4 Things That Should Be on Your Trading Desk Every Day

Trading is a very competitive environment. Because it is a zero-sum game, meaning 1 dollar made for you is 1 dollar loss for someone else, and everybody wants to be on the winning side. In our world we are competing against Banks, Hedge Funds, and other professional traders and retail traders.

People spent hours and hours, studying the markets and thousand upon thousands of US dollars for trading seminars, workshops and courses. Helping them to gain an edge over their competitors.

So what make traders confident enough to place a trade? And what are those fund managers doing for the last 20, 30 years for obtaining such a good track record?

4 things that should be on your trading desk every day

Well, one thing is sure for me, and that is what I believe in, which is a trading system.
Whether you are a pit trader or an electronic trader trading from home, or sitting at the trading desk at Goldman Sachs, one thing you should have is a trading strategy. A trading strategy is something you should follow without emotions attached, and without doubt. I believe you should only invest in strategies that doesn't claim to predict the next move of the market, but that offer the trader the best chance to adjust to the markets' ever changing risk options.

There is two ways of trading, 1) try to predict the future, and 2) to fall in with the market. Option number 2 is the better option, and I call it the trend-trading option, which is one of many trading options. Following the trend will be the best trades in the long run. So, what does all this mean for you? Well, you will have to decide what type of trader you are. Are you a quick 30 pip trader? Or are you a trend-building trader, do you use only technical analysis, or only fundamental analysis, or do you use a combination of both?
Once you decide what you want, evaluated the risk that you are willing to take, then build upon a system, which you have confidence in to follow. And most importantly, trust yourself and have confidence in your decisions. Self-assurance can go along way when used well.
You are welcome to learn more about our trading method and what we use.

Here is what you should keep with you everyday at work:
  1. The latest news calendar with important news times
  2. Trading strategy sheet, that will build a good framework to work from
  3. A work sheet for the observations of the day and trading journal
  4. A book where you can write your reasons for the trades you took
To keep a journal is very important. Recent studies have shown that when a person write something down like an observation or idea, it stimulates a different part of the brain. You are also more likely to stick to the first idea. Instead of just looking at your charts and deciding where you want to buy or sell, place target and stop, write your observations. You will become your own mentor, knowing what best motivates you and what works for you.

I will end of with a very famous quote from a well-known Trader: "Trading is a process of keeping losses small. Focus on that process and not the outcome."

If you are new to Trading and or seek a professional career in the Industry, we are willing to share our knowledge and experience with you. You can have a look at our Training Syllabus. Trading support will be given and everything can be done through a webinar for our International clients.

Article Source: http://EzineArticles.com
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