Preparation for Trading
Plan your trade and trade your plan. The first step in day
“trading like a pro” is the preparation. This involves the financial tools to
trade and strategies of best entry points, trade management, risks control and
money management. No serious day trader will ever enter a trade without first
checking the economic news. It is important to know the time and the day off
all important economic news before considering entering a trade. Only careless
traders disregard economic news. You can check economic at yahoo/finance and at
MSN/Money you will to decide what to trade based on fundamentals or on
technical analysis.
As a day trader, you will respect the opening bell of London
at 3 am eastern time, 8 am London time and the new York opening bell at 9:30 am
eastern time, 14:30 London time you will wait for the opening and closing bell
before placing any order of trades. After The preparation, there are some steps
for day “trading like a pro”
When you buy or sell when it is time to buy or sell at night
place that is a win. On the other hand. when you sell or at the wrong time and
at wrong place, that is a loss, the ability to make excellent decisions quickly
and to decipher the language of the price or the language of the momentum indicators
well allow a day trader to trade like a pro. Day trading is a serious
competition similar to American Football or rugby. When one is booting another
is selling. There for one should is right strategy for each trading challenge.
Using trending strategies during trending period and range trading strategy
during low volatility period.
Using indicators because indicators help you what is trend
going one the reasons if traders fail in day trading is because the misuse or
misunderstanding the indicators can ever replace the price the number of
indicators.
The price is the universal language if all traders and dies
not hide anything. Traders must keep their eyes wide open and try to understand
what the price is relating. There are many indicators.
It is important to traders to learn to master every
indicators that they are using and to become fluent in the language if the
price. If one has to sell at every overbought slow stochastic and but at every
oversold slow stochastic, the market will never trend
Trading must enjoyed and can be enjoyed bit the enjoyment
does not come through passive and care less trading attitude. It will come
through practice and understating
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