5 THINGS YOU MUST KNOW BEFORE PLACING A TRADE 📈📉.( Make sure you read to the end!)
1. TREND- It is always advisable to trade in the direction of the overall trend since it is following the path of least resistance. You should always know when the market is moving sideways or consolidating and stay out until the trend is re-established.
2. ENTRY ZONE- Depending on you strategy, you should have a clear idea of what your entry zone looks like. you could come up with a criteria of what conditions needs to occur for you to press the trigger.
3.EXIT ZONE- This is also very important, paying yourself when you are right. Remember floating profit is not yet profit until you close it. That's why you should never post a screenshot of your floating profit until you close it. Because the market could sometimes go back and take all the gains you had made.
4.RISK- This is now the key factor for long term success. You should always predefine your risk. Always know there's a possibility of losing money because you will not be right all the time. Make sure you always have a stop loss to protect your downside when you are wrong. This is your protective gear in a war.
5. REWARD- You should also have a clear idea of what you will be rewarded when right. This is what everyone wants, but unfortunately, this is just dependent of all the other factors listed. This is now the fruit of your labor. Do not expect to get paid when you have put in the work!
That's it. I hope you have learnt something. If you have anything to add you can comment it below. Let me add my analysis on $WIF below make sure to like, learn, share and follow for more insights in the future.
Profitable trading🛐🛐🤲🧘🏾💰.
