≈ “An investment in knowledge pays the best interest.“ ≈
Traders,
Today let’s dive into the application process of trading. Most people want to bypass the education and just directly into clicking buttons. I won’t lie, I was one those people. trick. I quickly learned that the easiest part about trading is clicking the button to buy or sell. What happens after that is what I wasn’t prepared for but I quickly learned.
Others take their time and go through the natural progression and eventually get the hang of things overtime. Some struggle to make the transition from education to application because the feel they must learn all there is to learn before doing anything related to their trading account.
Eventually when the application journey begins, the first order of this just learning your broker software. Once you overcome that huddle now it’s matter placing trades and managing those trades. It is important to have a playbook. A playbook is list of strategies and rules you put in place to follow along to protect you from yourself. Keep it simple. Position size rules and asset allocation along with risk tolerance are important for your playbook. Start with what is easy. It might mean that you focus on trading stocks in a particular price range. If you are better and recognizing high base breakout patterns then create a playbook for that with the proper entry, stop loss and target rules. Then add to the playbook as you learn more concepts that fit your trading style.
#TeamTackle
Chart of the Day
S&P 500 Daily Chart
S&P is testing the 50MA again this week. Keep an eye on those levels. Position size and trade accordingly.
Video of the day
Trade Masters
Join Coach Cody, Greg and Mark for another edition of Trade Masters
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
Cash Flow Club 8:30 PM EST
Join Gino Poore as he hosts the weekly cash flow blub
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