🔴 European markets settled in the red zone today, Monday, in the last full trading session this year, amid expectations of limited trading as markets prepare to close for the New Year holiday.
📝 Creating and using a trading plan provides a blueprint for your trading activities and outlines the necessary actions you should take when trading.. Your trading plan should record your goals, methodology, analysis process, and risk/reward levels.. A well-crafted trading plan will also provide you with the controls necessary to keep your trading on track.. 😀
🖨 The main elements of a trading plan include:
1. A daily process to review the previous trading session or trading time frame.
2. A process to identify trading opportunities: a. A macro analysis of the current market – news, economic reports, and other influencing factors. b. A micro analysis of the current market – reviewing charts and indicators.
3. A desired entry point.
4. Specific risks for each trade.
5. Specific levels for stop loss and take profit orders.
💡 Every individual trading plan is unique, but at the very least it should contain the five elements mentioned above.. Record your trading process by preparing a written plan on paper and following it as is so that you can streamline your trading efforts. #BTC☀️ #ETH #xrp
In the world of cryptocurrency trading 💱, identifying currencies that may rise within a short period of time like 5 minutes is a big challenge 🕒, but it is not impossible if you use the right tools 🛠️ and adopt well-thought-out strategies 📊. In this article, we will discuss the steps and methods you can follow to discover these valuable opportunities 💎, with a detailed explanation of how to use technical analysis indicators and robots to achieve this goal 🤖.