The trading contest has been off to a great start. Our goal was to have fun, learn and get some great competition and so far we have all done just that. In the first day of trading I have learned some really valuable things that I am going to be working on to improve my results during the contest. I want to share those lessons here so that it can help propel you to become a better trader. I know there are hundreds of traders that are looking to become full time and this type of trading and instruction can be just what they need to help them to get there.
Lesson 1 When Counter Trend Trading Take Profits Early:
Trading counter trend can be dangerous so when you do it make sure that you take your profits when you can. Because if you don’t it can come back to hurt you when the price goes in the original direction of the trend.
Lesson 2: Be Happy with What you Earned:
If your always getting upset with the big one that got away, it can cause fear of missing out and mess with your mental state of mind. In trading you need to have mental and trading discipline to be successful especially in a trading contest. So if you made money that day be thankful you made money! It’s a good thing. In the past I used to get so upset about the money I could have made it hurt my trading performance.
Watch this video for the exact trades I took and to see the results.
If your in the contest leave a comment about how you felt the first day of trading went.
Winner’s Edge Trading, as seen on: