The phenomenal Successful Trading Plan 103 & 104
SELF DEVELOPMENT/METHODOLGY/PSCHYOLGOY
The phenomenal Successful Trading Plan 103/04
3. Trade Preparation
By concentrating on getting ready, the exchanging plans for the higher time allotments, the cash administration will dependably keep the proportion altogether. Trade proportion is the quantity of pips one may make versus the quantity for which one has a chance. Trade proportions for swing exchanging the H4 time span can be around +3 to +5 to +1 positive, which is incredible. However, on the D1 and W1 time periods, it can be +5 to as high as +50 to 1 positive.
4. Trading Rules
As with any business, money management, or in the case of trading, trade management, is a crucial element that needs to be addressed in your trading plan. Having a robust trading plan with predetermined trading rules will allow you to act subjectively in response to market changes. Trading is not about winning all the time; it is about effectively managing your trades, whether they are winners or losers. Unfortunately, many come to trading with a gambling mentality and do not exploit the advantages available when managing trades.
Do not risk one cent on the market until you have clearly defined each of your trade management rules.
Following are seven trading rules, which you must determine for each and every trade you make and some potential considerations for each:
1. Entry
2. Initial Stop Loss
3. Position Size
4. Re-entry
5. Trailing Stop Loss
6. Adding (Position Building)
7. Profit Taking Exit Strategies
For each one of these rules, you must have a pre-defined trading plan. You must know when you will enter the trade and execute your entry when the criteria are met. You must know your initial risk for each trade as determined by your initial stop loss before you risk any money on the market. You must plan when you will add to your winning positions and how you plan to exit your winning trades. It is not effective to determine your trading plan while in the trade. Emotional and psychological factors will influence your judgement and affect your decisions
FOLLOW YOUR TRADING PLAN, REMAIN DISCIPLINED AND KEEP LEARNING :)
More elements will follow... Like, share, Comment and follow us to keep updated on our professional trading ideas and education :)
The phenomenal Successful Trading Plan 103/04
3. Trade Preparation
By concentrating on getting ready, the exchanging plans for the higher time allotments, the cash administration will dependably keep the proportion altogether. Trade proportion is the quantity of pips one may make versus the quantity for which one has a chance. Trade proportions for swing exchanging the H4 time span can be around +3 to +5 to +1 positive, which is incredible. However, on the D1 and W1 time periods, it can be +5 to as high as +50 to 1 positive.
4. Trading Rules
As with any business, money management, or in the case of trading, trade management, is a crucial element that needs to be addressed in your trading plan. Having a robust trading plan with predetermined trading rules will allow you to act subjectively in response to market changes. Trading is not about winning all the time; it is about effectively managing your trades, whether they are winners or losers. Unfortunately, many come to trading with a gambling mentality and do not exploit the advantages available when managing trades.
Do not risk one cent on the market until you have clearly defined each of your trade management rules.
Following are seven trading rules, which you must determine for each and every trade you make and some potential considerations for each:
1. Entry
2. Initial Stop Loss
3. Position Size
4. Re-entry
5. Trailing Stop Loss
6. Adding (Position Building)
7. Profit Taking Exit Strategies
For each one of these rules, you must have a pre-defined trading plan. You must know when you will enter the trade and execute your entry when the criteria are met. You must know your initial risk for each trade as determined by your initial stop loss before you risk any money on the market. You must plan when you will add to your winning positions and how you plan to exit your winning trades. It is not effective to determine your trading plan while in the trade. Emotional and psychological factors will influence your judgement and affect your decisions
FOLLOW YOUR TRADING PLAN, REMAIN DISCIPLINED AND KEEP LEARNING :)
More elements will follow... Like, share, Comment and follow us to keep updated on our professional trading ideas and education :)
Follow your Trading plan, Remain disciplined and keep learning !!
Please Follow, Like,Comment & Follow
Thank you for your support :)
This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Please Follow, Like,Comment & Follow
Thank you for your support :)
This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
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