So how many times do I have to say it. You have to have a plan. Trading is a business and just like any other business you have to have a business plan. I know there is a lot of traders out there that think there is "a plan" that all traders use. But like any other business we are all going to find ourselves fitting into a niche that fits our trading styles and personalities. Even if you are a beginner, you must develop your style and your plan.
I ended the last 15 minutes of today's trading with 5 trades. There is no way that I could execute these trades in that time if I did not have a specific, detailed plan. And I even have to write out the numbers and tickers on sticky notes and put them on my computer monitor. I am jealous of you guys that don't need to do that, but for me it works.
By the way, those 5 trades were selling off UPL, FLR and NOV all up about 10%. I then bought the QID Ultra Short ETF at $54.95, then placed a stop/loss at $49.00. I am sticking to my plan of selling into strength every chance we get and that the trend right now is down.
Good luck to everyone tomorrow! Now let's take some time to relax.
1 comment:
Having a plan is like doing a puzzle. Most people wouldn't do a puzzle without having the cover to look at to know what the whole picture was supposed to look like in the end. Thus if you know what you are going for, you will be able to do it far more efficiently.
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