As the saying goes, you need to plan the trade, and trade the plan. With your trading plan as your guide, you can focus on putting your strategy into action and learning from every move you make.
You know your risk profile and the markets you want to trade – but how will you find the specific trades you want to take? A trading strategy, as explained by CME Group in this video, gives you clear rules for every trade you take. These include criteria for finding setups with a high probability of success and establishing where your exit points – stop loss and profit target – will be in advance. That way, you’ll be able to trade your plan, and not your emotions.
Trading is a business – and you’re not only the CEO, you’re also the accountant. By keeping a trade log, you’ll have an overview of your trading history – your profits or losses, and the bigger picture of how you’re developing as a trader. Honesty and self-awareness are important traits for any successful trader – and a daily review can help you better understand your trading performance'. Let CME Group help you get started in this video.
Are you ready to trade? Before the market opens, traders need to be prepared. It’s crucial to understand your trading psychology and how you handle risk. Testing your skills and doing your homework on the markets you trade will also help you get into a trader mindset each day, so you’ll be ready to put your trading plan into action. Learn more in this video by CME Group.
Keeping a trade log is easy with SaxoTraderGO’s comprehensive Account Overview. You can analyse your performance over time, view a portfolio report, get your latest financial statement and quickly download your trading reports for bookkeeping purposes.
Take the next step and start putting risk management to work for you on every trade you make.
