Well, I assume you understand Rule #1. Taken more broadly, this means take no advice from ANYONE. You are an individual, with individual goals and perspectives. No one should "tell" you how you should trade, or interpret market fundamentals. You can take things into consideration, for sure, but you should be educated sufficiently beforehand to have developed your own sources of trading information.
As far as Rule #2 goes, I'm assuming you fall into the category of trading for a profit. There has recently become a group of traders who buy and hold, regardless of profit, because they want to stick it to the hedge funds. In my personal opinion, this is shortsighted and reckless for someone with little experience and limited funds.
A potential trade should be examined beforehand, by analyzing the chart, and looking at fundamentals. An entry is selected, an exit point, and a stop loss. This is "planning the trade." "Trade the plan" means executing your entry, and getting out with either a profit at your exit, or a loss at your stop. Pro tip: ALWAYS USE LIMIT ORDERS!
Hope this helps. There are a plethora of very good books on trading out there.
Well, I assume you understand Rule #1. Taken more broadly, this means take no advice from ANYONE. You are an individual, with individual goals and perspectives. No one should "tell" you how you should trade, or interpret market fundamentals. You can take things into consideration, for sure, but you should be educated sufficiently beforehand to have developed your own sources of trading information.
As far as Rule #2 goes, I'm assuming you fall into the category of trading for a profit. There has recently become a group of traders who buy and hold, regardless of profit, because they want to stick it to the hedge funds. In my personal opinion, this is shortsighted and reckless for someone with little experience and limited funds.
A potential trade should be examined beforehand, by analyzing the chart, and looking at fundamentals. An entry is selected, an exit point, and a stop loss. This is "planning the trade." "Trade the plan" means executing your entry, and getting out with either a profit at your exit, or a loss at your stop. Pro tip: ALWAYS USE LIMIT ORDERS!
Hope this helps. There are a plethora of very good books on trading out there.
this is a crash course. excellent. thank you very much, and yes it does help.