Selecting a Strategy
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When you select a strategy, you first must know what kind of trader
you are and what your time frame is. If you make a buy or sell decision
as a day trader, you cannot then use the trading plan of a
microtrend trader by saying "I will hold it for the long term" if the
plan goes against you.
After you read over the various strategies, select two that fit
your personality and trading ability. Remember, while some of the
strategies work in most stock market cycles, you need to thoroughly
understand more than one strategy and how to apply it.
Electronic trading gives you the ability to enter or exit bullish and
bearish trends with surgical precision. The technology enables you
to control risk and manage money as never before. For this reason,
the use of electronic trading is part of every strategy you select.
Electronic trading is not just for scalping. Microtrend traders, position
traders, and even aggressive investors can use this technology
and the strategies in this chapter to help improve their success.
Remember the magic numbers, and don't exceed the optimum num72
the strategic electronic day trader
her of trades for the day trader, microtrend trader, or aggressive
investor.
Do not fall into the trap of not allowing enough time to test the
strategy you select. The best traders in the world let the market
come to them. Most of the time, you will sit and watch for the entry
or exit opportunity to materialize. Remember, every day is not a
high-probability trading day. Make time your friend instead of your
enemy.
When you select a strategy, you first must know what kind of trader
you are and what your time frame is. If you make a buy or sell decision
as a day trader, you cannot then use the trading plan of a
microtrend trader by saying "I will hold it for the long term" if the
plan goes against you.
After you read over the various strategies, select two that fit
your personality and trading ability. Remember, while some of the
strategies work in most stock market cycles, you need to thoroughly
understand more than one strategy and how to apply it.
Electronic trading gives you the ability to enter or exit bullish and
bearish trends with surgical precision. The technology enables you
to control risk and manage money as never before. For this reason,
the use of electronic trading is part of every strategy you select.
Electronic trading is not just for scalping. Microtrend traders, position
traders, and even aggressive investors can use this technology
and the strategies in this chapter to help improve their success.
Remember the magic numbers, and don't exceed the optimum num72
the strategic electronic day trader
her of trades for the day trader, microtrend trader, or aggressive
investor.
Do not fall into the trap of not allowing enough time to test the
strategy you select. The best traders in the world let the market
come to them. Most of the time, you will sit and watch for the entry
or exit opportunity to materialize. Remember, every day is not a
high-probability trading day. Make time your friend instead of your
enemy.