Welcome to PlayBook Trading
I would like to present myself as Trader521. I will use this nickname for the purpose of confidentiality and explain you a little bit of my trading concepts. First of all trading is not easy, but is should not be hard. When it comes to placing trades, its all about mathematics, probability, risk and reward. Over years of trial and failure, the wisdom of the trading game finally touched me with its magic hand. I know lots of you are struggling with your strategies, indicators, fundamentals and other factors that you might think are very important in trading. Ill say two basic concepts that should be at the base of your trading:
- Psychology (this is something that can make the best trader in the world lost tons of money in a short period of time – recommended read is Mark Douglas – Disciplined Trader and Trading in the Zone).
- Math (knowing your probability of a profitable trade, make sure you have a decent risk reward when it comes to taking profits, I am looking for at least 5 to 1 Reward to Risk).
These two factors will make pretty much any strategy work. This is the bread and butter of every successful trader even if he or she does not realize that.
Over the next blog posts I will develop these concepts more detailed and show you what to look for when placing a trade, executing a setup, setting up the sizing of the trade, manage it and taking profits on the way.
I hope you are all well and are ready to start your next and last step in becoming a profitable, highly effective trader.
I would like to thank you for your time in reading this post.
— Trader 521 —