Designing your own home has long been a favored choice from the great leaders of history designing burial chambers like the Pyramids of Giza to drawing our own dream homes in primary school. My dream house similar to the pyramids always had secret entrances and concealed rooms with an underground den for when I changed into a super hero and had to cover my identity.

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Going into anything blind is a formula for your failure. This is especially so when you go into the stock market. There’s an old saying that goes, “Fail to plan and you plan to fail.” Simple words to live by but a lot of people have ignored them and have consequently lost thousands of dollars to the vagaries of the market. If you don’t want to end up losing your shirt on the market, you better start your entry into it by formulating a trading plan.

So, how do we go about doing it then? Well, the foundations of a trading plan is this: what are your objective? How much money do you want to earn? It would be best and easiest to start your plan by setting a definite number for you to aim for every month or maybe weekly. This gives you a specific goal to (more…)

One of the important parts of formulating a trading plan is a bit of self-reflection. I know, it′s not exactly something that we envision when we look at stock traders, but a good trader knows himself very well and whatever plans a trader has are based on his knowledge of himself and what he’s capable of.

Let′s take a look at how your trading plan can be improved if you focused on your strengths and took a good stock of your abilities. First, let′s start with what you know: what is it that you have knowledge about or are interested in? This is where we start to lay the foundations of your trading plan. For example, you know about medicine or chemistry, and you have a definite interest in those fields na dkeep yourself up-to-date on the latest things happening in the field. This knowledge can be easily parlayed (more…)