DayTrading Community
09/23/2022
7 things to consider before placing trade:
1. Identify Market Structure
2. Higher Timeframe Analysis
3. Mark nearby Support & Resistance
4. Your Entry
5. Your Stop Loss
6. Always check volume
7. Your exit
What other things do you consider before placing trade? Comment down below, let's discuss it!
09/23/2022
F.O.M.O is the fear traders get when they think they might miss out on a big trading move or when they see other traders making better moves than them. This has a negative effect on traders that can cloud your judgement, overshadow the logic behind your actions, and have an emotional impact as well. It's important to step away from this mentality and become in control of your trades.
Having a trading plan and a trading journal will keep you on a track that you choose for yourself, which is driven by logic and strategy. This will help you analyze and improve your trading style, which will help you get rid of FOMO moves. Routine will help you establish the consistency of trading, which eventually leads to consistent results.
Risk management strategies are vital, and when you manage risk it will be your backup to ensure losses don't escalate. Lastly, good trading psychology will allow you to control your emotions and help you handle FOMO strategically.
09/23/2022
Importance of discipline
A main component that you might be lacking in your trading is discipline.
Discipline isn’t something that can be applied overnight, it is something you have to practice and build in other aspects of your life in order to apply it to your trading life.
It will help you manage your risk, take on better trades, and establish a better trading strategy.
Agree or disagree? Comment down below!
09/23/2022
Trader tip: Be conscious of what levels of risk cause you to become emotional.
Do you get anxious when price is at your stop-loss and you’re down more than you were mentally prepared for?
If so, risk a smaller amount. Adjust accordingly and increase risk parameters slowly.
Your trading system is susceptible to the volatility of emotions that are just a part of human nature.
Learn to control them and you’ll be able to rely on a proven system rather than your feelings.