How To Get Better At Trading Penny Stocks

How To Get Better At Trading Penny Stocks

You might think that becoming a successful penny stock trader is easy, but as you'll learn if you want to become my next Millionaire trading challenge student you will have to continually refine your trading process and learn the patterns that work best FOR YOU!

1. Learn how penny stocks work

This might sound obvious, but there are so many people that breeze past this step that it's little wonder that so few traders really make it...use this free penny stock guide as your foundation.

2. Learn from veteran traders

One of the best ways to get better at trading penny stocks is to learn from established traders as we now have SEVERAL millionaires giving live weekly webinars to my trading challenge students and these are MUST WATCHES!

3. Practice, practice, practice

Once you've learned the lay of the land and some different ways to approach trading, it's time to begin to settle on developing your own approaches to trading in various market environments. This is far from something set in stone, and the best way to do it is through practice, use the papertrading feature here

4. Have clear goals for the future

While the future might seem like a long way off, it's important to have long term goals as a trader. Ultimately, these are going to be the things that make you want to succeed as a trader. The more specific your future goals are, the better. For example, instead of "be the most successful person on my block," your goal might be "buy a block of property and develop it to make $20 million in profits."

5. Have clear goals for the day

Goals for the future are important. But on a daily (or weekly, depending on what works for you) basis, it's important to maintain motivation, so that you can continue on your path. For that reason, in addition to having long term goals, you need to establish short term goals, as well and I'm not talking about profit goals, I mean goals of how much you can study and build your education.

6. Make smart decisions about what to trade

Choosing penny stocks is a mixture of art and science. Yes, you want to choose stocks that are moving, but which ones? Do you go for the big ones that everyone else is probably chasing, or do you look for something flying under the radar? Watch this entire free guide to help narrow down your search.

7. Have a plan

To take your trading to the next level, you really need to start making a plan. This might not sound super sexy but trust me, it will revolutionize the way that you trade.

Methods of planning will vary depending on your personal style. But moreover, the benefits are many. For one, you'll change your relationship with the trade, so that you're not chasing the stock, but making calculated decisions, like a sort of trading hunter. By having a plan in place, you'll also nip in the bud potential crisis-fueled bad decisions. By making planning part of your ritual, you will get better at trading penny stocks, and quickly.

8. Keep a log

As time goes on as a trader, it becomes harder and harder to remember the specific steps that have played into your successes and failures. It's important to know about what steps lead to both.

9. Keep learning

When you stop learning, your career will slowly begin to decline. You might not even notice it right away, but you will become irrelevant over time. To stay current and create a strong infrastructure for trading for life, make a commitment right now to always keep learning. Not only will it make you a more well rounded trader, but it will make you a more interesting person. Get better at trading, get better at life. Win-win!

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download