Getting adequate rest and following proper
discipline is what ensures
success. You’re increasing your risk massively by choosing to ignore these
principles.
Mental Prep
The trading session is not the time and place for you to analyze anything.
Your trade entries should be an automatic go/no-go decision. This boils
down to how well you’ve practiced your
strategy and have prepared
yourself for the session.
This concludes our look at risk management. However, following and
executing these principles will more than ensure your success.
F
CHAPTER 4:
Day Trading is Really Possibility to Business
Your Trading Success Plan
ailing to plan is planning to fail. How many of you have heard
some version of this saying before? Trading is no exception when
it comes to planning. You need to have a long-term plan of success
that will
serve as your reference guide, as well as a business plan.
Ultimately, trading is a business, and you need to keep meticulous records
of performance like you would any business.
Trading Plans
You’ll hear a lot of trading gurus tell you to make a plan. Well, what exactly
is a trading plan, and why do you need one? To be honest, a trading plan by
itself is not going to matter too much. However, when done right, it can
help you focus and really nail down your vision when it comes to trading.
Perhaps a more appropriate term for this is to call it a trading business plan
instead of just a trading plan. Much like how
you need to record all key
information (both financial and in terms of vision) in your business plan,
your trading plan needs to do the same for your trading business. At a
minimum, it needs to have the following information.
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