|
|
|
 |
Webzine Stats |
 |
| |
Total Articles -
1137 |
| |
Registered Authors -
402 |
| |
Featured Articles -
61 |
| |
Articles added this month - 128 |
|
|
|
|
Learn To Follow A 5 Step Trading System Rather Than Your Emotions
By
Mr. Leroy Rushing [ 413
Words ]
|
A five step trading program is the best way to maintain your composure during wild markets, while allowing enough room to fit in all the variables you need.
Step #1 - Check All Chart Timeframes
The best way to boost trading profits, while limiting losses, is to be aware of your surroundings – and that includes other time frames. Financial freedom comes from making quality trades, not quick trades based on your emotions. You’ll have to survey all timeframes and keep on the lookout for developments on a larger scale that may affect small scale profits. Technical analysis is much more efficient for finding problems on other time frames, as fundamental analysis usually only covers a very specific time frame.
Step #2 – Trading Execution
Establish a point at which you are ready to place a position. This can be tricky, as placing it too far away from the current price means you might not ever get in the market, while too close means that you could be in for a whipsaw ride up and down. Support and resistance levels should be checked to avoid any dangerous positions.
Step # 3 - Find Your Place to Profit
Day traders and swing traders will have two completely different zones to take a profit, even after seeing the same established chart patterns. This part varies greatly with the kind of trader you are. The key here is to have a customized plan that will take more in profits than you will statistically lose. Setting a take profit at 1.5 times your stop loss will give you a statistical advantage.
Step #4 - Place Your Trade
Trading success only comes from making quality trades. After considering the above steps, you are now ready to place your trade and get into the markets. You should immediately set your stop losses and take profits and prepare for the market to work its magic.
Step # 5 - Set and Forget
After a trade is placed, do not start modifying it. The worst thing you can do to a good trade is micromanage it. When you’ve a stop loss in place, you have already accepted a predetermined amount of risk and an acceptable profit; let the market do what it needs to do without changing your exit points. Many traders cut into profits by selling too soon or lose more trades by accepting heavier losses.
|
About Author -
Leroy Rushing is an active, professional day trader; trading coach; and author. He is the Founder and CEO of Trading EveryDay, a provider of educational trading products and services that are available worldwide. Trading EveryDay has complimentary/FREE products, a Tools of the Trade eBook and a Trading Room Report, that are downloadable for your convenience.
Author Biography Can be found Here -
http://www.webzinearticles.com/author.php?mem_id=302
|
|
|
Like this article..? Rate it here: 
1 votes, average:
5 out of 5  |
Recent Approved Articles
in
Investing Category:
Most Viewed Articles in
Investing Category
|
|
|
|
