First I am a student of the market sharing what I have learned with you. This is not investment advice. I am not qualified to tell you what to do with your money. However I am enjoying success and I will share what I am doing with you. That being said, If you wanted to travel from where you are now to go someplace far away from you? How would you do it? You may start with some basic questions such as- Why do I want to go there? What is my motivation for this trip? Is it for recreation, or for opportunity? What is this area known for? What mode of travel is available? What are the cost? Where will I stay when I arrive? Where will I stay in route? What are my food and water considerations while traveling? etc…… To be successful all of these things must be considered prior to traveling. It's not to say you can’t make it traveling on a whim however the probability of success rises the more preparation and planning you do. In the end as cliche as it is- Fail to plan and you should Plan to fail. A good plan starts with a specific goal. Know why you want to do this and review it often. The importance of this cannot be overlooked. If you are doing this because your job sucks and you went a better environment for yourself, every bad day at the job becomes rocket fuel for your trip. If you are doing this because you have a new child and you want to provide them a better life use that. To be a trader who consistently is making money with money you need something that allows you to do the boring stuff every day. You need motivation. Every plan is unique since every person circumstances are different. It takes time to develop a good plan and I find my plan evolving as I grow as a trader. When you learn new skills or observe new things in the market the strategic part of your plan will need constant updating. If you do the work it will be life changing! Here are some keys and links to help you.
STEP 1. FIND YOUR MOTIVATION and write it down and review it DAILY. This should be the opening statement of your trading plan. Here is an example of my trading plan.
Step 2. Start a trading journal. Every trade I enter I document that trade. You will define what makes you enter a trade, what is known as your setup. What is a setup? Its the conditions that make you think the trade is a good idea! It could be indicators such as the MACD or RSI and a candlestick formation like a double bottom or double top.
Don’t worry if you do not know what this is now, on this journey you will learn these things and more and you have to document what’s working and what’s not. It can be a simple excel or other spread sheet. I like to copy a link from trading view. If you don’t have tradingview then go to the RoadMap on this site and click the link.
Step 3. Baby steps - learn how to paper trade- now that you have a journal lets put trades in it. If you are not profitable on paper you are not ready for the big League. Give yourself a fighting chance. You need to build a system that tells you when to enter and exit the market. This takes time but I will help you. This is the environment that you get to learn how to walk without hurting yourself or your pocketbook.