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The Business of Trading: 101 steps to trading success by John Piper

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How do you maximise your profits?

The process is to progressively increase your trading as you make profits but always keeping a tight control on risk.

Trading ideas

The first step is the trading idea and by this I mean the basic plan underlying your trading. For example it might involve a particular chart pattern, an algorithm based on early action, or a combination of moving averages.

Let me give you an example of a trading idea.

Example 1: a trading idea

You notice that every time FTSE pokes its head beyond a round number, like 5000, 4500, or 4700, it always turns tail and heads back in the opposite direction.

You think:

Hmmm, this looks interesting; I must be able to make some money out of this.

You determine to do just that and it is when ...

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