Plan your Trades at the Weekend
A bit of time at the weekend looking through your charts and analysing trend and strategy setups is time well spent. Bear in mind that there will only be 5 new bars per week, you can set yourself in a very good position by doing a little bit of preparation at the weekend. Remember, fail to prepare, and prepare to fail…
Set and Forget
So if the goal is to Trade daily charts in less than 30 minutes a day, we need to learn to set up our Trades and let them run, coming back to the charts once a day. I’m not going to lie to you; this can take some time if you’re obsessed with always watching your money tick up and down on the screen. It is however, the most relaxing way to Trade. Get used to the world isn’t going to end tomorrow. You have a stop-loss in place to protect you, and you can sleep soundly knowing that if the Trade does go the wrong way, your broker will get you out of the position.
You see, you really do have to set and forget about your Trades when you’re on the daily charts, as the end goal is to make sure that we’re highly focussed when we’re Trading, but we’re able to step away from the screen and get on with our normal lives. That’s the way that Trading is meant to be.
Don’t’ see Trading as a “get rich quick scheme”, as you’ll lose all your money trying, but see it more as something you can fit into your lifestyle and get a little bit richer day at a time. Remember Trading is all about compounding, so in 3 to 5 years’ time, you should be in a very comfortable financial position.