It can make you a better trader and ideally help you learn to control your losses. More on that later.
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Check out my Sykes Sliding Scale for the indicators I go over before every trade. If you look at every trade like a business transaction, the game becomes clearer.
3. Swing trading strategy
Even if you only trade a few hours per week, treat those few hours as a business — not a hobby. Every single trade is new and different. Each stock has its own action. In fact, I usually sell too quickly. Perfect timing is a myth. Focus on growing your overall net worth — not perfection. Rarely will you see me catch the exact bottom or top of a trade. I try to use every trade to grow my overall net worth. Slow and steady wins the race. My students and I trade the same opportunities that pop up in every market.
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My top students and I cut losses quickly. Instead, it cracks support. You have two choices: exit the trade and cut losses or hold and hope that it will bounce back. I opt for cutting losses every time. I might miss out when a stock rallies, but I avoid potentially big disasters by cutting losses quickly. Let me know when you want to be a man and trade the difficult patterns.
4 Quantitative Trading Strategies that Work in 2021
I trade easy setups. My goal is to grow my account, not look like a hero. Breakouts are one example of the gimme patterns I trade. It happens all the time, but you need excellent technical analysis skills or great software to spot them, like StocksToTrade. Dip buying is another gimme setup for me — read more about dip buying here. I want to know the hottest stocks in the market right now.
And if it has news, it can be a potential trade … if the news has legs. If the big percent gain is caused by a paid promotion or media mention, I like to ride the hype and momentum. A lot of people look down on my strategy and penny stocks. So I keep it simple with patterns and catalysts. Get your head on straight, and live to trade another day. I have students who study insane hours in the beginning.
Others can only put in a little time each day. Learn what works and optimize your strategy accordingly. Even if you can only commit 30 minutes a day, it can still change your life. Keep track of your trades — the good, the bad, and the ugly.
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I use Profit. Some promoters want you to follow their trade alerts to the letter. Now go! I want you to be self-sufficient. My team and I are just training wheels in the beginning. Typically, bull markets are easier for trading, while bear markets can be more challenging. Stocks generally follow the market. Yep, there are exceptions.
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Companies and management like to lie. They like to hype up their stocks. I learned the hard way. So heed this important rule: Stick with stocks that are liquid and trade the actual stock. Never hold and hope. It can lead to making poor decisions. There are so many opportunities. Instead, learn from every one of them and be better prepared the next time. With penny stocks, I look for the biggest percent gainers. And tools like StocksToTrade help a lot. It has scans, charts, Breaking News chat , a social media search tool, and more.
No single trade will make you so rich that you never have to trade again. But one bad trade can wipe out your entire trading account. Small gains add up. You have to pick the right trades, manage your risk, and build your account over time. One of the best tips I can give to beginner traders is to learn stock market terms. I trade them. Learn the difference. Especially with penny stocks. Some paper trade until they can fund an account.
Now, my goal is to be the mentor to you that I never had. We can help speed up your learning curve. Apply for my Trading Challenge for the chance to learn from me and my top students.
Top 10 Best Forex Trading Strategies That Work
I covered some of my gimme patterns earlier. For example, I like breakouts and dip buys. My favorite trading strategy right now is dip buying morning panics.