Simplicity & Discipline are Key
A few considerations when developing your trading strategy.
Most important: have the discipline to follow your strategy and avoid letting emotions take over.
Choose A Market:
- Every market, whether Futures, Forex, Stocks, Bonds, all have different personalities and behaviors. Each one reacts differently to economic news, geo-politics, and market events.
- Choose one market and learn it well.
Choose a Time of Day to Trade:
- Markets behave different throughout the day and night markets depending on when various exchanges open and close around the world.
- Be aware of Economic News announcement times each day. News can move the market very quickly and with high volatility. (link to Econoday Calendar)
Choose Charting Time Frame
- Choose a trading time frame. Which ever you choose, learn it well. Minute, Volume, Tick, Point and Figure, Kagi, Renko, and Range charts are all valid.
- Higher and lower time frames as references for broader market view.
Daily Targets
- Set a daily profit target, once you reach it, stop trading and go enjoy your day.
- Set a max daily loss limit for yourself…. and most importantly be disciplined enough to follow your plan.
TRADE IN SIMULATION BEFORE EVER TRADING WITH REAL MONEY
You would not run a marathon without training first. So why would you risk your hard earned money without trading it in simulation first?
AcuTrader for Stocks, Bonds, Futures, Forex… Any Time, Any Day!