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Boost your trades
When you trade in the financial market, it is the same as a soldier heading into the battlefield. You need to have good preparation. Here there is a checklist of what you need to have to be properly prepared as you start trading. Make no mistake about your preparation before trading.
According to your experience, knowledge, capital available, short run and long run goals, decide on the strategy you will follow. There are four main trading strategies: day trading, position trading, swing trading and scalping.
Together with strategies, you need to definitely know trading analysis. Technical analysis which has to do with charts analysis, discovering past patterns in the historical prices. Fundamental analysis which has to do with news and financial events which have a direct impact on the asset’s prices. The third analysis is the sentiment one. It has to do with the mood of trades to take risks.
You can trade ...
... and create a second source of income in your life
... and collect money to pay your college fees and expenses
... and create a long term investment for your future
... and collect enough money to finally have the vacation of your dreams
... and have extra cash to pay for your daily basic expenses
The checklist of what you need to be properly prepared...
Trading journal & spreadsheet
– Always track your performance, so you will know what assets are doing good, which are not & if your plan and strategy need any adjustment. By tracking your trading activity, you will not repeat the same mistakes twice.
Risk Capital – Your capital is a tool, and do not let anyone tell you it is not. You need to understand yourself when it is too risky to go for an investment, and when there are very good chances to go for the trade. Learn to manage the risk which could be applied to your capital by the decisions you made.
A solid laptop/ computer
– A long battery life, good processing capabilities, portable ability are three crucial conditions your computer needs to have. Be sure, it is portable, you will need to trade on the move. Markets don’t wait.
Strategies tool box
– Learn about trading strategies, their pros and cons, as deep as you can. Know yourself and adapt the strategy which suits your future goals and your ability to manage your emotions.
Trading journal & spreadsheet
– Always track your performance, so you will know what assets are doing good, which are not & if your plan and strategy need any adjustment. By tracking your trading activity, you will not repeat the same mistakes twice.
