Wait for prices to hit good support in a bull trend or resistance levels in a bear trend before entering your trade.
Do not chase the market.
Set a stop loss & trail the stop in the direction of your profits to guarantee increased profits.
Never risk more than you intend to make on a trade.
Ideally look to risk $1 intending to make at least $1.5 or $2.
Be patient and wait for ‘high conviction’ trades.
Do not execute a trade because the market is moving around & you think you are missing out.
The market constantly presents opportunities.
You only need to take advantage of a small number of them.
Plan your entry and exit before you enter the trade.
All the work & planning needs to be completed before the entry to avoid being emotional.
You have heard it before: ‘Plan the trade, trade the plan.’
Learn to trade from someone with a 35 year career:
12 years on the LIFFE trading floor (from 1987).
15 years market making interest rate & index options.
3 years options market making when trading went digital.
5 years derivatives broking (investment bank clients).
15 years practising technical analysis of financial markets.
12 years providing technical analysis signals to investment banks and retail traders.
10 years trading Forex, gold & index futures (personal account).
20 years of teaching traders.
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