Trading Journal Basic and important rules to follow for traders and investors. Rule No.1 Decide that you are in market for long hault , that is you want to be a trader even 20 years from now. Rule No.2 Learn as much as you can Read and listen to experts , but keep a degree of healthy Scepticism about everything . Ask questions and do not accept experts at their word. Rule No.3 Don't be greedy and rush to trade , take your time and learn. The market will be there offering you more & more opportunities in the coming months. Rule No.4 Develop a method for analyzing the market that is If A happens , B is likely to happen. Market have many dimensions use several analysis methods to confirm trades. Test everything on historical data & then the markets using real money. Rule No.5 Develop a money management plan. Your first goal must be a long term survival , second goal is to maintain a steady Consistent growth of capital & third goal is makin...
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Price Action Trading
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What is Price Action ? Price action trading is a methodology that relies on historical prices (open, high, low, and close) to help you make better trading decisions. Now, this isn’t the Holy Grail. Dont Look for it!!!! There is nothing called as holy grail in Stock market. You'll fail if you look for it. But, if you devote time to learning price action trading, you’ll trade with cleaner charts, and can pinpoint your entries & exits with better precision. The truth about Support and Resistance nobody tells you First, let’s define what’s Support and Resistance so we’re all on the same page. Support – A horizontal area on your chart where you can expect buyers to push the price higher. Resistance – A horizontal area on your chart where you can expect sellers to push the price lower. “But how do I draw Support and Resistance on my charts?” That’s a good question. So, here are the guidelines I use… Zoom out your charts (at least 200 bars for me) Draw the mo...