Every day you step up to trade, you step up to yourself.

You may think it’s you against the market. But the biggest obstacle to making trading a consistent money maker for you lives in your mind.

This fundamental truth can be challenging for new traders to accept.

Mental discipline ultimately separates successful traders from the 90% who fail.

Now, you can take many steps as a beginner to increase your odds of success.

You set investment goals. Make sure to do your research. Find the right broker.

But the biggest obstacle may be overcoming the myths you hold about trading.

And today, I want to clear those obstacles from your mind…

Don’t Believe the Hype

Contrary to popular belief, unwavering positivity and conviction in your trades can be detrimental, especially in the volatile realm of penny stocks.

The truth is that most penny stocks will fail. There is nothing about them to believe in. More often than not, they exist to pull pump-and-dump scams on an unwitting public.

You, however, should see them for what they are – trading vehicles.

And once you learn to recognize these two key setups, you’ll ride the coattails of hype to consistent profits.

KISS

Another myth new traders fall into is the belief that you can only make money when you trade full-time.

What a bunch of crap.

Trading all day, every day, leads to overtrading.

As a newbie, keep it simple instead.

Focus your trading plans on afternoon VWAP holds. That way, you can focus on a tried-and-true pattern while still working your day job.

Formal Education

Another common myth is that trading requires a college degree.

Nothing could be farther from the truth.

A laptop, a brokerage account, and the right coaching will take you all the way.

That doesn’t mean you take trading lightly. You gotta put in the reps.

But arm yourself with the experience earned by other knowledgeable traders, and you’ll save yourself a lot of painful mistakes.

You Can’t Just Roll Out of Bed

Inevitably, you’ll hear that you can make all the money you want before the market even opens.

All you have to do is trade the pre-market and go back to bed.

It’s not that easy.

The pre-market is dangerous, especially for new traders. This low-volume, high-volatility market scares even me, and I’ve been trading a long time.

Trust me, trading in the afternoon – or 15 minutes after the open for those with the time – is best for beginners.

Big Swinging Balance

You don’t need thousands of dollars to cut your teeth trading.

Many traders start with just a few hundred.

You’ll be limited to holding positions overnight, which is why I recommend the afternoon VWAP hold.

But that’s a good thing. The discipline this imposes gives you the time to learn from every trade rather than going all-in with size and learning the hard way.

Trading part-time takes work. But it doesn’t take massive resources.

Anyone committed to learning the game can find the success they want.

To help you get up to speed quickly, check out my free “Ultimate Guide to Part-Time Trading”

Just click this link, enter your e-mail, and you will find it in your inbox in seconds.

And to become a pro-level trader even sooner, join us for free, live daily training sessions at StocksToTrade Live.

 

Until next time,

Tim Bohen

Lead Trainer, StocksToTrade