Regardless of your trading style; day trading, swing trading, or position trading there is a simple step by step plan you can use to improve your odds for success.
1. Start by paper trading until you can be consistently profitable on paper.
2. Regardless of how much money you have, start trading with a small amount of money and work up over time.
3. If you are a day trader, avoid the very small time-frames like 1 or 2 minute as you get a lot of signals which can lead to overtrading.
4. Make sure that all your entry criteria are met for the trade setup. Don't jump the gun until everything is in place.
5. If there are no clear signals in the market, then do nothing. Forcing trades alsmost always ends up with losses.
6. Always place your protective stop immediately after entering the trade!
7. In your studies you will be exposed to many techniques. You will improve your results by concentrating on only one or two strategies. Get real good and consistently profitable with them first.
8. Don't watch too many markets or stocks at one time. This leads to too much confusion and indecision about which trade to take.
9. Win, lose or draw don't deviate from your strategies or change things.
This article is courtesy of Dr. Jeffrey Wilde, a trading veteran with 15 years of experience in all major markets. He is a trading coach to over 1400 traders in 38 countries.
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