little bit of money into a damned fortune.

How? Well, let’s apply a little demonstration, go to (WEBSITE LINK) to input some numbers to see what your starting amount would turn into within a few months or years of staying consistent.

I have a live example in the video above at minute 7:15

3. Set a Goal for Yoursel

I have yet to meet a single individual on this planet who didn’t set a goal for themselves. If you have, please point them out to me because I didn’t know they exist. While you’re at it, could you also introduce to me to the tooth fairy and Easter bunny?

Goal setting simply means you place an intention to have something you don’t currently have and then commit wholly to it. Read that again. Then you write it down like it’s written in stone, somewhere you can see it and somewhere where you will be held accountable, heck, tell somebody .

What percentage goal do you want to hit each month? How much do you want to make this year? Next? Today? There’s power in intention and you’re FAR more likely to hit a goal that you aim for than changing your life by aiming for nothing at all.

4. Time Management

Next up, closely related to goal setting is that of time management.

There’s an old saying that goes, “Those who fail to plan, plan to fail.” if you truly want to become a successful day trader starting this week, you need a daily plan of action.

Something you commit to and do daily without fail, no matter what happens, who gets in the way and how you feel. Stick to the plan and the goal is yours. Fail to show up even just one day and you might as well kiss that goal goodbye.

“Be thankful for what you have you’ll and up having more. if you concentrate on what you don’t have, you will never,ever have enough.”

Here are a few questions you should answer here:

• How much time are you willing to dedicate daily to trading?

• Are you going to trade the daily sessions or nightly sessions?

• How much time will you dedicate to Forex Education?

• What are your Specific and IMMUTABLE Rules for Trading that you will never break no matter what?

• Do you want to be a Day Trader? Intra-day Trader? Or Scalper?

• How will you handle loss? Especially if it’s big? Will you quit? Pray? Meditate? Go for a jog?

• How much time are you willing to dedicate to getting good or stopping all together? 3 months? 6 months? 1 Year?

5. MEGA IMPORTANT Keep Up With the News and Current Events

There’s a general rule many professional traders abide by and its that the fundamentals (news) always trump the technicals (charting) when it comes to major market moves.

In other words, your charts can look all pretty one day and every single indicator in the book points to the market going up, which you’re sure of.

Then, next thing you know, Colin Powell, Chairman of the Fed gets on stage and announces we’re going bankrupt or decreasing interest rates yet again and bam, down goes the market. Why? People got scared, they pulled their money all at once.

And here you were going long and betting the market was going to go up right before Powell made an announcement and it blew your chances of a winning trade.

In my opinion, it’s best not to trade Red Folder Events (critical) at all.

For more on that, you can go to minute 2:23 in the video above to learn how to read these events and when you should and shouldn’t trade.

For any questions you have about day trading successfully or becoming a Forex Trader, you can refer to this page (Contact Page)

“DOnt’t bunt. Aim out of the ball park. Aim for the company of immortals.

And If you want to learn in-depth on how to become a professional Foreign Currencies Trader, you can click on the Link Below to Download my newly released book absolutely free titled: In The Money: Million Dollar Forex Trading Secrets From a High School Dropout: An “insider” Short-Guide to Becoming a Pro-Forex Trader EVEN if You’re a Complete Newbie