Durand Capital CEO Jim Tassoni's Advice For New Short-Term Traders
Durand Capital Partners Founder and CEO Jim Tassoni was recently a guest on Benzinga’s #PreMarket Prep, where he gave some advice for people who are interested in short-term trading.
"First and foremost, you should only be investing on the short-term front with that risk capital or with that money that you are ok with losing or seeing go to zero," he said.
Tassoni also said that new traders should develop a very disciplined money management process that outlines how much the trader is willing to allocate for trading and how much he or she is willing to lose.
It’s also important to have and utilize a daily plan, Tassoni said.
"I think you can get yourself in trouble very quickly, especially in the short-term trading world, if you don’t come in every day with a systematic, detailed and disciplined plan for how you are going to trade that day," he said.
Trying to feel the market or work through to day to see how things develop is an easy way for traders to get themselves in trouble, Tassoni warned.
"Having a disciplined, repeatable plan and working that plan and being systematic in your processes is vitally important," he said.
Tassonia said having a plan like that is important in all forms of investing, but especially in the short-term time frame.
He also talked about his own personal trading style and his position at Durand Capital Partners.
Check out his full interview here:
Don’t forget to tune in to Benzinga’s #PreMarket Prep Monday-Friday 8-9:45 a.m. ET to get 300 commission-free trades from Charles Schwab.
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