The Voodoo Trading Post - February 28, 2022
Here's our weekly snapshot of information that we hope will help in your journey as a systematic, rules-based, trader!
"The Trend is your friend, until the end, when it bends." - Ed Seykota
Trading Strategy Tips
- Most successful traders have the ability to be flexible. They don't jump from strategy to strategy but they constantly tweak their strategy based on lessons learned as their trading experience increases.
- All trading strategies will have bad periods. If the trading strategy is not yours and you don't understand why the strategy works you will abandon it during these drawdown periods.
- What works in the market is not going to feel good. Trading is hard, it's difficult and it's psychologically tough to do.
- Keep good records of all your trades. Having a track record is your greatest asset in trading.
Weekly Instagram Trading Poll
Do you have clear trading rules that define how you enter and exit a trade.....
Yes - 27%
No - 73%
You must have a clear entry trigger and take all the signals generated by your system. You cannot afford to miss a good trade or a good trend. You can't be afraid to take the trade.
You must also know where you are getting out of a trade before you get in it. Once you are in a trade you lose objectivity and it will be very hard to pull the trigger.
What's on your watchlist? These are the strongest trending markets over the past month........
Recommended Trading Books
This book is filled with sound trading advice and lots of ideas you can use to develop your trading methodology. It teaches the principles that are necessary to make you a great trader. In the book Van stresses that psychological preparedness, expectancy, and money management are the keys to trading success. Learn More
Please let me know what you think. What did you find most useful? What would you want more or less of? If you find this information useful please share with fellow traders.
Trade smarter, trade better!
Outstanding tool to improve your trading habits