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Menampilkan postingan dari Juli, 2017

How a Futures or Forex Day Trader Should Use an Online Day Trading Plan to Be Successful

Every day trader engaged in online day trading the futures, stocks, options or Forex markets should have a trading plan in place that serves as their road map during every trading day. Entries and exits from the market should never be random. There always should be a reason behind each trade taken by them and supported by their own trading plan written by them. Chances are, if they are over trading or under trading a particular market and a well written and followed trading plan is in place, then that plan needs to be modified. If he is over trading he or she will need to make the entry and exit conditions more stringent for the market to manufacture fewer but higher probability signals. When he adds more conditions that need to be met in order for a trade to be triggered, he will automatically do fewer trades but chances are that they will be more consistent and more profitable. Of course, there is no way of knowing that this will work out but it is a step closer to success.

If the da…

Day Trading - 3 Problem Day Trading Behaviors and What to Do About Them

As a trader, you are solely responsible for your day trading actions and behavior. Your day trading success depends on how you act while trading. Here are 3 problem day trading behaviors that ensure failure. Fortunately, they are all within the control of the trader and can be corrected:

Problem Day Trading Behavior #1: Day Trading Without A Game Plan

Traders who come into the market without a game plan are immediately at a loss. We are not talking about a trading plan, but a game plan. Your trading plan will specify trade setup criteria, risk parameters, markets and time frames traded, and the like. Your game plan tells you how you will implement your trading plan in the current market.

In preparing a solid game plan you will have thoroughly assessed current market conditions. The task of the game plan is to identify where the next trade setup is likely to occur, based on your assessment. If, for example, you are a day trader and the current trend has been up with no evidence of concent…