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How to Trade the Market

How to Trade the Market


 
First find what type of trader are you. If you are going to hold your position for a day? Feel days? Weeks perhaps months? The reason I am asking this question is, there is no point to look into long term charts if your trade is not going to last the whole day and not point ether to look in to charts of 15min if you are going to hold your position for the trend.

You are not going to find an 800 pip move on a 1 hour chart. Small charts are used by the day traders, they looking in to a buying small dips and selling at small rallies. At occasion they might cause you frustration as they prevent market movement during the day. Would not recommend a buy bottoms and sell tops as a general rule, I suggest buy strength and sell weakness, comparing pair is a good practice to find strong and weak opportunity.

Take partial small profit quickly and leave a break even on the rest of the trade is a good strategy as you would secure a small profit in case the worse happen, ex. enter your day or swing trade and take a quick profit and let the trade carry on with a break even stop.

Always place Stop loss on your trade as you dont want to hold losses for to long and risk a big part of your capital. Don’t trade your opinion, don’t guess, don’t hold losers, trade price action.

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