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How To Plan The Trade Based On Scanners

Individual setups may be found after you have a list of stocks in play. You should keep an eye on their charts all the time and attempt to come up with a trading strategy. Selecting three stocks in play and keeping tabs on them on three distinct monitors is a common practice among traders. They arrange my trades when they recognize a possible approach.

Here, decisions are being made in a jiffy. The time it takes to plan a deal might range from minutes to seconds. Because of this, you need months of practice on simulator accounts to really grasp the decision-making process. So let's discuss how to trade based on scanners.

Quality Vs Quantity

Focus considerably on quality versus quantity. There are millions of traders out there and there are no doubt millions of strategies out there as well. Some traders had to find the strategy that worked best for them, their personality and their account size. They’ve found a strategy that works really well for traders in their community as well as for their own personal trading. This strategy involves taking only the best setups and waiting on the sidelines until you see something worth trading.

Patience Is The Key

When it comes to day trading, you'll spend most of your time sitting and staring at your list. You are probably overtrading if day trading does not bore you.

When it comes to trading, patience is a virtue that should not be overlooked. Overtrading is a common mistake made by many investors. Overtrading might imply trading 20, 30, 40, or even 60 times a day, depending on the individual. Because you'll be paying a fee to your broker to execute each and every deal, you'll be out money and commissions. To put it another way, if your broker charges $4.95 every transaction, you'll be shelling out $200 a day in fees. That's a lot of money. If you trade too much, your broker will become wealthy, and you will become a broker! Keep in mind that the most important thing is to trade successfully, not often.

A market pattern scanner symbol on a white background
A market pattern scanner symbol on a white background

Take The Risk, But Don’t Overtrade

One of the drawbacks of overtrading is that it increases one's exposure to risk. A transaction is risky, and you don't want to be in that position without having demonstrated there is an opportunity to profit from the technique.

We now get to our second golden rule: When it comes to the art of trading, veterans are like guerrillas. Having timed their exit perfectly, they make a quick buck and head for the exit.

Summary

There is a lot of high-frequency trading in the stock market since the market is managed by robots and sophisticated algorithms. In order to frighten retail traders like you and me away, high frequency trading generates a great deal of price movement noise. You have to be a genius. Avoid coming into contact with them. Only two or three deals per day are often made by successful traders. They then pay out and spend the rest of the day relaxing.

About The Authors

Camilo Wood

Camilo Wood - Every day, to make a conscious decision to do something, say something, or act in a way that will improve my work experience. I assist organisations in disrupting the status quo of transition. I teach them how to turn their community from enduring change to evolving through change using a realistic and repeatable structure.

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