Making clearer, well thought-out trading decisions is a part of becoming a more skilled trader.
And if you're not using Return on Capital, Probability of Success, and Estimated Move Analysis to measure whether or not a stock is a sensible buy, then you could fall prey to making impulsive trading decisions.
In this week's workshop, we'll show you how to use three key trading metrics to gauge the potential success of a trade and determine if you should include it in your trading plan.
Scott began his career in 1999 working on the trading desk for one of the largest online brokers in the country. As a Series 7 and 63 registered broker he was able to gain a strong understanding of how the markets work from both a logistical and operational perspective. It was also in 1999 that he began trading in his own accounts, sparking a strong desire to study and learn as much about the markets and how to trade them successfully as possible. Since that time he has actively traded in various markets, gaining experience trading in stocks, futures, currencies, and a whole lot of options. He left the brokerage industry in 2003 to take a position as a trading mentor, and has been working in the trading education industry ever since. Over the past 13 years he has taught thousands of students successful trading principles and strategies.
Scott believes that regardless of what markets, instruments, or strategies one might trade, achieving success ultimately depends on three core factors: Trading plan development, money management, and trading psychology. He has spent thousands of hours studying and researching these fundamental concepts of trading, and still gets excited when he is able to help aspiring traders realize how important they are, as well as incorporate them into their trading plans and every trading decision.