≈ Everyone has a plan until they get hit. ≈
Slawek J here.
My career as a trader started like most people, by accident. But unlike the majority, I first made tons of money—beginners luck, and then went and got an education.
Every mentor of mine kept on saying: “Before you jump all in, make sure you double your paper account”. I agree with this statement. All of my teachers were right about paper trading. I think that everyone should spend a fair amount of time learning the skill of technical analysis, using strategies, finding entries, calculating stops, targets, etc. And if you are an options trader, learn how to read the options chain and understand risk graphs.
Learning how to use your trading platform should also be done in a DEMO account. The rule of thumb when I was learning this craft was to double my paper trading account before going live.
But is this the end of the learning curve?
Are you ready to jump into the live Markets with both feet?
Did you see it all in markets yet?
Mike Tyson once said: “Everyone has a plan until they get hit.”
Chart of the Day
The path of least resistance
Always chose the path of least resistance. Trade with the trend.
Read the full story HERE.
Video of the Day
How to reset a Paper Money account in Thinkorswim
Learn how to look up your trading records and how to reset your paper money account balance in Think or Swim.
Today’s line up
The VIX Spiked – What Now?
Trade troubles have ushered in the return of fear. And it’s bringing opportunity in its wake – if you know where to look. For a hot take on the panic that is now in the air, we turn to the ultimate sentiment gauge – the VIX.
Traders Lounge 11PM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Cashflow Club Replay
If you missed last night’s episode where Coach Tyler Craig talked about the recent VIX spikes and how you should manage your positions in the current market or would like to watch it again, check it out here.
Halftime Report 12:30PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
The Market Recap is designed to give you a quick overview of the day that was. While brief, this report is designed to cover all of the major events that drove the markets that day and help you plan for the trading day ahead.
Financial freedom is a journey
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