Futures trading, like any lucrative earning opportunity, involves high risks. Online futures trading is no different – its convenience tempts many people to treat trading like a Vegas casino instead of a legitimate investing opportunity. With this in mind, following are some pointers on succeeding in the online futures trading jungle:
Are you a long-term investor or a day trader? If you decide youre a day trader, then keep up with your trading account on an hourly basis. If you decide youre a long-term investor, then it is important that you resist the urge to check your account every hour or even every day, because short-term trends that are useless for your purposes may tempt you to trade when it is unnecessary or even harmful to your long-term interests.
Dont gamble with grocery money. Decide how much money you are willing to put on the table in advance, and stick with this budget no matter how fast you lose it. If you dont, online futures trading will become a vice that will put you on the street in no time. And if youre a beginner, stay away from highly fluctuating markets – you might want to consider starting with mini-futures.
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