≈ How do you determine your entry? ≈
How do you determine when to enter your stock or option trade? That is a question every trader has asked since the beginning of the markets. Timing is important — and it is important to understand where you are going to buy as your technical entries develop.
In the STEP System Course, within each of the 6 modules there are 3 sessions and the first session for Modules 3, 4, 5 and 6 is on ‘Trade Identification’. Have you learned your directional trading rules so that you can define them and use them consistently? If so, great! If not, it is time to get to work.
When to enter a trade is a question that you need to ask and answer for every trading strategy that you use. Whether you are buying shares of a stock as it breaks out or you’re buying a call option as the bullish retracement confirms — you should know when you’re going to put your money into that trade.
If you’re already a member of the STEP System Course, go back and review the sessions that teach confirmation. If you’re not yet a member of the STEP System Course, you should get started immediately. The course is currently 50% off during our promotion.
Start the STEP System Course today: https://tackletrading.com/store/premium-systems/get-stepsystem/
If you are determined to become a trader, you need to study and learn how to build a trade from start to finish, one step at a time.
Chart of the Day Confirmation Candles
In the STEP System Course, you will learn how to properly build trades with Stop Loss, Target, entry points and Position Size (STEP). It is especially important for a trader to understand what a ‘Confirmation’ Candle is when entering their trades. In a 3-candle formation, you can see a preceding candle, pivot candle and confirmation candle.
Video of the Day Trading Concept Check: Signal candles vs. confirmation candles
When you recognize a tradable chart pattern it is important to then map out where your Stop, Target, Entry and Position Size are for your trading plan (STEP System). Watch this video tutorial as coach Noah teaches how to identify Signal Candles v. Confirmation Candles.
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Originally published at https://tackletrading.com on December 8, 2020.