1- Preparing for trading:
• It all starts with analyzing the overall market sentiment, stay informed of economic events, news and indicators that can affect the market.
2- Technical analysis:
• Determine the market trend by examining charts, patterns and indicators.. Identify potential entry and exit points based on your trading strategy.
3-Enter the deal:
• Follow your strategy and risk management rules and set clear parameters for position size, stop loss and take profit levels.. Stick to your plan to maintain discipline.
4-Manage your deal:
• Once you enter a trade, allow stop loss to follow the price, protecting your capital and locking in profits. Consider adjusting your stop loss or take partial profits if the trade moves in your favor.
5- Post-deal analysis:
• After closing a deal, take the time to review, analyse, learn and improve. Think about your decisions, outcomes, and emotions. Identify strengths and areas for improvement to improve future trading performance.
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