
Your Trading Model: [In A Thread] 1) You put down on paper who you think you are, what your strengths are, and the small list of weaknesses, I'm sure it's really just one... and it's most likely modesty. This will be referred to at a later time in your development.
2) Basic Market Knowledge You must obtain general market understanding. What is a bullish market, bearish market, charting timeframes, times markets open, close and a basic grasp of an economic calendar. This can be obtained quickly on the internet and no source leads here.
3) Inviting Yourself You will find it easier, and faster to learn as an analyst if you avoid trying to copy someone else. Your personality and quirky perspectives from you... yourself... must be part of this development. If you don't allow "You" to be a part, it will fail.
4) Who Are You? Are you a quick draw specialist? Scalping or intraday is most likely where you will excel as an analyst. If you need a day to think things over... short term 2 to 5 day analyst is likely your focus. Anything longer you are stubborn & perfect for swing trading.
5) What Asset Or Market You only need one vehicle to analyze. Like your job, you might have a side hustle, but one gets most of your attention. Don't divide your focus over many markets. Diluting your energy, effort, and attention will severely diminish your results.
6) Business Hours What time of day or days of the week will you trade? Every business has operating hours, and You Inc. are no exception. Will you focus on the London, New York AM or New York PM session? Only one is needed. Pick one... and bloom where you are planted.
7) What Is Your Multiplier What setup is your got to model? Hunting price runs into Buyside or Sellside from a imbalance? Will you Short Buy Stops when expecting lower prices? Will you Long Sell Stops when expecting higher prices? Only two conditions exist, which is yours?
8) Keeping Limits On It There must be capital limits placed over your decisions. Nothing more than 1% for your first 6 months. No more than 2 losing decisions per session. A win is an invitation to take the rest of the session off... demo is fine.
9) Do Not Tinker With The Model Keep your model simple, as few moving parts as possible. However, use intermarket analysis concepts to qualify your decisions at all times.
10) Pay The Trader Don't let people, who'll never give you a handout when you lose or pay your taxes on your winners, give you advice about how you take any profits. Partials pay 100% of the time. There has never been a case where a partial profit failed paying the Trader.
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