Any of these factors will impact your daily strategy more and less impact it, however, there are 4 basic factors that must be taken into consideration before deciding on optimal strategies.
Time Frame: This is the time frame when you will actually initiate your trade, however, most experienced traders are able to do this much earlier, therefore making it a vital part of their trading strategy. What we are looking for is a time frame that is not too many minutes short from our current position in order to be able to be profitable and we are not looking for your trading to be so close to the end of the trading session that you will lose more money each day.
Time Frame is key
I will often hear people say they will take a 30 minute trading session and do nothing to it because they do not have to, this is a mistake. The way you are going to tell yourself that is you are going to take something that was relatively simple and take something very difficult and put it in that very difficult time frame. You are not going to be able to do that if you follow this approach.
The more time you spend in the trade, the less you will be able to gain, this is because the more time, the more you will take from your profit. Remember, if you are trying to make money every day, you will not be able to, you will have a hard time making $10 per hour, you will have a hard time making $20 per hour, but in the long run, you will be better than you are right now.
Stopping Losses: This is an important part of trading. When you take a loss and lose money, you will want to stop and correct, not sit there and let it happen. You will want to go back in, try out that strategy, then stop again. This is because of two reasons. The first reason is that you don’t want to lose your cash. You don’t want to lose everything. If you let the trade take you that far it will be too soon for you to make that profit and make it back with this strategy.
The second reason is that you do not want an entire trading session to go by and you want to be able to make a profit at that point. You want to make a big profit so you can build your momentum and be able to take your trades to the next stage. You want to be able to look like you have a plan and have some good trades to come back to.
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