Trade like the pros – follow these easy steps

 Trade like the pros – follow these easy steps

Trade like the pros

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The financial markets are unpredictable, even to those who have spent years mastering the skills to become professional traders. For many merely starting out on their trading journey, it may seem like a daunting venture. However, those who have become proficient and spent many an hour pouring over charts, are always kind enough to provide some insight into what traders can do to improve on their trading.

Find the best trades

Professional traders stay up to date with movements in the market each day, looking for profitable opportunities. In addition, they conduct thorough technical and fundamental analysis with the necessary indicators to identify potential trades. Out of all the potential trades they identify, they choose one or two of the best setups to trade the following day, depending on their trading strategy.

Plan the trade out in detail

At the start of every trading day, before it even begins, a professional already knows the price at which they are willing to enter, where they need to place their stop-loss, and where they intend to make their first profits. How do these professionals do it? They follow many newsfeeds, get daily updates through mobile apps, and read charts the same way an individual reads their daily
horoscope over a cup of morning coffee.

Consistently manage the trade

In addition to being professional traders, these individuals are proficient risk managers. They manage their trades and ensure they have the necessary risk management tools and protocols in place, and they allow for their profits to run.

These professionals have a solid trading plan and trading strategy to which they adhere without fail. They keep their emotions suppressed and ensure that each trade is recorded in a trading journal as reference for improvement or a change in strategy.

Chris Louw

https://sashares.co.za/

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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