- Observe the market
Always keep a finger on pulse and observe the markets. Significant events, world politics, finance and economic news and everything will affect your trade. So the more updated you are with the market, the more prepared and organized you will be. Always note down trends, patterns and observations on the weekend so you can plan the upcoming trade before a week. Remember that if you fail to plan, then you have planned to fail.
- Reevaluate the trading plan constantly and know exactly when to stop the trading
Nobody likes to think about the losses, but they do happen. An unsuccessful or ineffective trading plan does not mean the end, but that is a problem which needs to be addressed. If you are experiencing a loss, stay calm and reevaluate your strategy.
Figure out what contributed to it and re-address or adjust your risk management. However, don’t let the emotions get in your way and stay focused on the better and bigger picture.
Don’t keep this information with you, share this with your friends.
Sharing = Caring 🙂