April 2019
Beginner
368 pages
10h 2m
English
Content preview from Swing Trading For Dummies, 2nd Edition
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Chapter 14
Ten Simple Rules for Swing Trading
IN THIS CHAPTER
Taking prudent steps to become a successful swing trader
Controlling your emotions (but still having fun)
Swing trading can and should be enjoyable. You can actually look forward to “working” each day! But swing trading is still a business, so you must stick to certain rules designed to keep you in the game. After all, if you have no capital, you can’t trade. So the most important rule is the rule of survival. Surviving means not only managing risk but also following your own plan and your own rules. If you’re not careful, swing trading can quickly go from being a business about making profits to being an outlet for your emotions.
The rules in this chapter aren’t novel or complex. Instead, they’re simple and straightforward. In fact, they’re downright boring. But they’ll keep you in the game and (ideally) help you make money. Stray from these rules at your own risk.
Trade Your Plan
A cliché that I hear over and over again is, “Plan your trade, then trade your plan.” I hate to regurgitate that here, but I can’t phrase it any better.
Your trading plan is your road map. It answers the following questions:
- What are your goals in trading?
- What is your time horizon?
- What will you trade?
- What tools will you use to trade ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.