Define Your Goals and Make a Plan

Defining your goals and making a plan is probably the most important task a trader can undertake.
Many traders refer to their day trading plan as a trading system. That’s absolutely ok; since a trading system is nothing else than a structured day trading plan.
Let’s take a look at the elements of a good day trading plan:

Financial Goals
How much money do you want to make?
How much money do you need to get started?
What can you expect when trading a system?
In this chapter you’ll learn the answers to these questions. Defining your financial goals is extremely important, since the outcome of the next steps all depend on YOUR goals.
Selecting a market
You need to determine whether you want to trade Stocks, Options, Forex or Futures.
It really doesn’t matter WHAT you trade, as long as you’re successful. Each market has advantages and disadvantages which we will discuss here. This will make it easy to find the right market for YOU.
Selecting a timeframe
In this section you will learn the differences between daytrading, short-term trading and long-term trading and how to find the...