Trading Tips
TIP 1 Read both the books by Mark Douglas which cover trading psychology BEFORE you read or do anything
else. If you don't, I'll say I told you so when you hit a failure barrier and don't know why.
else. If you don't, I'll say I told you so when you hit a failure barrier and don't know why.
TIP 2 Stop loss policy - you MUST have one and practice, more practice and even more practice at sticking to it. It will not be easy but it is an essential discipline to profitable trading.
TIP 3 Trading plan / system. Again, you MUST have one! Then you must practice sticking to it. Do not try and
second guess or trade against your indicators - wait until they give you a concise signal before acting on it.
second guess or trade against your indicators - wait until they give you a concise signal before acting on it.
TIP 4 TRADE WITH THE TREND. DO NOT trade against the hourly trend of the market unless you are VERY certain the market has turned. Check this by watching a long term moving average (say 80 SMA on 15 minute chart)
