By Jeff Pierce
It’s important as a trader to always be studying and sharpening your skills. Here is a short video jammed packed with concepts from Linda Raschke that all traders can use in their trading plan.
Key concepts from the video:
- The fewer decisions that you can make during the trading day, the better off you will be.
- All exit strategies should be based of your initial entry.
- 75% of trades test out best by taking your profits quickly.
- Shorter the time frame, the less justification for trailing stops.
- Trend followers often pay up to ensure they get a position.
Jeff Pierce is a momentum trader that specializes in market timing. By developing a proprietary timing system over the years that takes emotions out of his decisions, it allows him to be on the right side of the trade. While it’s nearly impossible to eliminate trading biases completely, there are many things one can do on a daily basis that gives enough of an edge where you can have success in this industry. Jeff Pierce is the owner of ZenTrader.ca.
To discuss this article or any stock, please visit The Playground Discussion Forum!
