Money 101

[stocksszzq]

EASY STEPS TO IMPROVE YOUR WIN-RATE

From my blog:
http://dailypennystock.blogspot.com/2011/03/easy-steps-to-improve-your-win-rate.html


Easy steps to improve your win-rate
Now that I've hit a significant benchmark in trading... I figured I would to be to go over some very simple steps to instantly improve your win-rate. Things I've picked up on so far...

#1 - Trade with a plan.
If you don’t have a plan, you probably shouldn’t be in the trade.
Plan out your entry and exit points BEFORE you are in the trade. We do this the night before. When 11am comes and it’s your first time hearing of that hot stock that everyone’s been tweeting about, it’s probably too late.
Your entry/exit plan doesn’t have to be down to the exact penny. Just by having an approximate range in mind you’ll be ahead of 75% of people already.

#2- Always have your finger on the sell button.
When I first started trading I thought it was just... “lol gonna make money while I do nothing... might as well go out and let my money grow”. Might’ve worked in 1998 2000 when everything went up.
If you don’t have access to your computer, phone, or whatever you’re trading on, you probably shouldn’t be in the trade. Penny stocks (and 2011 market in general) are too volatile, ANYTHING CAN HAPPEN AT ANY TIME.
Have your trading webpage up at all times. Typing logins can slow down... a lot can happen in 30 secs.

#3 – BE AWAKE WHEN THE MARKET IS OPEN.

Sounds SO EASY but I find this the hardest to do. I still sleep in, wake up at 10-11AM at least once a week. It’s a terrible habit and it's cost me a TON of money so far.
I miss out on stocks with pre-market volume that are going to be pumped that day. Also miss out on current events, news, market trends.
Aim to wake up at 8 and be at your desk ready to go at 8:30 or earlier!!!