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Make sure you follow a written plan for trading! Have written down rules that you follow and don't break them. Avoid trading in a sideways market because you get stopped out because of being whipsawed. Follow the trend! The trend is your friend!
Choose the time frame you want to trade and then put up those charts.
Pick the technical indicators to use based on your time frame. For an intraday chart, I use the CCI & MACD. For daily charts, I use the RSI and Slow Stochastics.
Watch the economic calendar every day before trading and know what time the reports come out.
Decide if you are an Intraday trader, a SWING Trader, or a Position Trader. Then design your QT chart to make it easier to trade.
Watch the price of oil and gold daily because it usually moves in the opposite direction of the stock market.
Trading Plan:
Jerry Medved is the Founder of Medved Quotetracker which is a free stock trading software if you sign up with TD Ameritrade. It is the best intraday trading software on the market and it costs nothing. Just use TD Ameritrade as your online broker for your data.
