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In order to become a successful trader, we must create a business plan for our trading business. Many people attempt to start trading without a plan, and end up going down the wrong road. Like a street map, the trading plan will keep you on course to creating a successful and profitable business.

Now, let's get started on creating your business plan.

First name:
Last name:

First and foremost, we must select a time frame from which you intend to trade most of your stock selections. In order to do this, your capital requirements will likely play a role in selecting which time frame is best suited for you. It is recommended that you not attempt to day-trade with less than $25,000, although this does not mean that you would be any less successful trading with less capital, it is just a good starting point. Also, with new SEC rules, you have greater leverage (buying power) with an account of $25,000 and your funds are not limited to the restrictions of opening and closing trades as you are with an account less than $25,000. Swing traders are able to begin their trading with less capital, but the money-management principles must remain the same, by limiting the amount at-risk to no more that 2-3% of your account on any trade.

Capital: $
(Leave out the comma example: $25,000 = 25000)

Requirements for trading perspectives:

Day Trader: As a daytrader, you will be required to sit in front of your computer each and every day that you intend to trade. If you do not have the time, ability, or the will-power to sit in front of the computer several hours at a time, don't even consider this type of trading. You should never, ever leave a position open and unattended as a day-trader.

Swing Trader: As a swing-trader, you will be attempting to profit from the market on a multi-day basis. You will likely hold positions for more than 1 day. With this type of trading comes increased risk, as no one knows what may happen overnight. This reduced risk is something that you must feel comfortable with!

ALWAYS USE TRAILING STOPS!
Good Luck and Happy Trading!
WallStreetWarriors.com

Disclaimer: Short-term and day-trading is very risky. Past performance is in no way indicative of future results. WallStreetWarriors.com assumes no responsibility for your trading results. All the information provided is for educational purposes only and should not be construed as investment advice. The opinions and research provided within these pages are based on historical data and are deemed reliable. Untitled

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