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New on how to trade indices? Check this out

Trading indices can be fun and exciting. However, there is a rule set that every trader needs to establish and follow in order to be successful. Don’t just start haphazardly trading. This is a recipe for disaster. Know what your goals are before you start, and stick to your plan. There are some great tips and advice for those who want to earn income trading.
First, protect your capital. Every dollar in your account is important, and while there most certainly will be losses, try to keep them small. According to Author Marcel Link “Forget about making money, just try as hard as possible not to lose any. Every dollar you have is precious, and fight as hard as possible to keep it in your pocket and out of someone else’s.”
You also need to control the use of leverage. Leverage gets a lot of traders in trouble with huge losses. While it is a great thing, don’t go overboard, or your losses will be huge, and your account will be depleted before you know it. Use leverage wisely, and only risk 2% of your capital on any given trade.
A very important factor when trading indices is to establish stop loss and stick with it. Stop losses help control trading. Assess your risk tolerance, and set your stop loss accordingly. This will keep your trading in check, and help you to succeed.
Whenever you are trading, keep your emotions in check. Becoming too emotionally attached to trading will lead to failure. Accept both losses and wins. When you have a small loss, accept it and move on, don’t “chase the money”.
Another great piece of advice is to be realistic. While it would be wonderful to make $5000.00 per week with a $10,000.00 account, chances are, this isn’t going to happen. Establish realistic goals ahead of time by sharing ideas with other traders, taking the advice of experienced traders, and doing research as to what your return should be for the dollar amount of your account.
Know your entry and exit points before you start trading and stick with them no matter what. Be sure of your limits and goals. This will help to keep your trading consistent.
When you are trading, you need to create a strategy before you start. Decide whether your trades will be technical or fundamental. Plan your trades carefully and don’t stray from your strategy. You always need to have a clear cut plan before you start.
Trading can be a great thing. By following the above mentioned tips, you can ensure that you’ll be as successful as possible. Know what you are getting into before you get into it. Trading is not a “get rich quick” scheme, it needs to be done carefully. Take the time to educate yourself before you begin. It is wise to use a demo account for a few weeks in order to familiarize yourself with market ebbs and flows, and to find a trading methodology that works for you.


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