Getting Started In Swing Trading
1. Good Day everyone, this is Roger Scott from Market Geeks, and in Today’s Topic I’m going to discuss a different ways to go about getting started in swing trading. 2. When I think about my experience and how I started trading, I wish I had a road map or a guide that would help me make better decisions.
3. Unfortunately, there was no road map of any kind so I had to learn many things the hard way and I can tell you learning how to trade the hard way equals losing money. 4. So I want to give you a few good tips that should go a long way to help you getting started in swing trading.
5. Have a plan and stick with it - Many traders start out without a plan and trade by hunch or feel. This is the absolutely worst thing you can do because you are relying on your emotions to navigate you through the markets. People are naturally wired emotionally to lose money so relying on your emotions will probably cause you to go broke, don’t do it, and always have a plan. 6. Learn basic indicators - Many traders start out thinking that more complicated technical indicators will make them more money and will cause less loss. This is completely untrue; many simple indicators do a great job of controlling risk and giving a reasonable opportunity for profit. Remember, indicators are tools; they are not the answer to everything.
7. Small Position Size – Don’t swing for the fences when you begin trading. You can always increase your position size but you can’t always get back what you lost. Don’t make the mistake that puts traders out of business. 8. Control your emotions – The biggest challenge for traders is being able to control their emotions. You need to understand that rules such as stop loss orders need to be followed. Similarly, don’t get out of trades that are working prematurely.
9. The last tip for today is – Keep track of important dates – There are certain days or times of day when being in the market is the last place you want to be. A good example would be prior to earnings, holiday seasons and government announcement. 10. That’s it for today, if you would like more information about Swing trading please click the link below or head over to market geeks.com. This is Roger Scott wishing you the best
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