Day-Trading.Moneyclopedia.com - Commodities Day Trading Section
Commodities Day Trading - Navigation
Day Trading Education
Commodity Future Day Trading
Day Trading Advisor
America Daytrader Contact Listing
Become Day Trader
Daytrading Online Brokers
Day Trading Penny Stocks
Day Trading Education
Daytrading Online
Best Day Trading Stock
Day Trading Classes
Day Trading How To
Online Electronic Day Trading
Day Trading Forex Currency
Daytrading Course
Day Trading Stocks
Addiction Day Trading
Daytrading Information
America Daytrader Contact Listing
Day Trading Forum
Day Trading Forex
Daytrading Online Broker
Day Trading Stock Market
Day Trading Strategies
Addiction Day Trading
2005 Best Seller!
During the past 18 years, I've been quietly testing, tweaking, and fine-tuning a simple step-by-step system for making money in the stock market
Buy it now
Best Commodities Day Trading products
Online trading for Financial Freedom - stock daytrading strategy
Stock index trading strategy for beginning and experienced traders alike.
Make money stock trading, day trading, investing and trading options like the pros!
Turn $200 into $4,630 in 30 days by trading options online from your home PC. Step by step instructions for novices or investment pros.
Day trading Freedom
Learn how to make a living by trading the stock market for just a few hours each day.
Stock & Commodity trading
Easily spot market turning points in Stocks and Commodities. Fibonacci and Gann price and time secrets and software. Free 7 day e-mail course.
Intelligent stock trading
A how to guide showing you step by step how to at the very least double your investment every twelve months in the stock Market.
Welcome to Day-Trading.Moneyclopedia.com
Commodities Day Trading Article
Seven Deadly Trading Mistakes - Part Two
Harvey Walsh
In part one of this series, we looked at the problem of continually switching trading strategies in the hope of finding something better, and why that can never bring us long-term success in our trading.
In this second article, I'm going to talk about a closely related problem many traders suffer from - a lack of planning.
Mistake Number Two - Not Having a Trading Plan
"If you fail to plan, then you plan to fail". I don't know who first said that, but it's a very sound piece of advise indeed. Planning is something that is all too often overlooked by traders, and yet a well drafted trading plan is one of the most important tools for success and profit.
In talking to struggling traders, I am constantly amazed at not only how many don't have a trading plan, but how many don't even know what such a plan is. In fact a trading plan is quite simple, it's a document that details every aspect of your trading strategy. It is literally a blue-print for your trading methodology.
What should be in this document? Here are the most important areas it should cover:
- Mission Statement - A defined objective for your trading; if you don't know what it is you are trying to achieve, how will you know when you have achieved it? Having a well defined goal is essential to success in any venture.
- Pre-market preparation. Actions required before the market opens, setting up for the trading session, reviewing economic calendars, and so on.
- Trade enty rules
- Trade exit rules
- Money management rules
- Post market actions - trade logging and analysis.
As anyone who has traded in a live market knows, we must often overcome our natural emotional responses in order to execute our trades correctly. Cutting losses and letting winners ride can be easier said than done. By defining as precisely as possible, our criteria for entering and exiting trades, we have a reference that we can use to help us overcome these responses.
The trading plan should be kept at hand throughout the market session. When we see a possible entry coming up, refering back to our strict written entry criteria we can objectively look at the chart and make a informed decision about whether to enter or pass. The same applies to exiting, whether the trade is winning or losing. Over time, trading becomes almost mechanical and stress-free.
Action: We must have a written plan that defines all aspects of our trading, and we must commit to following it to the letter. Only by ridgidly sticking to our strategy can we honestly determine if any problems in our trading lie within the system itself or within our execution.
In Part Three, we'll have a look at one area of that trading plan outline in more detail - money management - and how position sizing can lower risk and increase profits.
About the Author
Harvey Walsh is a trader and trading writer. Through his training materials and personal coaching, he has helped numerous students learn day trading.
Other Commodities Day Trading related resources
Also check our Moneyclopedia Retirement section!
Commodities Day Trading News
Asia Day Ahead: US Stocks Rally in Late Trading (Update1) - Bloomberg
Asia Day Ahead: US Stocks Rally in Late Trading (Update1) Bloomberg - Gold fell for the second straight day on speculation that the slumping global economy will reduce demand for commodities, eroding the appeal of the precious ... |
Asian Stocks Fall for Third Day; Financial Companies Lead Drop - Bloomberg
 BBC News | Asian Stocks Fall for Third Day; Financial Companies Lead Drop Bloomberg - Mitsubishi Corp., a Japanese trading company that gets half its profit from commodities, retreated 9.2 percent to 1118 yen, the lowest level since August ... Asian markets fall for a third day Asian Stocks Fall for Third Day; Financial Companies Lead Drop Japan Stocks Fall, Halting Two-Day Gain, as Commodities Slump |
Top Traders Still Expect the Cash - Wall Street Journal
Top Traders Still Expect the Cash Wall Street Journal - While Morgan Stanley's chief financial officer cited the commodities-trading group on an analyst call this year as one of the bank's "two top businesses," ... |
Gold, most other commodities retreat - Forbes
 Reuters | Gold, most other commodities retreat Forbes, NY - By SARA LEPRO , 11.18.08, 05:03 PM EST Gold and most other commodities retreated Tuesday, during another tumultuous day on Wall Street, as economic concerns ... Video: Wall Street Ends Turbulent Week Sharply Lower Commodities settle mixed after wild day on Street Global Markets Week In Review: Equities, Bonds, Currencies ... |
TOCOM raises $29 mln ahead of shareholder shift - Forbes
TOCOM raises $29 mln ahead of shareholder shift Forbes, NY - TOCOM, Japan's top commodity exchange, has been struggling to boost trade and plans to upgrade its trading systems next year in a bid to revive its fortunes ... |
TradeCapture Expands Global Presence by Opening Rome Office - MarketWatch
TradeCapture Expands Global Presence by Opening Rome Office MarketWatch - Since 1997, TradeCapture has been delivering robust enterprise-wide trading and risk management systems for multi-commodity marketplaces throughout the ... |
Commodity Producers - Bloomberg
Commodity Producers Bloomberg - Mitsubishi Corp., a Japanese trading company that gets half its profit from commodities, retreated 8.9 percent to 1121 yen. Gold fell for the second day, ... |