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How to work out the best trading strategy for you

by , 07 October 2015

If you want to find out the best trading strategy to use, you need to work out the type of trader you are.

So how can you work out what type of trader you are?

Let's take a closer look…


How to work out what type of trader you are


The first thing you need to decide is whether you follow rules or are more discretionary when it comes to your trading.

If you follow rules, you’ll stick to your rules no matter what. These rules will include:

  • How to enter a trade;
  • When to enter a trade;
  • When to take profits from a trade; and
  • When to exit a trade.

A rules based system removes your emotions from the decision making process. As long as a trade meets your criteria, you’ll put the trade on.

If you’re a discretionary trader, you still adhere to rules, but there is also some interpretation. By trading like this, you have a bit more room weighing up certain set ups.

By knowing whether you’re a rule based or a discretionary trader, you’ll be in a better position to work out which strategies are for you.


How long do your trades last?


Trading tends to be short-term, but this can vary from intraday to holding to a few weeks or more.

This comes down to how much you have to watch your trades. Intraday trading is for traders who can pay close attention to what’s going on in the markets.

By knowing how long your trades generally last for, you can look for strategies to suit this.

If you’re new to trading, stick to paper trading until you understand what type of trader you are and what type of strategies suit your style best.

So there you have it. How to work out the best trading strategy for you.

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How to work out the best trading strategy for you
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