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Organize Your Current Trades To Have Considerably Better Trades
You have most likely heard the saying "If you fail to plan, you plan to fail." It couldn't be truer within the world of trading. None of us start to trade with the intention of disappointment, but that is just what we are doing if we blindly look for trades to put our funds into without a proper plan of attack.
The very first step would be to find a time that you can devote to planning every day. It does not have to be a huge amount of time, but I would advise you to begin having a 30 minute to an hour block of time.
I am aware we all get busy and it really is easy to skip a planning session here and there. But if you're serious about making money in the market, this is a step that can't be skipped. Block out a little time to plan, and don't let the minor distractions within your life get in the way.
I start each planning session by reviewing the industry calendars. This is simply done in the Dedicated Trader by going to the calendaring section. I look at the economic events coming up for the following day and also the rest of the week.
If you can find any key economic events that may affect the markets, I need to know so I can prepare by tightening my stops. And there are some events, such as the FOMC minutes, that may create excellent trading opportunities.
I also check the earnings calendar to establish which firms and sectors may be announcing earnings that week. You don't need to get caught off guard by a company you are trading announcing earnings without you knowing about it.
Right after reviewing the calendars, I go into charting. I begin with a chart of the S&P 500 to observe what condition the general market is in. Is it trending up? Trending down? Shifting sideways? This can help me set my trades up.
I like about seventy five percent of my deals to be in the direction of the markets. When the market trend is bullish I want most of my trades to be bullish.
I let the bullish market pull my trades along which gives me a greater success rate. I also diversify by finding stocks which are bucking the overall market trend. For example, in bullish markets I try to find the stocks and sectors which are the most bearish.
I put about 25 percent of my trades in those plays. If the market reverses, these bearish plays grow to be very big winners for me.
This is merely just the start of my planning. If it is all too time consuming for you to undertake, seek the assistance of an investment professional. They're able to help you plan ahead correctly. Simply search: merger acquisitions, companies go public, or company go public. This is actually the most efficient approach to make money.
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