Have you ever entered into a trade at the peak of the momentum run only to watch it reverse and fall immediately after, while you lose hundreds of dollars? Have you ever exited a position too soon only to watch it climb to a much higher level while you miss out of hundreds of dollars in profit? There are some steps that you can take that can increase your chances of timing your entry and exit strategies better.
The first tip that I would like you to consider is the use of applying profit targets and stops to your entry positions. Another angle is to try using drawing tools such as horizontal lines to guide you to clearer visions of price retracements or profit breakouts. Another suggestion would be adding market depth data to your trading tools to get a better handle on gaging whether there is more buying or selling pressure. Technical Analysis tools also serve as great instruments in recognizing trading patterns. And the final tip would be consulting with a coach or mentor whom could show you the ropes and assist you with mapping out a plan that will work for your trading style.
Some traders attempt to rely on gut instinct when placing trades. This approach can tremendously reduce your chances of being a successful trader. Having a game plan on successfully spotting great trading opportunities is the key to climbing in the right direction. If you have an interest in getting with a coach or motivational speaker please contact me and I will be happy to provide you with more information. The key to successful trading is making sure that you protect your capital at all cost. If you do not have a strategy in place to protect it, you have no money left to trade with, right?
What is your goal in trading? Are you trying to make retirement income? Do you want to be a successful day trader? You must ask yourself what your goal is going to be. Once you have established it, you are on your way to being able to construct a plan to reach your goals. A concise plan is needed that will include profits, commissions and tax implications which are all apart of trading. Precising planning in these key areas will position you for success. You must be willing to let go of bad habits that are all apart of the barriers that keep you from reaching the next level of trading. Barriers were meant to be broken but it takes practice and guidance to remove them. Study all the trading material that you can and take the initiative to create success in trading.
Good luck with your trading. Always remember to CLIMB to the top! Cortence Batiste
Motivational Speaker and Career Coach