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Dayraders: Here is "What's New" at the Daytrader's Bulletin
==================== Daytrader's Mentor ================
You will learn more by trading alongside the Daytrader's Bulletin in a single month than you will in a year of hit-and-miss trading by yourself. If you are not already trading the S&P500, we suggest you open an account with an on-line broker, and intially paper trade our Real-Time Signals.
Using our Real-Time Signals, you can participate in a valuable, real-time trading experience. Trading fundamentals and techniques can be learned by reading books and attending seminars, but like any skill, effective trading takes time and hands-on practice.
Accelerate your real-time trading education by joining us as we trade the S&P 500. The S&P 500 is a fast moving market, presenting multiple trading opportunities during the trading day. You'll feel what it is really like to day trade. Experience the excitement first hand, and gain a familiarity and clear understanding of the process day traders must follow to be successful.
Experienced traders use our service to validate their own signals, and gain valuable experience in trading without hesitation. Novice traders can accelerate the learning curve (through electronic paper trading) and gain experience in a real trading environment. The knowledge and experience required for day trading cannot be obtained in one weekend seminar, but is only truly gained by interaction with the market.
Perhaps the single most valuable feature of the Daytrader's Mentor will be having someone to answer your trading questions. How many times have you read a book and needed further clarification. Have you tried writing the author? Here you not only can ask the author directly, but you can also talk to other traders.
We will be using a bulletin board format so all questions and answers are usable by all participants. We feel it is a far better use of everyone's time and resources and we will be encouraging all subscribers to post their trading questions on the board. This bulletin board will be private and only available for the use of current subscribers and free trial participants.
For one-on-one training visit our new site The Daytrader's Mentor
=================== New Subscription Rate ===============
================== Trade Management ==================
No subject is necessary as this is an autoresponder. You will receive this one mailing only. Your name and e-mail address are not retained by us for any purpose when using our autoresponders.
== Daytrading the S&P 500 - A Visual Approach.
By Charles Holt, CTA =
Chapter 9: Psychological Strategies for Optimized Trading. A Daily Regimen for Top Trading which includes:
1. Daily Psychological Analysis.
Emotional Control - In trading, preparation is mostly mental and emotional. Establish a daily routine before trading each day...
=============== Surviving Drawdowns ====================
If you are a new trader, how can you develop the confidence to continue trading your "system" when it suddenly seems to be no longer working? Find out what the pros do in this situation: Get your hands on any trader's equity charts (ours are posted at the end of each trading day both monthly and quarterly), or review your own. You'll notice how they closely resemble stock or commodity charts.
Trade a winning system, follow your rules, and cut your losses short, and you will succeed. A trader must develop the skills necessary to garner a reasonable expectation of price movement and then trade accordingly. Occasionally your system will fail; the market will move against you; you may even make a mistake or not follow your rules.
Don't take losses personally, or beat yourself up over them. Once a trade has been taken and exited, it is finished. There is nothing gained by lamenting a loss, but everything to gain by analyzing the process and determining whether the trade might have been handled differently. If you followed your rules and still experienced a loss, you are doing well and should take this as a positive, not a negative.
There is something to be learned from every trade. Resist the urge to constantly change your system and/or rules of trading. Keeping tight stops and exiting any losing position immediately will help reduce your losses, but a continual tweaking will result in no system at all.
Rules are developed for a reason; follow them. Concentrate on maximizing
the winners. Many highly successful traders lose more often than they
win, but their winners are far larger than their losers and consequently
they are profitable. Home run Hall of Famer's must strike out hundreds
of times to attain the number of successful stolen bases or home runs
that they reach. They don't dwell on the misses, but focus on the hits
and so should you.
Study your winning trades and find ways to make them even bigger winners. Focus on the positive.
================ New Book Store =======================
Book of the Month: Mastery by George Leonard. $9.56 softcover. This is not specifically a trading book but one of my favorites nonetheless. Skillful trading requires a master's dedication and patience. This book is about success and how it is gained in any endeavor.
=============== Results through April 1999
================= Software Spotlight =====================
That's right, this utility enables you to double your screen space. You can have your charts viewable in your main screen, and switch to the Right screen (click on the right pointing red arrow) and there is the Bulletin Signals page, LeoWeb, your news sites, or whatever is your preference.
This is useful because you can set up your programs and display them however you wish without the constant overlapping when they are all displayed in one screen. This utility is freeware and the next best thing to having dual monitors.
HINT: If you lose track of the address for the Software page, a link to the software page is off the Trader's Tools page.
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