Without clearly defined guidelines for steering every trade, emotions and impulses will eventually derail even short-term success once volatility strikes, says Zak Westphal, CEO of StocksToTrade.
Zak Westphal 's guide to building a bulletproof trading plan Trading has opened up to mainstream investors in recent years. Apps make it enticingly easy to grab shares with just a few taps. But many soon learn that long-term profitability takes more than sporadic lucky stock picks. It requires navigating unpredictable markets daily with a disciplined plan guiding your every move.
Document this. It provides essential context for shaping strategies and measuring progress as you navigate the unpredictable market roads ahead.Many different trading styles exist, from rapid-fire day trading to long-term investing. Choosing one that aligns with your risk appetite, available time and personality strengths is crucial.
Having predefined criteria eliminates guesswork and knee-jerk reactions. Instead of trading on emotions in the heat of the moment, your rules act like steadfast signals – green means "go" and red means "stop". There is no second-guessing, and there are no exceptions. The key is: every trade needs to have these rules and criteria predefined so your decisions become about strategy rather than impulse. With your co-ordinates mapped out, you can navigate the winding roads of volatility with assurance instead of anxiety. Your plan keeps you headed towards the ultimate destination – long-standing returns.The most perfectly plotted trade route means nothing if you don't build strategic stops and guardrails.
Zak Westphal Stockstotrade Risk Management
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