Shape your future with 7 Trading Choices
As you traverse the journey of trading.
There are a couple of choices you’ll need to make.
Not your spouse, not your kids, not your dog, not your neighbour.
Every day you hold that bit of power that will shape your unique trading path.
Remember, every action we take is a conscious choice.
Where we say YES to one endeavour automatically entails saying NO to another.
If you did economics, you would know it’s called an opportunity cost.
Therefore, it is crucial that you need to say YES and make choice with whatever action is necessary to pave your successful future.
Let’s go through some of the choices you need to make.
Choice #1: Do you just take the trade?
To Trade or Not to Trade, I call this the Hamlet Dilemma
When the market lines up a juicy trade, you put your levels in and quantify your position.
All that’s left is for you to press the button.
If you’re hesitant, I want you to ask ONE thing.
Is it a high probability trade or low?
If it’s high. Count down 1, 2, 3.
Just take the trade.
Choice #2: The pick of the trading pops
Go to a candy store, there are so many options of amazing candies.
But you can’t take them all.
You can’t taste them all either.
You have to choose.
Same with the markets. Thousands to choose from – which one do you pick?
Here’s an idea.
Choose a day in the week to trade a certain market.
Monday stocks, Tuesday indices, Wednesday Forex, Thursday stocks.
I don’t know.
But condense the work and the watchlists and the markets so they’re BITE size to take and trade each week.
Choice #3: Taming the Clock
Time waits for no trader.
Are you a day trader, where you want to open and close a trade within a day?
Are you a swing trader swing trader where you catch and hold waves of market momentum over several days or weeks?
Are you BOTH?
Your lifestyle, trading experience, and market analysis skills can guide this decision.
Tick-tock choose who you are on the clock!
Choice #4: Techie or Traditionalist: Trading Platforms
When you choose a trading and charting platform, it’s basically choosing a portion of your personality.
It needs to suit your lifestyle and personality.
You need to choose what colour backgrounds, indicators and chart layout you wish.
You must want to enjoy what you see in the charts.
You must find that they’re easy to work with and exactly what you need to trade with.
Improve your trading skills, chart setups and become a savvy platform trader.
Choice #5: Risk It All or Play It Safe: Money Management
It’s the eternal trader’s tug-of-war.
You get into a trade with the idea that you can lose money, or make money.
And the sweet spot is what you need to decide what is best for your portfolio.
Easy… Never risk more than 2% per trade.
Never risk any money you can’t afford to lose.
Play your trading safe in a way that you can preserve and protect your portfolio over the long haul.
Choice #6: Trust gut or trust charts
The big one is, what choice do you make when you decide to trade.
Do you trust your gut or dive deep into data?
While intuition can sometimes lead to lucky profitable outcomes.
It’s not going to happen every time.
It’s going to resemble gambling more than trading.
And when you hit that losing streak and don’t have a solid trading system to trust and work on, it’s game over before you know it.
The market doesn’t work on emotions.
The market works on analytics, numbers, volume, demand and supply.
So be like the market and you’ll stand a chance.
Choice #7: Buy and Hold or Buy and Fold
This one is the hardest choice of all.
When you get into your trade. And it goes in your favour.
Do you lock in profits by closing your trade, as you think it’s going to turn from here?
Or do you adjust your stop loss, to protect your portfolio from taking any loss.
Or do you just let your trade run according to your trading back-tested stats?
Choice is yours.
This also requires HIGH experience in trading. Because I still have to decide on these three choices every day when I’m in trades.
Obviously, there are many other choices you need to make.
But just remember. Everything you do is solely what you choose to drive you to the path of what you desire.
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Enjoy and remember…
You won’t need to buy or order another book on chart patterns and candlesticks ever again as I will be updating it very often and will let you know.
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