Keys to Successful Day Trading
By Toni Hansen and Brandon Fredrickson
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2. Having a business Plan
Next, successful traders have a business plan. Trading is a business and it should be treated as such. Would you open a restaurant with out a plan? No, or at least I hope you wouldn't or you're not liable to get very far. Restaurant owners need to have a plan. What type of food to serve, start up costs, hours, etc. are just a few of the questions they must address from the start. Trading should be looked at in much the same way. Trading is also a business and you need a plan. In your business plan you should list any number of things:
When you will work? What techniques you will focus on? What your expenses will be? What is your max. loss? What are your objectives? etc...Make it as comprehensive as possible. It will help you out more than you might think.
Next, successful traders have a business plan. Trading is a business and it should be treated as such. Would you open a restaurant with out a plan? No, or at least I hope you wouldn't or you're not liable to get very far. Restaurant owners need to have a plan. What type of food to serve, start up costs, hours, etc. are just a few of the questions they must address from the start. Trading should be looked at in much the same way. Trading is also a business and you need a plan. In your business plan you should list any number of things:
When you will work? What techniques you will focus on? What your expenses will be? What is your max. loss? What are your objectives? etc...Make it as comprehensive as possible. It will help you out more than you might think.
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