TradeWithMe |
MY STYLE - BLOG
As we come to the end of 2013, there are many who may be closing their trading accounts, giving up on the markets as a losing cause and there would be the wannabe youngsters or those who dont have any other alternatives to look at trading for a living.. Many of the traders who come and trade with me also give up and go away, but there are several who continue and make money. Now this post is not about whether they are doing right or wrong. Its the underlying assumption. Is trading profitable?
I have been in the markets as a serious trader for the last 3 years and make my living out of it. Its not that I have lost money at times, but on balance, this activity funds my living expenses, month on month for all of this period. What has made this possible? Here are some of the positive factors that anyone who wants to consider trading as a business proposition must consider - I am not going to talk about what they should do - there are enough soothsayers and advisors around who will tell you more about that :). I will summarise what I did : - Made trading my business with its objectives, targets and goals. - Defined a capital base that would be deployed with the assumption that it was 100% risk capital. - Identified (in this case developed) a trading system that gives a consistent win ratio. - Developed a structured trade entry and exit plan. - Developed a risk management plan suitable for my trading style. - Developed a money management plan for achieving the desired revenues. - Reviewed the progress month on month based on the business objectives and applied course corrections where-ever needed. Now you may wonder, that this may just be simple common sense. Well, adapt and use a similar plan, if you want trading to be your main source of livelihood. Good luck, Happy Christmas and a wonderful New Year ahead. And if you havent yet seen Robin Sharma's video in the last post, I urge you strongly to do so.
0 Comments
Check out details of this service which completes 6 months now. click this link. Read an interesting article by Niall Fuller on the traits of a crocodile and why we should adapt that into our trading strategy. One simple way to trade is to identify supports and resistances and trade the trend based on them. An example of that is in the attached image. The way the supports and resistances are drawn as equidistant lines, immediately reveals the underlying trend eliminating noise. By using the supports and resistances as the basis to draw trend lines, rather than high-lows or close or averages, the trend becomes ordered and follows classical swing rules. The example on the left is drawn on 1 minute charts and the one below on 2.5 hour charts, showing how the approach is scalable. Just one of the innovations at work at TradeWithMe. |
AuthorAbnash Singh, Am a Trader helping small traders to realize their dreams. Archives
October 2017
Categories
All
|
Want more information ? Get in touch with us through the contact form : (click here)
|
|