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Finding a trading strategy that is suitable for your individual goals, risk tolerance, and trading style can be a challenging process. Here are some steps that traders can take to find a trading strategy that works for them:
Define your goals and objectives: The first step in finding a trading strategy is to define your goals and objectives. This should include specific financial targets, such as annual returns or net worth, as well as non-financial goals, such as increasing your knowledge or reducing stress.
Identify your risk tolerance: Different traders have different levels of risk tolerance, and it is important to find a trading strategy that aligns with your individual risk profile. This means considering factors such as your capital, your time horizon, and your emotional tolerance for risk.
Research different strategies: There are many different trading strategies, and it is important to research and evaluate a variety of options before choosing one. This can include technical analysis, fundamental analysis, or a combination of both.
Test the strategy: Before implementing a trading strategy, it is important to test it to see how it performs in different market conditions. This can be done using backtesting or paper trading, which allows you to simulate trades without risking real capital.
Monitor and adjust the strategy: Even the best trading strategies can go through periods of underperformance, and it is important to monitor the performance of your strategy and adjust it as needed. This can involve modifying your strategy, changing your risk management policies, or even switching to a different strategy altogether.
Overall, finding a trading strategy that works for you requires research, testing, and ongoing monitoring and adjustment. It is important to be patient and willing to experiment and learn from your experiences in order to find the strategy that is right for you.
When first starting out it's easy to get overwhelmed. You can find strategies by following different traders. At TradeJournal.co we have verified traders using an assortment of different strategies. This is great for beginners or experienced trades looking to add a new strategy to their toolbox.
BUT BEWARE you have to be VERY selective here.
In life, we all know “the grass is always greener..” and that saying rings especially true for trading. There are endless strategies and they all seem to promise easier success than your current strategy.
You'll need to put total blinders on, cut out the noise and get to business perfecting that ONE strategy. A great way to start this is by doing a small account challenge.
Create a new portfolio with your strategy and in the description add a detailed yet concise explanation of your strategy that a 5-year-old would be able to understand.
Sounds silly but fees can make or break you and your trading strategy. It's not uncommon to see $1m+ annual profit traders with fees north of $2k +per day. Sure they can afford it but what if you're not even profitable yet?
Start by looking up your broker's fees and the second-best competitor
If the competitor is cheaper you need a good reason to stay with the more expensive one. Especially if you're not profitable yet.
Contact your broker and ask to have your fees lowered.
This might seem ballsy but you'll be surprised by what they say! It never hurts to ask.
Management guru, Peter Drucker famously said, “If you can't measure it, you can't manage it.” If you don't measure, then how do you know how you are doing? How do you know if you are doing well?
Start documenting all of your trades!
Specifically, regarding your main strategy. We recommend documenting all trades of 1 general strategy in a specific portfolio so you can always segment and share everything related to that strategy down the road.
To get started click the To Do link below and explore options for your broker.
If you can't find your broker in the dropdown. Don't worry, you can still import custom csv files as long as you format the files correctly.
Don't worry so much on how to do it. You'll improve over time on that. The point is to review all your trades, posts, insights, and so on to get a good understanding of what's working and what's not. Then double down on the green stuff and cut the red stuff.
Here are some monthly recap examples from our verified traders:
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*Results are not typical and will vary from person to person.
Making money trading stocks takes time, dedication, and hard work.
There are inherent risks involved with investing in the stock market, including the loss of your investment.
Past performance in the market is not indicative of future results. Any investment is at your own risk.
Winkler Capital LLC, 100100 Overseas Hwy PO 370697 Key Largo, FL 33037-9998.
This is for information purposes only as Winkler Capital LLC nor Alex Winkler
is registered as a securities broker-dealer or an investment adviser.
No information herein is intended as securities brokerage, investment, tax, accounting, or legal advice,
as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation, or
sponsorship of any company, security, or fund. Winkler Capital LLC and Alex Winkler cannot and does not
assess, verify, or guarantee the adequacy, accuracy, or completeness of any information, the suitability or
profitability of any particular investment, or the potential value of any investment or informational source.
The reader bears responsibility for his/her own investment research and decisions, should seek the advice
of a qualified securities professional before making any investment, and investigate and fully understand any
and all risks before investing. Winkler Capital LLC and Alex Winkler in no way warrants the solvency,
financial condition, or investment advisability of any of the securities mentioned in communications or websites.
In addition, Winkler Capital LLC and Alex Winkler accept no liability whatsoever for any direct or consequential
loss arising from any use of this information. This information is not intended to be used as the sole basis of
any investment decision, nor should it be construed as advice designed to meet the investment needs of any
particular investor. Past performance is not necessarily indicative of future returns.
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