From my own personal opinion and my personal experience, having a right trading process, having a right trading workflow, get into a proper trading workflow with best practices and be disciplined in following through as you learn, that is more important than any strategies or fancy strategies that you might come up with.

So the right process that I will suggest is if you break down a trading process you will realize that it is analysis, execution and review.

In fact, this process is the same for any other kind of jobs that you do.

In trading, it is the same thing as well so analysis execution review so this is the typical process.

Analysis is the part where we, for example, we start to filter a huge chunk of stocks, say in Singapore 700 stocks, filter down to those well traded with high average traded value. And then you filter down to that then you bring out all the charts of the highly average traded stocks.

You draw all the lines supposedly then after that you continue to filter accordingly, set alerts on them and then review all these charts on a daily basis or once every few days depending on your trading horizon and after that when there’s a trading idea that pops up right in your face and tells you that right now you must get in. The key resistance broken or key support broken or a very strong candlestick reversal pattern happens at a key support or resistance level. That’s when you know that this is a potential trade setup and that’s when you start to do your regular things.

The next process is to decide where is the stop-loss level, where is the entry level, where is the profit-taking, size your trade then you move on to the next stage which is executing your trade.

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Philip Teo

Founder & CEO at Traderwave Pte Ltd
Philip Teo is an entrepreneur, speaker and trading coach who specialises in the field of Technical Analysis of the financial markets. He is currently the Founder and CEO of Traderwave Pte Ltd, a financial technology company that offers a web charting application to global traders. He has conducted many trading seminars and appeared on national television before. He is also currently an official speaker and trainer with SGX Academy. Learn more about him at his Google+ Profile, LinkedIn Profile and Facebook Profile

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