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Ways To Reach Your Goals With Online Stock Trades In A Short Time

By James Hartje

Trading has gained rapid popularity ever since the Internet made its appearance a number of years ago. Suddenly anyone with a computer can get involved with online stock trades and hundreds of thousands of people all over the world are doing just that. Some of them make a lot of money, but even more are losing money every day. Why is that the case? How can one become successful in trading?

What you should understand from day one is that you’re not trading against somebody else. You have nobody to beat but your own strengths and weaknesses. Becoming a good traders means getting to know yourself and making use of your strong points and getting your weaknesses under control. Without learning to do that, you will forever allow your weaknesses to influence your trading.

In trading one major loss can easily wipe out the profits of a whole number of wins. If you are therefore the kind of trader that find it hard to cope with loss, so you cling to a trade in the hope that it will turn around, you are setting yourself up for failure. You have to learn to let go of a trade the moment it becomes clear that it’s not going to turn around. A pre-set stop loss level can help you a lot with that.

Another issue that many traders have a problem with is fear. They cash in on a winning trade long before it has reached its full potential. In this way they make a series of small wins, but never make big money. Combine that with holding on to losses too long and you have a recipe for disaster in trading.

An absolute must in order to become a successful trader is a trading plan. This is simply a set of (preferably written) rules that you use to guide your trading activities. The trading plan will incorporate things such as stop losses, take profit levels, trading volumes, lot sizes and much more. If you stick to a trading plan, you are much more likely to be a successful trader than if you trade according to your emotions.

Money management also forms part of every successful trader’s strategy. This simply means that you have to plan the size and volume of your trades according to your financial position. If you only have five hundred dollars in your trading account, you can’t trade the same lot sizes as someone who has five hundred thousand dollars in his account. Overtrading, which refers to making too many trades during a given time period, is another problem that can be eliminated with a good money management system.

Online stock trades can be a fun and lucrative way to make money part-time, but it can also become a full-time career. Whether you succeed depends largely on whether you are prepared to stick to a trading plan and follow sound money management rules.

Get wonderful tips to online stock trades by going online. There you will find more about the stock market today and learn quickly. Head online today.

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Article Citation
MLA Style Citation:
Hartje, James "Ways To Reach Your Goals With Online Stock Trades In A Short Time." Ways To Reach Your Goals With Online Stock Trades In A Short Time. 3 Jul. 2010. uberarticles.com. 27 Sep 2014 <http://uberarticles.com/finance/investments/ways-to-reach-your-goals-with-online-stock-trades-in-a-short-time/>.

APA Style Citation:
Hartje, J (2010, July 3). Ways To Reach Your Goals With Online Stock Trades In A Short Time. Retrieved September 27, 2014, from http://uberarticles.com/finance/investments/ways-to-reach-your-goals-with-online-stock-trades-in-a-short-time/

Chicago Style Citation:
Hartje, James "Ways To Reach Your Goals With Online Stock Trades In A Short Time" uberarticles.com. http://uberarticles.com/finance/investments/ways-to-reach-your-goals-with-online-stock-trades-in-a-short-time/


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