Month: November 2018

Swing trading is one of the most popular trading styles among traders with a full-time job or the ones who cannot keep a check on their investments every moment. It is a perfect balance between day trading and “held up investments”.

It does not require much time and yields a much larger profit over a year. Here are the five steps to perfect swing trading:-

1. Gain knowledge

A trader’s job is no less than any other profession, so if you strive to be a successful trader, it is necessary that you gain a decent amount of knowledge before putting your hard earned money on the line. Every trader spends months of studying and research before actually entering into a trade. An understanding of the basics will also help you figure out what style of trading best suits you.

2. Plan out your trade

Swing trading, in general, as a high potential of generating maximum returns as compared to other trading styles. However, profits might not be your only concern and therefore, it is necessary that you select a trading style that best suits you. Analyze different markets and go about the one that you feel fulfills your needs to the maximum.

3. Develop your trading community

You cannot learn each and everything all by yourself. To consistently grow your trading knowledge, you need to have a community of traders with similar goals as yours. A trading community will help you learn more from the experienced traders and their mistakes. Also, beware of all the scams that take rounds all over the internet. In Delhi, the Institute of Stock Market is one of the best institutions providing courses in the stock market trading. You can visit their website here.

4. Use trade simulators for practice

Having set up all your foundations, it is necessary that you practice trading on a simulator for a few weeks before entering in a live trade. This will help you know how profitable you will be in the long run and the areas where you need to focus more. Practice on various setups and select the one for live trading that yields the maximum profits with a minimal risk.

5. Begin with smaller trades

Real trading is much different than the ones on a simulator as there are many emotions attached to it. It is always advisable that you start with smaller capital size and gradually increase it over time, gaining consistency. Start with setups that you are confident about and slowly build diversity in them.

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Is it necessary to keep a Stop loss in your trade? The MoneyControl Way

To become a successful trader, it is necessary that you set a daily maximum loss set before you begin share trading for the day. It refers to the maximum amount of loss that you will allow yourself to lose in a given day. It is highly important for a new stock trader as they are more vulnerable to overtrading. Every trader goes through a stage where he incurs losses. It is a point where a trader does not want to stop and keep trading until he covers up the losses, which leads to an incessant series of losses.

Sometimes it may cause them to lose months of profits in a matter of hours. One should know when to put an end to such blind losses. You should set a given percentage of your account for losses.

Never risk it all in one go

Don’t use up the maximum loss for the day in a single trade. If you make several trades in a single trading day, it is important that you use a specified amount of your maximum loss in a single trade so that you have a chance of recovering your current loss in successive trades.

Take help from your broker

You can set up a daily maximum loss with your broker. This will lock down your account once you reach the maximum loss count. This will prevent you from the “spend it all” attitude. Making provisions for losses is as important as making successful trades.

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