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Trading Secrets of a Successful Trader

TRADING SECRETS OF A SUCCESSFUL TRADER.

The first and most important thing a trader must have is a “TRADING PLAN”

This is a “Written PLAN” which you can refer to from time to time. The reason for this is that it will keep you on track and on the right path to becoming a “Successful Share Trader. It should comprise of several steps which will become a constant guide to each trade that you make.

1.OBJECTIVE. Of course the main idea is to make a Profit.

This is regardless of whether you are a “Long Term or Short Term Trader.” Surprisingly enough quite a few Traders don’t make a profit.

This usually is brought about by NOT planning in the first instance.

They are actually trading “BLINDFOLDED.” Not a very desirable state to be in. But funny enough Traders are doing it all the time.

2. RISK. There are several types of risk to be alert for.

Firstly there is “Overall Market Risk.” What is the current “MOOD” of the Market “RIGHT NOW?”

Is it a “BEAR or BULL” Market?

Now depending on what type of Market it is, this should/could influence you on whether or not to enter the Market now or later.

If everything is heading downwards, a little delay might mean that you purchased that stock a little cheaper.

A bit of advice here, “NEVER TRY TO PICK THE VERY BOTTOM OR THE VERY TOP OF THE MARKET.” If you happen to it is luck and nothing else.

Even the so called “EXPERTS” cannot predict the top or bottom. As much as they would have us believe they can.

Another “RISK” is speculative Risk. This can be found particularly in the Mining or Oil sector. Sure the stock price can go skywards, BUT it can go the other way just as quick if not quicker. Only put a small proportion of your capital in this area. Unless of course you are willing to accept the Risk involved.

ONLY YOU can decide what level of Risk you are comfortable with.[SEE STOP LOSSES TO HELP YOU MINIMISE RISK]

3. ENTRY. This where you have decided at what price you are going to pay for your share.

As to when we will cover that in “TIMING.”

What ever you do, “DO NOT” leave an order in overnight particularly if the stock is VOLATILE that is to say that the stock is going up and down like a yoyo.

You could pay more than you bargained for.

If you must leave in overnight put a “LIMIT’ to what price you want to pay. Not a “AT MARKET ORDER”. At least you won’t get any nasty surprises that way.

4. TIMING. A very important part of your trading Success will be in your timing.

If the market is going downwards a little patience could mean a better entry price, which will reflect on your profits.

As I have quoted before don’t try to pick the exact bottom or the top. Waiting to long might mean the difference between a small profit and a larger more desirable one. The best advice is to get the “BEST” price possible at the time you decide to trade.

5. EXIT. Not enough attention is paid to this area. Timing is important, but a good “TIP” is “Have a “PRE SET” exit figure already prepared.

This has the advantage of you knowing already how much Profit you are going to make

[I have a “FREE SOFTWARE PROGRAM”AVAILABLE called “STOCKMONKEY” This will calculate your profits for you in advance].

Now DON’T BE GREEDY!!! This is a “TRAP” that many traders fall into very regularly. More than I care to mention, Small profits taken on a regular basis build very quickly into quite large amounts.

6. STOPLOSS. This can mean the difference between “SUCCESS OR FAILURE”

A stop loss is a price that is set either ABOVE or BELOW your share price.

This has the effect of stopping a substantial loss or a “BIG” one. A good guide is to have no more than 2% of you total portfolio at risk. You can decide what% you are comfortable with.

A “TRAILING STOPLOSS’ is what you place just behind your rising share price, this effectively “LOCKS IN” those Profits so near and dear to you and me.

7. PAPER TRADING. This is a wonderful idea to practise and To “LEARN” and to “FINE TUNE” you’re trading skills without endangering your hard earned cash. Plus it is “FREE” which is another advantage. [I have recommended 2 sites whereby you can try for yourself] Who knows you might even pick up a prize or two, depending on your trading skill.

In finishing, more “EXPERT KNOWLEDGE” can be found in “Daryl Guppy’s” various books. Ones that I have read from “cover to cover” and reside permanently on my bookshelf are “SHARE TRADING’’ and “TRADING TACTICS” and a few others.

Altogether he has published at least 8 worthwhile books, all of which come highly recommended. Unfortunately, [I get no Commission] this is a “FREE PLUG” for Daryl Guppy.

This is one way I can “PAY’ him back for all the “KNOWLEDGE” that has improved MY trading no end, and continues to do so, on a DAILY basis.

Remember if you fail to plan, you are planning to fail. I sincerely hope that someone has gained some knowledge from this article and it improves in some way “THEIR TRADING PROFITS”

About the Author

Christopher Strudwick is a keen amateur share trader on the Australian Stock Market Visit his weblog for more free articles and useful information at http://www.asxnewbie.com

Will a broken c ring on my yoyo Bearing have an effect?

Bought it then tried to wash it and broke it help

Why would you try and wash a bearing?
If its a sealed bearing, they already come pre-lubricated, but they're not expensive, so just buy a new one.

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