Choose your preferred technique - Either focus on Elliott Wave or trend lines or oscillators or moving averages Using too many of them generally creates a hell lot of conflicting signals in your trading plan.
Define your time frame - Are you going to choose the weekly/daily/hourly or 5 min time frame ? Make up your mind based on your trading style and do not switch to make a quick killing The only quick killing the markets will give you is probably yourself.
Define your entry and exit price before initiating the trade - Always maintain a journal with complete trade details and the rationale behind the trade as well.
Keep your stop losses in place - Cut your losses quickly because if you can't take a small loss you will soon take the mother of all losses.
Always have trailing stop losses to protect your profits - Without profits your trading account is not sustainable.
Do not worry about whipsaws - If it happens take it along your stride but don't change your stop losses wondering if the trade will turn out into a whipsaw.
Use only 50 % of the money in your account at any point of time - You do not want one bad move in the market to wipe you out all your capital.
Get rich slowly - In the quest for making massive profits, would create more losses. Build your confidence gradually by having lots of winning trades.
Keep it simple and sweet - An easy methodology to follow is sustainable in the long run since there are lesser rules.
Win more and lose less - Self confidence is the key to a successful trading/investing experience- It’s important to have lots of good hits while trading to have conviction in yourself and your trading plan.
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