Three things you must do before you place a trade
Trading is risky, but in return for this risk you stand the chance of making quick profits.
The key to successful trading is to plan what you're doing before you put a trade on.
So what should you do?
Read on to find out…
You must have a trading plan
A trader who doesn’t have a trading plan is unlikely to do well. By ignoring the merits of a trading plan, you are more likely to fail.
A trading plan should be the most important aspect of your trading.
Your trading plan should include your strategy for picking trades. This may include a number of technical indicators.
Once you know what you’re going to trade, you can decide over what timeframe you expect the trade to play out.
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The importance of assessing risk when you trade
When you put on a trade, you need to manage your risk. This includes not risking more than a small percentage of your trading pot on each trade. A good rule of thumb to stick with is 2%.
This means if your trade hits its stop loss, you won’t lose more than 2% of the money in your trading account.
From your trading strategy you should also know the exact entry level and exit level of your trade. You must know this before putting a trade on.
Three ways to improve your trading success
Work out how much you’re going to risk on your trade;
Know what your entry price is;
Know what your take profit level and stop loss level is.
By doing this before you trade, you ensure you stick to your trading plan.
So there you have it. Three things you must do before you place a trade.
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