Level: Beginner
Reading time: 6 min
When trading, it’s pretty useful not simply to find and apply somebody’s strategy but to make sure you can create your own. But how to do that? Let’s go through the crucial tips and tricks to help you in your trading career.
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Tip 1. Choosing the assets for the strategy.
At first, you should think of the assets. Different assets have different active working hours. Ensure you’ll be ready to trade during these active hours. Otherwise, it will be hard for you to control your trading account.
Try not to be distracted while trading. Yes, some people can do several things simultaneously, but if you aren’t one of them, try to concentrate your attention on the market.
Choose other assets if somebody may bother you during active trading hours. Luckily, there are plenty of different assets in the Binomo platform, which you may choose.
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Tip 2. Choosing your style of trading.
Who are you? A scalper or a day trader? Or, maybe you are more of a position trader. Remember, you must be patient even if you are a scalper and trade on 15-second timeframes.
The basic rule here is that the higher the timeframe – the more reliable signals. But, on the other hand, the higher the timeframe, the fewer signals. What timeframe suits you?
Tip 3. Indicator vs. Non-indicator trading.
Some indicators can be handy, but most of them are lagging. Price action is fine, but it can be subjective. What’s the solution? Mix your approaches. Choose a couple of indicators and price action patterns or support and resistance lines. Apply all of this to your asset’s chart. Scroll the chart back. How many signals do you have? Are these signals reliable?
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Tip 4. KIS.
KIS stands for keep it simple. Some new traders tend to complicate everything. They use dozens of indicators or try to learn all candlestick patterns by heart. Frankly speaking – it’s useless. A trader should know a lot if he wants to make a profit, but that doesn’t require him to use all his knowledge at once. Don’t overload the chart with different indicators or lines. The simpler – the better.
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Tip 5. Economic calendar.
If the trader’s strategy isn’t based on Fundamental analysis, he may forget about checking the economic calendar. Fundamental news can be tricky. It may break any technical method you use. Why so? Fundamental analysis is before the technical one.
Tip 6. Don’t forget about Money Management and Trading Psychology.
You should have your money management system. Think about how to apply this system to your trading style. Trading psychology matters a lot. Think of your strengths and weaknesses. What triggers you to trade? Try to make pauses if you get losses.
When you know so much about trading strategies, how about building your own on the Binomo platform?
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