A trading plan, together with a thought out trading routine is what I attribute most of my trading profitability to. The benefits of having a trading plan are manifold and they range from creating a stress-free trading environment, missing fewer trades, to becoming more aware of your trading behavior which then allows you to make very targeted progress. If you are not having a trading plan, or if you are looking for ways to leverage the benefits of utilizing a trading plan, this article will show you exactly how to take your trading to the next level. Intro: what is a trading plan? We will talk about how to create a trading plan in detail at the end of this article but to use the information and tips in this article effectively, we will briefly explore what a trading plan is first. Basically, a trading plan is like a road map for your trading day/week. Over the weekend, a trader analyzes the markets that he considers trading and creates potential trade ideas. In his tr...
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This is a very controversial topic and one that, if understood correctly, can make the difference between a losing and a consistently profitable trader. So let’s get it out right away: Entries don’t matter! This is, especially if you are a new trader, hard to grasp and many people will not agree – keep on reading and it will become clearer. By the end of this article, everyone will understand why entries are not as important as they think. Most traders are always looking for better indicators, new trading tools or change (read: mess with) their trading rules because they believe that finding “better” entries will make them better traders. Let me tell you, the way you define entries has very little to do with your success or failure as a trader. But what is it then that you should be looking for to become a better trader? Every trade has 6 stages and it doesn’t matter what type of trader you are, all traders will go through the same 6 phases – the entry is just 1 one th...
If you still have a 9 to 5 job, becoming a professional trader in your spare time can be quite a challenge. Pursuing the goal of quitting your day job and trading full time often seems like an unrealistic task for most people, but there are certain steps that can help you improve your trading while working 9-5 and finding time for hobbies and your family at the same time. Here are our top 13 steps and tips that will help you improve your trading while still working in your regular 9 to 5 job: 1. Find a trading style that fits you and your daily life It’s so important to have a trading style that fits your personality AND your schedule. The two broad categories and trading styles traders have to choose from are swing-trading vs. day-trading . Usually, swing-trading is better suited for traders who have limited time and restricted access to charts throughout the day. As a swing-trader, you do your chart analyses during the weekends and before/after work and you manage an...