Dwayne Buzzell Blog | Five Crucial Goals You Should Set to Guarantee Successful Options Trading. | Talkmarkets - Page 2

Dwayne Buzzell

Forex Trader
Member's Links: Forex Trader

An economist, Forex trader and Forex writer, I have a keen eye for spotting international trading trends, particularly since shadowing my mother’s work over the past 20 years with one of the largest fashion groups.

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Five Crucial Goals You Should Set to Guarantee Successful Options Trading.

Date: Tuesday, June 5, 2018 3:58 AM EDT

A list of guidelines that will determine how you trade.

No matter what you do, never deviate from your trading plan once devised. Sticking to a plan is what will stop you from making wrong emotional decisions and mitigate future loss.

Define Your Investment Goals

What is your buying power?

This should be the first question you ought to answer when thinking about investment goals. Your buying power will ultimately determine the kind of trades you can make, and how much you can make.

In Singapore, this is crucial because of the disparity between the Singapore market and the US market. Try to set different investment goals for each market for optimum results. And always take into account your risk exposure.

Determine to Continually Monitor and Record Your Progress.

At the end of a determined period, it is advisable to review your progress.

-Analyze which trades worked.

-Analyze which trades did not work.

-For the trades that did not work is it because you deviated from your trading plan or was it something else altogether.

- Is there a particular strategy that keeps working against you.

After a comprehensive analysis, you can now go back to your trading plan and alter it accordingly. A static trading plan will eventually disappoint, the market is always changing and therefore so should your trading plan.

Set Aside Time for Trading.

Anything anyone ever perfected required a lot of time investment. Trading cannot be a once in a while affair. It requires that time is set aside, time that will allow you to develop good instincts, and figure out trades worth investing in.

 

Last word

I have heard it said that options trading is a game of luck. I disagree. If one was to prepare thoroughly before venturing into options trading, chances are you will end up being successful. Luck might be a factor, yes, but I tend to think that luck is simply instincts developed over time.

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