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Your Style Must Fit Your Motivation for Trading |
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Remember that you must be seeking more than just profit. Does your chosen style meet your need for intellectual stimulation? Does it meet your need for conquering a challenging opportunity? There's no need to get started if you will only be bored to death with your choice. |
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Your Style Must Help You Reach Your Goals for Trading |
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The fit must be precise here or you will be miserable. Does your chosen style meet your profit expectations, your time commitment expectations, your expectations for the education required, and your lifestyle expectations. |
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If one of your goals is to buy and hold, don't get into swing trading. If your goal is to make $2,000 in cash each day, don't go into long-term trading. If your goal is to trade part-time, don't go into day trading. |
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Your Style Must Give You a Realistic Chance at Profits |
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Trading is about performance, not theory. Are you willing to learn the success tactics in your chosen style? Do you really want to apply them with discipline? Do you truly believe you can make money with this style? |
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Your Style Must Feel Right to You |
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The tactics you will use in your strategy must be comfortable to you, must be understandable to you, and must make you believe that you can master those tactics. It must help you spot opportunities easily, encourage you to trade with confidence, and encourage you to accept full responsibility for your results. |
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You must decide which strategy is right for you. Don't take anotherstep until you work this out to your satisfaction. |
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