3 Tips That Turned My Trading Around

3 Tips That Turned My Trading Around | Coffee With Markus | Episode 135

Intro: 0:00
My Trading Account: 1:33
3 Tips That Helped Turn My Trading Around: 2:03
Deep Dive Q&A: 33:00

1) DON'T FOCUS ON THE OUTCOME OF ONE TRADE
- Losing trades are inevitable
- Focus on the big picture instead of one trade.

One of the keys to my success in trading is “SRC Profits.”
- Systematic
- Repeatable
- Consistency

2) DON'T TRADE ON EMOTIONS

Two main emotions we deal with: fear and greed.

Traders fear that they’ll lose money.
- Keep your loses small
- Don't risk more than 2% on any given trade.

There’s also the fear of missing out called FOMO.

I like to trade based on my PowerX Optimizer and The Wheel strategies.

If the stock has moved past a certain point, I’ll pass.

The next emotion is greed.
- Focus on SRC profits.

3) HAVE A TRADING PLAN
- What to trade?
- When to enter?
- When to exit?

What are you going to trade? For me its options so:
- If I’m going to trade a call or a put.
* If I'm buying options I use the PowerX Strategy
* If I'm selling options I use The Wheel Strategy
- Which expiration date will I choose?
- What will the strike price be?

When are you going to enter the trade?
- Avoid FOMO.
- Know the price where you will enter, and move on if you don't get in.
- This is where limit orders come in handy.

But how do you know when to enter?

Well, my PowerX Optimizer gives me a signal as to when I should enter the trade based on the indicators I follow: the MACD, RSI, and stochastics.

It’s saved me hours and hours because it scans for me, and since I have my rules in place, I can quickly scan the charts to see what I’ll trade and what I won’t.

When are you going to exit the trade?
- Profit, set a Profit Target
- Loss, set a Stop Loss

Tools for exit rules
- Support & Resistance
- A certain percentage
- Average Daily Range (ADR)
* Stop Loss: 1x ADR
* Profit Target: 2x ADR

When it comes to exiting, you can exit for a profit or a loss.

And you need specific rules for exiting your position. “When I make enough money” is not a proper exit strategy.

Some traders use levels of support and resistance on the chart to target their exit points, while others use percentages based on the amount of money they put into the trade.

It’s really what works best for you.

A lot of this, for me, is done with my trading software, including what to trade based on my trading strategy, along with where to enter and exit, and the potential results.

And limit orders can be set for exit strategies, too.

I can’t stress enough how important it is to be prepared when you are trading.

Recommended links & videos:
Generating SRC Profits: https://youtu.be/FP2x4JULzwU
The Wheel Strategy Playlist: https://youtube.com/playlist?list=PLBa3sAx-Io2nosgosERUhIZwzvIgD-3Vq
The PowerX Strategy Playlist: https://youtube.com/playlist?list=PLBa3sAx-Io2l9ZV4s66J-uNkG6AJvhSPB
Best Brokerage Account 2020: https://youtu.be/4MoU-UiDAi4
The Wheel Master Class: https://www.rockwelltrading.com/products/the-wheel-master-class/

#StockMarketForBeginners #TradingStrategy #Trading
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Видео 3 Tips That Turned My Trading Around канала Markus Heitkoetter