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Read 30pages of this masterpieces so far and here are the 6 main components of a successful trading approach
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1. A method for identifying trade setups: call this your strategy, could be orderblocks, RSI, Bollinger bands, break and retest etc.
This gives you an insight into how you trade
This gives you an insight into how you trade
2. Method for entry:
This includes a set of rules that must be met before you pull a trigger.
This is based on your strategy.
This includes a set of rules that must be met before you pull a trigger.
This is based on your strategy.
3.
Method of establishing an initial protective stop level:
You can use fixed stops Everytime, calculated in number of pips or points.
Or you could use liquid stop levels based on structure or based on strategy
This must be stated.
Method of establishing an initial protective stop level:
You can use fixed stops Everytime, calculated in number of pips or points.
Or you could use liquid stop levels based on structure or based on strategy
This must be stated.
4. Method for taking profit: you make money when you take profits.
Greed has to be eliminated
Based on your system, backtest and see the minimum a successful trade setup goes into profit and then use that as a base for taking profits.
Always take profits
Greed has to be eliminated
Based on your system, backtest and see the minimum a successful trade setup goes into profit and then use that as a base for taking profits.
Always take profits
5. Overral money management rules.
This includes:
a) percentage of capital risked per trade.
b) treatment of highly correlated markets.
c) Trading into major market reports.
This includes:
a) percentage of capital risked per trade.
b) treatment of highly correlated markets.
c) Trading into major market reports.
6) Patience and discipline:
Knowing rules 1-5 is not enough, the trader must have the patience to wait for a qualifying trade setup and the discipline to see it through and reproduce it day in, day out.
Knowing rules 1-5 is not enough, the trader must have the patience to wait for a qualifying trade setup and the discipline to see it through and reproduce it day in, day out.
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This is a great book especially for those who want to make a career out of trading
Would definitely finish it and drop more Trading knowledgehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Grafiek met stijgende trend" aria-label="Emoji: Grafiek met stijgende trend">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚀" title="Raket" aria-label="Emoji: Raket">
Would definitely finish it and drop more Trading knowledge
https://t.me/juicetraders
Join">https://t.me/juicetrad... my telegram channel where I drop daily setups and signals for free!https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Grafiek met stijgende trend" aria-label="Emoji: Grafiek met stijgende trend">
Join">https://t.me/juicetrad... my telegram channel where I drop daily setups and signals for free!
