Learn how to master day trading by downloading two of Trading EveryDay’s FREE products: Tools of the Trade eBook and a Trading Plan Planner. Dedicated to helping people become profitable traders, Leroy Rushing, a professional day trader, trading coach, and author, is the CEO of Trading EveryDay, a distinguished provider of educational trading products and services.
Deep in your trading plan, you may be missing an element that could be eliminating huge winners. By merely tweaking a few indicators and steps to your trading plan, you may be able to produce returns you’ve never been able to achieve.
Change your entries and exits
Depending on your trading style, you may be cutting losses too deep and winners too short. Many traders make the mistake of letting losers run while their winners get cut off after a modest gain.
Changing your exit plan to a trailing stop, or setting the bar just higher, will let the winners run and prove profitable. Likewise, having extremely tight stops means that the overwhelming majority of trades will be stopped out before they even get the chance to move. Tinkering with entries and exits will do a lot to work towards consistent profits.
Change your timeframes
Most day trading strategies are more profitable when adapted to the long term. Swing trading and investing strategies perform better because the infrequent trades save hundreds in commission fees and take less off the bottom line. Expensive spreads might make the difference of a few percentage points of profitable trades, which is sometimes enough to double your results. If you can successfully trade the 1 minute charts, it will be an easy switch to the hourly or even daily charts. The longer the timeframe, the easier the investing and the less you’ll pay for trading.
Being able to adapt
Experienced professional traders have seen it all and have likely tried every strategy around. What is hot on the market for the next decade might soon fall behind when a new trading science takes over. The secrets of profitable traders is that they’re able to adapt and able to make money in every situation. It doesn’t take an investing genius to be able to adapt what they’ve learned to a new trading environment. In just the past 50 years, so much has changed in the stock market, and it’s probable that trend is unlikely to stop now.
Participate in a trading seminar
Trading seminars are a great way to bounce ideas off other traders, along with rationale behind different types of techniques. With a trading seminar, you may even walk away with strong trading secrets otherwise unavailable to you. Regardless of your skill level, you can always improve your strategy through a trading seminar, and they are a good way to tap into the intellect of the traders you’re competing with. Skill-building activities and the step-by-step instructions available in an online home trading seminar will build your foundation for pulling consistent profits.
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