SIX-FIGURE TRADING | PODCAST
How to Develop a Trading Strategy for the Long-term
Your trading strategy should be the first thing to develop. Unfortunately most of us jump headfirst into risking money with no real plan.
A troubling thought isn’t it?
Strategy has always been a tough word to wrap our heads around. It’s a military term that has mostly been adopted into business and sports. The confusion gets deeper because most people can’t differentiate between a strategy and it’s cousin the tactic.
Trading Strategy Defined
Strategy is allocating resources to achieve a goal. Tactics are the steps to achieve the strategy. A trading strategy considers your resources and outlines the best path to for you to earn money.
The GIANT problem for most traders is the neglect to include experience, education, training, risk tolerance along with risk capital into our strategy. When most of us begin, our strategy is “figure it out before I have to get a real job.”
(If you doubt that beginner trader strategy you have never quit your job to trade full-time.
Today’s podcast was pulled from a training video. I strongly recommend you take notes because there are a lot of “writer-downers”.
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