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Most traders regularly lose money on the market. What do these people have in common and what is the most common cause of this problem?
Ignoring the rules of capital and risk management.
They don't have a strategy for entering/exiting the market as accurately as possible.
They do not have a clear plan of action (trading plan), or they do not follow one.
All of these statements are true.
Suppose you decide to become a professional trader and want to make $100,000 within 3 years by trading on the financial markets. You have $1,000 in capital. How can you achieve your goal with the highest possible probability?
"Drive up" your account, using martingale, averaging, or by simply trading and overloading the account as much as possible.
Statistics are the trader's greatest asset. You need to trade according to plan, generate statistics, and achieve your goals
Buy a quality robot that shows at least 1,000% p.a., switch it on and act as trading system administrator instead of trading "by hand." If I don't withdraw any accumulated profit, I'll reach my goal within 2-3 years with that kind of profitability.
Learn a trading strategy that allows you to steadily increase your capital and follow it in a disciplined manner.
What is the role of a trading plan in trading? Choose one or more answers.
It helps you describe the principles of market entry and the ratio of potential profit to risk.
It increases the likelihood of disciplined trading based on a clearly defined and historically tested strategy, and discipline is the key to success in this type of business.
A trading plan is needed in the initial stages to help the trader understand the principles of trading on the market, then when they learn to trade intuitively, the trading plan becomes an additional tool.
It is used to create a plan of action for the next few months (weeks/days).
A trading plan describes the trader's pattern of behavior on the market in a given situation and is intended for professionals. Beginners do not need one.
What items should there be in a trading plan?
The market entry and exit points, trend direction and whether you can trade on the market, rules for calculating the entry amount, and rules for determining the ratio of potential profit to risk.
Determining trend direction and market entry points.
Which trading instruments might be most interesting to enter with in the near future, and when to enter the market and with how much.
A description of all the trades in a particular trading account, including entry and exit points, amount of positions, and reasons for entry and exit.
What is the role of fundamental analysis in a trading plan?
Fundamental analysis is used to determine the most likely direction of a long-term trend.
When trading on the market, fundamental analysis plays the role of an additional market analysis tool, because in this case, "the market is always right."
It is imperative to trade on the market in the direction that corresponds to your fundamental analysis, since all traders act in a completely logical way, and the market moves in strict accordance with current events.
Congratulations! You are just starting your money management journey.
- Re-read and study in more detail the basic principles of deposit management
- Test your knowledge and build basic money management skills on a Demo account
- Get your “Trading journal” and learn how to keep it disciplined
Congratulations! Your experience allows you to properly manage the deposit. But there is still room for improvement. Let us try to help you with a few tips
- Test some more alternative money management techniques on your Demo account
- Combine more complicated methods with your trading strategies
- Don’t forget to use and analyze your “Trading journal” in testing new approaches to money management
Congratulations! You are “not bad at all” with managing your capital. We are really glad about that. But some our tips may help you to get something new in theory and practice
- Adopt your money management to trading on correlated assets
- Test on Demo account and Improve your Trading System with new technical analysis tools. Some of them may fit better with your money management.
- Read “Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders” by Curtis M. Faith if you haven’t yet. It can upside down your money management approach!