But since we’re still hours away from this much anticipated event, I felt it would be a good idea to prime you on what you might see.
No I’m not going to tell you what Mobile Closer is all about.
Instead, I want to talk to you about developing strategies. And the process that goes with it.
That way, when you see Kyle live, you’ll have a better appreciation for what he’s accomplished.
In fact, this is the blueprint I use to develop a new strategy.
Assess your trading style
Traders come in different varieties. Yet, most boil down to two key dimensions: trading timeframe and type of trade.
When I talk about timeframe, I’m referring to whether you prefer (or have an edge) with intraday charts or higher level charts like daily, weekly, etc.
Intraday traders tend to look for quick moves in a short period of time, such as scalping a few points off the open or close, intraday reversals or continuations, and order flow.
If you fall into this category, you will need a schedule that sets aside time completely devoted to these trades.
It doesn’t need to be long, maybe 15-30 minutes. But it should be free from distraction. Once you leave the computer, all the trades should be closed.
Folks of this variety often design their trades around the open or the close. These are the two busiest times of the day where stocks see disproportionately high volumes.
In fact, many believe it’s one of the few places left in the market where traders truly hold an intraday advantage.
On the flip side, there are traders who deal with hourly, daily, weekly, and even monthly timeframes.
These ‘swing’ traders look for patterns that rarely play out the same day.
Instead, they may hold for days or weeks.
The benefit of this trading style is it lets you do your homework outside of market hours.
Because your trades aren’t tick for tick, it’s a lot easier to develop a plan ahead of time.
Doing this cuts down on the decision making steps you need when an actual setup comes your way.
Keep in mind, this doesn’t necessarily mean that you won’t trade during the day. But, you rely on alerts to let you know when to pop open your app for a few minutes.
Create a gameplan
Any good trader knows the importance of a gameplan.
These aren’t static documents encased in glass. They adjust based on the movements in the market.
But, these are adjustments, not wholesale changes.
When I plan ahead, I start on Sundays and look out over the coming week.
I want to see what events could potentially move the markets. Things like Fed speakers, unemployment…any major announcement can move stocks around at a moment’s notice.
At the same time, things will change day to day. So, I want to make sure I calibrate my plan each day before the market opens.
Create a basket of stocks
Part of planning ahead is identifying baskets of stocks I want to look at.
Looking at which sectors performed well recently, I dig into the different components, searching for stocks that fit my style of trading and could lead to potential setups.
I like to keep a list of stocks that I refer back to regularly. Generally, I have anywhere from 15 -30 companies that I go back to for trades. This helps me develop a feel for their movements over time.
Set up alerts
Once I’ve got this together, I set up alerts on my phone and other mobile devices.
Any alert I put in should give me enough time to get somewhere to make the trade. Setting an alert for the actual price target doesn’t do me much good if I’m not able to act immediately.
Define your risk
The last, and most important consideration is your risk management.
You have to plan for your stops.
Trading options often means you need to wait for candle closes. That means you aren’t going to stop out at a specific level but a range.
Take this into account when you asses your postion size. Otherwise, you might find your losses greater than you expected.
That can be exceptionally detrimental for small accounts.
See how a professional does it
Now, if you want to see how it all works, then join Kyle Dennis as he debuts his Mobile Trader.
With millions in trading profits over his lifetime and a deep understanding of the markets, you don’t want to miss what he has in store.
