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Some essentials for a trade✪
1: Always have your trading plan ready:In fact, there is no question of trading without a trading plan.
A trading plan is a roadmap that you follow to implement a trading strategy or multiple trading strategies simultaneously.
Here are the things to look for in a real trading plan: -
It is very important to always determine the target based on the trend and price action as well as the maximum loss you can take. You need JavaScript enabled to view it. This issue is very important.
2: Look at trading from a business perspective and focus on maximizing potential growth:Trading must be viewed from a business perspective. Just as a business has an income and an expense, trading income is a profit and an expense is a loss.
So, it is not worth mentioning that we must maximize our profits and minimize our losses.
If you find that this has not been the case for some time, then you need to analyze / change the way you are trading.
3: full advantage of modern technologyTrading and a job where you should always be up to date on every price fluctuation, etc. with technical charts - table updated news etc. should be at hand which will help you to identify the market trends.
Take a good look. Hopefully, you don't want to fall into a situation where your trading instruments are not able to complete your required trading order due to some delay in the tools of your business - slow - and getting old. Therefore, it is very important to use the latest updated technology for trading.
Example :
4: on learning from the market like a studentWhen it comes to trading, whether you win or lose, always try to learn something from your trading. Notice that everything is working properly according to your trading strategy If so, try to find out what went wrong. And take note of your mistakes so that you do not repeat them. Try to figure out the "cause" and "effect" of the mistake.
Try to learn from different sources. Remember "the market humbles everyone". Lightning is above all, no one is above it
5: Ignore Stop LossWe trade for profit. However, situations may arise when things go against your trading strategy and you have to book a loss so that you can survive another day of fighting. Stop Loss protects your capital from unlimited losses. Determining the stop loss for each trading is necessary as an estimate of profit. Always remember, when we aim at profit, we must always look at loss and manage it.
This will be done automatically by Stop Loss.
Example :
6: when to stop trading:When we go to trade, there will be situations where we will lose money from the market. Remember you can't expect revenge from the market. Don't be vengeful and passionate about the market, towards any particular century.
If you have made a loss while trading, do not come to the mentality that you have to recover your losses by trading that. Maybe this time is not the right time to trade in stock, so get out of it
7: close attention when trading:
"Don't take your eyes off the ball"As long as you are holding a position in a trading, it is very important to stay focused. Self-satisfaction can lead to capital gains / losses. Making money in the market is hard work so you will never want to lose money by being casual.
Staying focused will help you identify future trades and trading prospects
FootnotesTrading is a tough job - there's no denying it. But the most important thing is that trading is a subject that can be learned through training and practice.
It is possible to earn more returns by overcoming the mav of the market / index but for that you have to follow the right nine - rules - discipline - trading strategy.
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