All serious traders need a good trading journal
100% FREE trading tool from Ace Gazette.
One of the most important practice of any serious trader to keep a trading journal for all his / her trades. It's important piece of trading plan would be keeping a trading journal.
The key is, we just have to do more of what is working and less what's not. That key could be in your properly kept trading journal.
Build and use a proper trading plan
Plan is nothing more than a list of various steps and diagrams to achieve a goal within allocated time and resources. It's where we carefully define strategy and tactics in order to reach our defined goal.
Why do I need a trading plan?
How can write a trading plan?
What should I include in my trading plan?
How do I know my trading plan is good?
Before the need of a plan you need to have a clear goal. Once you have your goal, you'll be asking yourself how to achieve your goal. That's when you realize you need a sound plan. Trading plan is similar to most other plans with some unique sections of it's own.
As the saying goes, battles are won or lost before they began, which implies the importance of advance planning and preparation.
A Tool to manage position sizing
Simple calculator to calculate position size for each trades. It’ll help you to manage risk like professional. Using correct position size according to your allocated risk percent is very important. In-fact most professional traders may say using correct position size the most important part of risk profile.
Some novice or those who doesn't care about proper risk management may say something like "I always use 1 mini lot for each trade with Risk:Reward 1:2"
Consider the following and see how wrong is such statement:
Trader A is using proper position size while trader B is using fix position size. Both using same Risk: Reward 1:2 and same risk percent. Lets assume both took same 2 trades, one winner one looser each.
Trader A Trade 1:
S/L pips: 50 - According Trader A risk percent trader A maximum position size is 1 lot. Target hit and 100 pips won = ($+1,000.00 - lets assume pip value is $10.00)
Collect and store trading strategies in one place
No doubt you have come across many trading strategies as you look around in search of profitable trading strategy. They are all scattered around on forums, web pages, books and so on.
Some of them may be promising. You marked some for checking out but something come up and task delayed. Where was that strategy. You thought you bookmarked the page but you cannot locate.
You looked at some strategy and did some testing sometime ago... Took some notes... Decided to come back to it to do further testing and developing... But you cannot locate your notes...
Now you can collect and save all trading strategies you want to using AG Trading Strategies software application. It's a custom designed application for keeping trading strategies. It is 100% FREE!
Why do you want be a Trader?
Can you commit enough time?
Do you have financial means?
Are you a fighter or quitter?
Do you have a sound trading plan?
Did you test your trading plan?
What is risk management?
Can you handle the stress?
