Day Trading Blog: Trading Plan: Different People have different opinions, therefore only trade your plan

Saturday, May 3, 2014

Trading Plan: Different People have different opinions, therefore only trade your plan

First you might thing: I need help from another person to complete a task such as profitable trading

if no person can help you then you might think you need a new tool / method

but if there is no new tool available and the one you use does not work with all market conditions why not try to use the ultimate tool: your brain.

Magically if you give your brain any task and don't get fooled / disrupted by your ego that always wants to be right, then you most likely will reach you goal.

Some people even trade very funny things: Like when the price touches the supertrend line and thing this a strong support level, but it could happen by chance that the price bounces of that level:

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Trading Rules:

how to trade profitable? with KSE. knowledge, strategy, execution.
Knowledge: You need to buy low and sell high. So I wait for the price to first go to a prior support level on the daily, 4h, 1h chart.
Strategy: Timing is important so I trade when there is a good setup on the dax, s+p, nasdaq or oil market. My goal is to make few trades with high risk reward, that is archived by either holding a trade till the market closes or reaching a level that sets up a counter trade.
Execution: Usually there is only a 20 point risk involved, so I try to get into a prior support level on the 10 min chart and automatically set a stop and multiple take profit targets.
All the little details how to trade better are listed here but I like to keep it simple: just enter the market at prices with a target that it at least 3 times the initial risk.

The Legal bit

Risk Disclaimer and Disclosure Statement

Trade at your own risk. The information provided here is for Education only and is of a general comment only and neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. You should seek appropriate advice from your broker, or licensed investment advisor, before taking any action.

By reading this Blog, you acknowledge and accept that all trading decisions are your own sole responsibility, and I cannot be held responsible for any losses that are incurred as a result.

There is risk of loss in trading and investing. All trade decisions are your own sole responsibility.