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If you don’t have an edge, you won’t get ahead in the trading game. There are basically 2 ways to get ahead:
Learn everything your self by reading everything you can lay your hands on, test every technique you have heard of and measure all the results and then maybe, after years of searching, you might come up with something that will prove your self worthy of sitting alongside the professionals.
Take the advice from someone who has been associated with trading for many years, who has already made all the mistakes possible, and who now offers you a complete trading system that answers all the questions of what constitutes a professional approach to trading. This way you can shortcut your way to the table immediately.
If you are prepared to agree with the following verified trading truths, then you have a chance to shorten your learning curve, and really start on your way to a successful trading career:-
1. Have a comprehensive trading plan that includes specific entry and exit prices. Make allowance for losing trades by always including a stop loss for every trade. Take advantage of using a trading approach that has proved itself over many years of use and is a logical and methodical process that will give you the edge you were looking for. Move your stop loss to the breakeven price as soon as possible - really cuts down on your average losing trade percentage. Has rules that takes into account every contingency that the market can come up with. Trade a 100% objective trading plan that leaves no room for subjective interference on your part. 2. Determine your risk to ruin on each contract before any trade is taken – every trade. Forget about worrying about profit, concentrate on how to control losses. The profits will come using specific target exits for each contract. Know ahead of time exactly how much money you’re risking and when you are going to get out of each trade. This is how the professionals think. And they are the ones making money. So begin acting like them. 3. Keep your own counsel and follow a step by step set of trading procedures that tells you exactly what to do, no matter what the market does. You can then begin to enjoy trading. Hot tips from gurus are just guesses and come from those who are really salespeople, trying to feather their own nests, and not really worried about whether their advice is sound or not. Like brokers:- “You win – they win. You lose – they win”. You will notice that they never tell you when to take a profit 4. Stay away from the “hold & pray” trading approach. Concentrate more on the short term and mini-trends that occur every day. You can make more with “laser targeted exit trades” aimed at taking a profit in hours or days, instead of weeks or months. Also stay away from “black box” systems - they usually annihilate your equity. 5. When you have a good trading method, you can make good money when the market goes up or down. Going short is not risky, it is risky if you don’t take a short trade when your system dictates that is the direction to take. In this way, you double your chances of success. 6. When you can find a trading system that can determine the night before exactly where you can place your next trade the following day, you really cut down on the time required to make your decisions. Trading with end-of-day data is ideal for those who do not have the time to spend during the trading day. It only requires a few minutes of work at the end of each trading day to place your trade for the following day, as well as to place your stop at the same time. Use an OCO order. This allows you to spend your day “worry-free”.
All of the SPBANKBOOK trading systems can be traded using the end-of-day data. Each system is 100% objective in nature (you get the same results as those posted on the web site). Each system has a built-in calculator in the accompanying spreadsheet that automatically determines that your risk% per trade will not exceed that which you input and are comfortable with, and also automatically determines exactly how many contracts to trade each trade. This trading system approach takes all the guesswork out of trading and if you don’t mess with the trading rules, then you are ahead of 99% of those traders who lose on a regular basis.
This approach allows you to have control of your trading, so that you know what to do every time, no matter what happens in the markets. It allows you to control your risk each trade and it only takes a few minutes at the end of each trading day.
CONTROL YOUR RISK AND YOU CONTROL YOUR FUTURE.
Good advice to follow if you wish to end up as a successful trader.
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