Mistakes happen in trade each. This is due to the fact that the trader falls a huge number of wide range of information, which can cause a feeling of congestion, panic and even aggression. On the other hand, errors can occur when the market is calm because in such periods of time trader vigilance wanes. And of course, there are the random nature of the error, for example: press the wrong button (buy instead of sell) put the wrong size or position. From these errors are not even those insured who use automated trading systems.
Before the start of each trading session, take a few minutes to perform routine daily routine that will help to minimize the risk of errors during the day. Below, we consider the possible steps of this procedure. Depending on the market you are trading, you can supplement it with other items. The whole process only takes a few minutes, but will save you a lot of money and nerves.
Check economic calendar
Important economic events can trigger the appearance of price spikes or gaps and execution of stop orders with considerable slippage (ie, you do not get that price, which was calculated). Better not be in the position for a few minutes before and after the scheduled release of important economic news. Check economic calendar before the start of trading and follow the important news time. For shares and US futures can use the Bloomberg website.
If you regularly trading individual stocks, make sure that the company does not make public the report and does other important statements on this day. Stop trading for a few minutes before the release of important news.
Start trading platform
Start your platform for trading. Make sure that it works, and there is a stream of quotes (without delays and interruptions). Most trading platforms provide reliable delivery of data, but it is understood that from time to time issues arise in all market data vendors. If the stream is interrupted quotes or something seems suspicious to you, do not trade until the fault is rectified. If everything is in order - continue.
Trading on the right account and the right tools
Some platforms allow you to trade on multiple accounts. Make sure that the correct account is selected. It is especially important to pay attention to it, if you are using a day trading a demo account and a real (for example, for testing different strategies). It will be a shame to discover that the whole day, which turned out to be very successful, you are trading on a demo account instead of the real.
In futures trading within the day, make sure you trade the right contracts with the highest volume. You should be aware of the expiration date of the contract, which are trading.
Write for yourself text tagging
Right on your desktop or on the edges of the monitor, place text notes on stickers, for example, important news time. When you are engrossed in trade, it is easy to forget about some event, and this can be costly. Write it down and place it in a prominent place. So you can not forget about the important event.
Check and re-check the automatic strategy
Even if you trade intraday manually, you may use some automatic orders. For example, some platforms, you can immediately when entering the transaction, to send to the server stop orders to limit losses or limit orders - to set the target for profit. Make sure that these orders correctly set.
If you are using a "robot" before you start it, check the settings are correct.
The size of the default position
If you do not expose your position size for each transaction, and using available by default, make sure that it is set correctly. Faulty add one digit to the size of the position facing a catastrophe, and missing one digit, you will miss some features in this transaction.
If you adjust the size of the position manually, based on the input and exposures point, calculate it on the basis of its balance sheet before the start of trading. The correct position sizing reduces the risk only a small part of the commercial capital, for example, 2%. In this case, if your balance of $ 3500, then each transaction you should risk no more than $ 70. Keep the size of the maximum acceptable risk in my head all day (or make a text mark), to remind ourselves of this at the opening of each transaction.
The main idea
Remind yourself of your major challenges in trade and how you should act if they arise. Formulate for a number of the main thoughts that become an obligatory element of preparation for the working day.
Conduct a rapid assessment of the market conditions at the moment. Do you see significant volatility in premarket trading, or calm the market? Noticeable there any trends or
Have you ever wondered about the success secret of the most successful people?
Are you one of those who google the search terms like “success secrets”; “successful people key secrets”; “Bill Gates success secrets“; and things like that?
You are not alone if you answered yes to the above questions. Almost everybody is looking for the success secrets because most people think that becoming successful has a secret that only those who have become successful have been able to find it out, and the rest haven’t become successful because they haven’t found the secret of success yet and are still looking for it.
The secret is that “success” doesn’t have a secret. I mean, to become successful you don’t have to know any secrets. You don’t even have to be lucky. There are also so many who think that successful people got extremely lucky otherwise they wouldn’t be successful. If you ask them why you haven’t become a successful person in your life, they answer I am not lucky enough and anytime that I tried to do something, I got bad luck and something bad happened.
Despite those who won a lottery and became millionaire overnight, none of the others who have become successful, millionaire and billionaire, have been lucky enough to win a huge amount of money in their lives. Even many of them have experienced a lot of bad luck in their lives.
How to Become Successful: The Success Secret Is in Taking One Strong Step Every Day.Becoming successful doesn’t have a secret, nor do you have to be extremely lucky to become successful.
You will become successful if (1) you choose a goal; (2) dream of achieving it all the time; (3) take proper actions toward achieving it; (4) and take some new steps toward it every day. If you do so, you will succeed to achieve your goals and make your dreams come true. Maybe this is the only secret that becoming successful has, if you can consider is a secret. But it is too simple to be known as a secret.
The harder you work, the luckier you get. This is the only secret behind being lucky in what you want to achieve.
When you want to do something, for example you want to become rich and financially free, and, you work hard toward achieving it, you will become luckier the more you work because you will find more and better opportunities that guide you toward achieving your goals. Only when you work hard, you will be at the right place right time. Those who do nothing, will never be at the right place right time. There is no other secret behind getting lucky.
Like me, you are among those who have to become successful and lucky through hard-work. Majority of people are like this. You are not supposed to win the lottery and become a millionaire overnight. I guarantee this for you.
We are so lucky that we can build our success and move toward it on our own. This makes us better people. I love to take all the steps on my own. I’ve never expected anybody to support me, nor have I ever asked for anybody’s help. I am the biggest help and support for myself. I am my own best friend that I can trust the most. I am the one who makes me successful and prosperous. I am the one who makes the most of the opportunities and helps the others do the same. I am sure you are like me as well, otherwise you wouldn’t be here right now. You are lucky already and the harder you work the luckier you get 🙂
That was all about becoming successful and the secret behind it.
Are you still wondering how successful people have become successful? I don’t think so, because now you know there was no secret behind their success. They were just hard-working people who took proper actions. They took some important steps toward achieving their goals every day.
It looks easy, doesn’t it?
Yes, the secret looks easy at the first glance, but something that needs enthusiasm and consistency, is following the same route and repeating the same good things every day until reaching your goal.
“Do the rights things long enough, consistently.” – Bill Gates
That is the hard stage that most people fail to complete. Many people decide and start strongly but they give up very soon. They have a good and strong start but they don’t keep on working until they reach the destination. So, if you want to become successful and achieve your goals, make sure to keep on working to the end. You have to follow the route with the same energy and enthusiasm that you started the first day, no matter how long it takes. Do it for as long as and at whatever it takes.
I don’t know if something I explained above can be known as the secret of becoming successful. I doesn’t look like a secret because it is too simple to be known as a secret. Choose a goal today and start taking strong steps towards it right now and keep on doing it every day.