Making good trades is a matter of strategies and for you to succeed you need this three easy steps. Securities trading is not guess work, it has to with planning and having a better strategy. I will show us three easy steps to enter a trade, that will make you a successful trader.
1.Step one: look out for charts with good trading potentials. having picked the stock or instrument you need to apply indicator base on the direction of the market, we recommend that you use MetaStock explorer tool help you scan the stocks that have strong potential and use the expert or chart pattern Recognition plug in tool. This can help you make better buy and sell decision.
2.Step two: take a proper study on specific chart patterns; by using the expert advisor, you can analyze individual chart with chart pattern recognition and other powerful plug in like the power pivot . The (CPR) for instance would label reversal and continuation patterns. (illustrations) Continuations- symmetrical, ascending and descending triangle. Chart pattern will help you know the next step of move in the instrument you are trading.
Step three; Receive insightful, detailed plan: you have to know how to place your buy and sell positions and where to stop in case it goes against you. it is important you have a written plan in place and your entry and exit point, fully set up before you enter the trade. This will help you to know the right time to go in and out of the market. It is also good for you have a daily target or weekly target.
Every trader must know the importance of the chart and how to interpret the chart; the chart is the mirror in which the three steps are taken to achieve the goal in which you set for yourself. technical analysis tools are now applied to get the result you need. Chart pattern recognition is one of those technical analysis factors that can help you determine the direction of the market, the market is usually a repeated pattern. CPR, help you to understand the fact that market move in Continuations- symmetrical, ascending and descending triangle. in order to get better understanding of the pattern, insightful information is very important. that is why live data feeds become very necessary to get perfect information to study. Correct market analysis gives you profitable trades and the above steps are what you need to make wise decision trading the market.