Before you start to risk any more real money, not even one rupee all right, start by establishing a trading workflow first.

A trading workflow includes things like the three basic foundational things of what flow is what I call analysis execution and review workflow and in fact, this workflow applies for everything that we do basically.

So I understand that you have spent a lot of time okay on the analysis part, you do all the charting, learning how to draw the trend lines, find where the support resistance is, so that belongs to the analysis part.

So once you do the analysis and you decided okay there is an idea that you want to execute a trade on then you move in the execution part right. That’s where you learn how to size your trade, manage your risk, know how much capital to risk and stuff like that and one final thing which is very important is after you executed the trade, you open up a trade and the trade starts to run, assuming that you already know where your stop-loss is, where your profit target is, as the trade starts to run, the important thing is to let the trade run according to your plan as what you have done early on before you even execute the trade.

Once the trade either runs to your profit target, you exit with a profit, or either that you will come to your stop loss and you exit with a stop loss right, I’m assuming that you are disciplined enough to do both of this all right.

So if you are disciplined enough to do both of this, what happens thereafter is very important, is that you need to track down and record down the trades that you have done. In fact, once you open up a trade, you should actually start writing it down in a spreadsheet already.

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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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