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[QUOTE="Kennysplash, post: 302408, member: 26385"] First of all, define your trading goals: Before developing a trading strategy, it's essential to define your trading goals. What do you want to achieve by trading? Is it to generate income, grow your wealth, or simply have fun? Your trading goals will help you to determine your risk tolerance and trading style. Determine your risk tolerance: Your risk tolerance is the amount of risk you are willing to take in your trades. It's essential to determine your risk tolerance because it will help you to manage your risk and avoid excessive losses. Choose your trading style: There are several trading styles such as day trading, swing trading, and position trading. Each trading style has its advantages and disadvantages, and you should choose the one that suits your trading goals, risk tolerance, and personality. Select your trading instruments: The trading instruments that you select will depend on your trading goals and the market conditions. You can trade stocks, forex, commodities, or derivatives such as options and futures. Develop a trading plan: A trading plan is a set of rules that govern your trading activity. Your trading plan should include your entry and exit criteria, stop-loss orders, position sizing, and risk management strategies. Implement and monitor your trading strategy: Once you have developed and tested your trading strategy, you can implement it in real-time trading. It's important to monitor your trading strategy regularly and make any necessary adjustments based on market conditions and performance. [/QUOTE]
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