PODCAST: Five Wisdom Keys For New Traders

Trading is an excellent skill that anyone can learn. Join trading coach and seasoned trader Jerry Robinson as he shares his approach to trading to achieve consistent profits in any market.

1. Identify your trading style.

• Position trading
• Day trading
• Swing trading

2. Treat trading as a business.

• Do you have structure, a comfortable place to trade free from distractions?
• Can you devote a consistent amount of time to this business every day, week, etc.?
• Do you have trading rules?

3. Don’t have unrealistic expectations.

• View your trading business as a marathon, not a sprint
• You will hit some homeruns but it’s vital to drop the “get-rich-quick” mentality
• Understand that trading is an arduous career that takes time, patience, and discipline.

4. Study, Study, Study.

• You will never earn consistent profits from trading if you don’t commit time to study
• Study charts, study markets, study interest rate movements and their impact, etc.
• Study trading success and the lessons learned by successful traders of the past

5. Adopt a rules-based trading approach.

• Traders who don’t have rules are prone to overtrading
• Become clear about your rules and write them down
• It’s crucial that you stick to your trading plan

Jerry closes out with a cutting reminder from comedian Richard Pryor that reveals an important truth about money.