October 2012
Intermediate to advanced
250 pages
6h 3m
English
book
Timing Solutions for Swing Traders: A Novel Approach to Successful Trading Using Technical Analysis and Financial Astrology
by Robert Lee, Peter Tryde
Content preview from Timing Solutions for Swing Traders: A Novel Approach to Successful Trading Using Technical Analysis and Financial AstrologyBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.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.
CHAPTER 8
Formulating Your Trading Plan
In 1992, Jack Schwager published The New Market Wizards. The chapter titled “The Silence of the Turtles” covers an interview with Harold Seidler, one of the many market wizards mentioned in the book. In this interview, Jack asked Harold, “What advice would you give someone in regards to being successful in the markets?” Harold replied: “I think the single most important element is having a plan. First, a plan forces discipline, which is an essential ingredient to successful trading. Second, a plan gives you a benchmark against which you can measure your performance.”
Trading is an exercise in well-planned strategy. It is said that to have good trading results, a trader needs to spend 70 percent of his time in planning and only about 30 percent in trading. He formulates a plan and follows it in a firm and disciplined way.
The ability to make decisions confidently in trading is to get rid of the fear factor. Fear arises when there is uncertainty. Fear is a hindrance to making good decisions and having a trading plan will help alleviate fear. A trading plan does not have to be complicated, but it has to be clear. It has to blend with the trader’s character and thinking.
The trading plan should include the basic elements of deciding the type of trades that suit the trader, the method of selecting stocks, the conditions for trade entries and exits, and the contingent steps to protect capital.
In this book, examples of trading are not based on ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
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.