…keep a structure
Every trader who wants to be successful needs a strategy. Obvious!
And with any profession you progress to master, your approach should be become simpler due to the understanding you develop behind what you are doing.
The biggest problem with traders, when they begin the journey, is they either think this is easy and can make fast money trading or this is something cool they can do part time, trading from home, get some extra income and have some spare time on their hands with their easy earned money.
Its all neon lights until you get into the market and start trading. Then things begin to go pear shaped. Losses and disappointments set in. All of sudden you don’t know what to do or how to do anything.
When doing anything in life the first thing is the proper education! I am about to plant some strawberries into the garden for my son Al and I must have watched a dozen videos online so we get this right as best we can on the first go.
In my previous article I mentioned you are going to have to get personal with trading. Just like our faces are different the way we look at life is different. Having said that now we can focus on what to do to keep it simple.
Strategy needs to give you at least two factors to trade both with two steps:
1- at what price you are going to buy or sell and this needs to include your target levels for profit taking as well.
2- the time you are going to take the trade. The market is open 24 hours a day and you can not follow it all day long. Now knowing when the market will turn can keep you up in front of the screen for hours driving you crazy.
The two variables above are what you need to plan your trade and your day and life if you are going to trade.
If you get these two right then your mental faculties will function properly and if you don’t your trading psychology will be a wreck.
On top of A you need to add B but only after you get A right.
1- your money management which is your trade plan.
2- your trading discipline which is your mental state. Accountability!
Without getting the first part you can not get this right.
So work on A and add on B.
Get your work schedule in order, when you are going to trade? Set your hours before hand and wait for set ups at market active hours and then trade your plan and stick to it. Otherwise you are going to be all over the place and you will drain your account and your energy.
At GlobalTrader.Club we focus strictly on these two points.
Price with technical analysis and exactly what hour to look for to trade with financial astrology. As you can see from the daily posts, its a pretty good way to trade that cuts your work hours and stress levels down dramatically.
Knowing the swing days in the market in advance and the highly likely swing hours of the day with potential prices and where they are likely to go is already a dream come true. Our technical analysis and financial astrology is very unique and you will not find it anywhere else in the world. Like I said before trading is a personal thing and I really developed it to a personal level, which is practical for anyone who puts their mind and will power to it can use.
Have a great trading week!