Trade According to Plan

In my career in the stock markets, I made a lot of mistakes early on and kept learning along the way. I put all my learnings into developing my trading system and trading methodologies. Whenever I see new entrants making the same mistakes, I feel like going to them and say "Look Boss! Don't get emotional!"

I produce here some simple, but very very important methods to go about a trade., I have been following this for over 6 years now and this has not failed me.

1) Have a Plan: The plan can be anything. If you are bullish, the plan can be I'll buy near supports or when markets breakout above a resistance. But always have a plan. Without a plan, you will virtually be buying and selling every minute!

2) Identify the trend: I always watch the market for the first half an hour to gauge the mood. Once an Intraday trend is clear, i make up my mind to either go long at supports or short at resistance.

3) Always Use a stoploss: Stoplosses are something which have to be fed into the computer before you actually enter the buy price.

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