Trading Strategy: How Winners Become Winners
Creating a strategy is probably one of the most important things you'll do in your trading career, therefore, you should prepare one as quickly as possible. In order to start you will need a proper chart that will correlate with the time frame you're interested in, a clean mind and paper pad to spill your ideas. It's best to first test if your ideas are any good by backtesting it. This way you'll have a decent idea as to whether it can turn into a strategy or not. if not, you should go back to your piece of paper and try to come up with something different. The backtesting process may seem redundant but it's quite the opposite, it is actually a time saving method to finding your perfect strategy. without it you would have to try each and every strategy you come up with to see if it's good, and this can take a tremendous amount of time (which otherwise can be used to make money…).
Who am I?
Before a strategy can be complete you will have to ask yourself an important question: what kind of trader are you? Do you prefer day trading? Or perhaps swing trading? These will affect the kind of time frames you will need. Once you've chosen the right time frame you will have to choose what do you want to trade? Forex? Commodities? Stocks? Futures? There are many options out there, so you should choose the right one for you. The next step is to determine your stops and when is the ideal exit point.
Make sure to place all your various strategies into one trading plan. Should one strategy becomes irrelevant for some reason, you can avoid using it and when a strategy shows a profit potential use it and capitalize on it.
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