Strategy is of utmost importance if you want to be a successful trader. You should always trade with a long-term goal and strategy in mind, regardless of your experience and qualifications. We recommend that you take some time to think about your approach towards trading and try to come up with a clearly defined plan of action. It`s good to start by defining your level of risk tolerance and thinking about what you want to get out of UDOs trading. Is it just an occasional source of income or do you want to be more serious about it? Once you know how much you want to get involved you can move to the next step and start clearly defining your plan to achieve those goals.
There are also aspects adjacent to strategy that are very important and should be taken into consideration. One of those aspects is being able to manage your funds properly. A good strategy is a must but you should be prepared to lose some trades as well. A 100% success rate is not very possible. We suggest that you don`t place more than five percent of your total funds on a trade. There are those who won`t even go over one percent of their capital.
Be mindful not to make things too complicated though. At its core, UDOs trading is very straightforward. You only need to perform a few steps, but perform them with a clear goal and attention. Chose an asset, decide whether the price will go over a certain value within a given timeframe and go for it.
In any case, it`s recommended that you follow the global economic trends and news, as they can affect almost any tradable asset. This will let you plan ahead and adjust your strategy in a timely manner. Be prepared for when the markets open and you can reap some quick profits with the 30 second or 1 minute options.
Market based strategies are especially recommended for starting traders who don`t have much experience. However, it`s always good to be prepared to adjust and re-adjust your approach according to the circumstances. Make information your weapon and think globally, create a strategy and follow the market signals.