One of the things that is most indicative of whether or not you will be a successful trader is having a trading plan or not. Having a plan will enable you not trade emotionally but systematically like a machine.
A trading plan will answer these questions:
How much time do you wish to devote to trading?
What returns are you expecting?
How much capital do you have to invest?
What markets will you trade?
How will you deal with a string of (20+) losses?
How much will you risk per trade?
How will you set your stop-loss orders?
What will you be looking for in order to trigger an order?
These and many more questions are things you need to be thinking about. I recommend signing up at the Trading Game for their mentor program pre-notification course and they will send you a trading plan template you can use to develop your trading plan.
Don’t neglect doing this!
Originally posted 2017-05-05 15:28:34.