Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading_13

Tham khảo tài liệu 'diary of a professional commodity trader: lessons from 21 weeks of real trading_13', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | best advice I have ever been given. This highly successful chart trader said Trade to the far right of the chart page. In other words the best decisions in chart trading are those that are delayed .delayed .delayed .delayed Do not anticipate what a chart might become. Make a chart prove itself. Do not lead a breakout. Do not determine what a chart will do instead make the chart do it. Whether a trade will be a profit or loss should not be a chartist s concern. Rather waiting for a chart s appointed time should be the focus of a chart trader. Sage advice indeed I ve created a list of best practices based on my recent trading performance but I suspect it would apply to many other chart traders out there whether they re just starting out struggling with bad performance or just looking for ways to improve an already successful trading operation. Practices that I and other chartists could focus on in the future are Look at the weekly chart of a specific market no more than once each week. Look at the daily chart of each market no more than once each day. Do not pay any attention to intraday charts unless it is to set money management protective stops on entry orders that were executed. Predetermine orders prior to the late afternoon opening. Use good-til-canceled GTC open orders wherever feasible. Avoid resting orders in thinly traded overnight electronic trading sessions such as the grains meats or fibers. Do not modify the protective stop level on trades based on major breakout signals more than once each week. Do not chase a missed signal. There will be trading opportunities next week next month and next year. Chasing signals can lead to other serious breaches of trading practices. Have limited exposure to intraday market volatility. Be more aggressive in taking profits on trades other than major breakout signals. Enter profit-taking orders in advance. Once a profit is taken in a market avoid that market for several days. Never take a losing trade home over a .

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