trevorlawrence
Newbie
- Messages
- 3
- Likes
- 0
Create a trading plan
- Risk Management
- Know when you can trade and what goes on during that time of the day (what banks are open etc...)
- Know how long you are comfortable holding a trade for
- Analysis (Your technical and fundamental strategy)
- NEVER TRADE THE NEWS
- Trade documentation
Manage your trades
- Know what you will do before you enter the trade in different scenarios
- Eliminate risk as the trade moves in your favor
Manage your expectations
- Don't expect to hit a homerun every time
- Don't expect anything except to follow your plan and manage your trades
- This is key to keeping emotions in check
- This will help you avoid making decisions based on an expectation that makes no sense. No one knows what price will be hit for sure.
If you need help, find a mentor. It is a lot harder to learn on your own and takes a long time without help.
- Risk Management
- Know when you can trade and what goes on during that time of the day (what banks are open etc...)
- Know how long you are comfortable holding a trade for
- Analysis (Your technical and fundamental strategy)
- NEVER TRADE THE NEWS
- Trade documentation
Manage your trades
- Know what you will do before you enter the trade in different scenarios
- Eliminate risk as the trade moves in your favor
Manage your expectations
- Don't expect to hit a homerun every time
- Don't expect anything except to follow your plan and manage your trades
- This is key to keeping emotions in check
- This will help you avoid making decisions based on an expectation that makes no sense. No one knows what price will be hit for sure.
If you need help, find a mentor. It is a lot harder to learn on your own and takes a long time without help.
