Millionaire Trader Reveals Top Trade Idea Each Week

RagingBull.com CEO, Jeff Bishop, shares his top pick for the week each Monday, straight to your inbox.

“My strategy aims to help you pull one winner out of the market each week, regardless of market conditions!” – Jeff Bishop

Hello trader,

If I asked you to explain your strategy to a new trader in under five minutes, could you do it? 

Can you quickly write down your rules and trading plan?

I bet it’s a lot harder than you think. 

But don’t worry, I’m here to help. I’ll take you through the exact steps I used to create my TPS strategy. The same one that took me from subpar to elite. 

Most traders get into the market and trade blind.

They latch onto ideas seen on TV and the internet…hoping that if another person is having success with one strategy that it will translate to success for them. 

That type of thinking is natural. But if you’re not careful it can also be dangerous. 

Traders go through different stages in their strategy development. 

Each stage you go through sets the foundation for the next. Skip a step and you might as well toss your money in the fire.

Today I’m going to walk you through those critical stages and set you on the right path.

 

Step 1 – Decide How You Want To Trade

 

Not everyone is cut out to be a day trader. You may not have the time, the patience, or maybe it simply doesn’t interest you.

Conversely, you might find that one you can’t stand the thought of holding something overnight, fearing you wake up one morning and the stock has flopped out on you.

Your style of trading needs to fit three things: your personality, schedule, and risk tolerance. If you work full time, then day-trading isn’t going to work for you. Some people get emotionally caught up in trading and prefer swing trades instead. The key is to find one that makes sense to you, allows you to trade enough for your strategy to work itself out, and doesn’t leave you waking up in the middle of the night in a cold sweat.

 

Step 2 – Create a Trading Journal

 

Nothing lets me unwind from a long week like reading through my trading journal…ok that’s not really true. But, nothing helped me define my strategy better than collecting all of my trades into one single place. 

Your trade journal should not just tell you the entries, exits, shares, and outcome, it needs to tell you what type of trade you took. Note anything that you found interesting. Identify all the pieces of information you collected to make those trade decisions.

Here’s an example of what mine looks like today – Yes I still use one!

 

 

The notes actually do more for me than you might think. While they are freeform, they help me consolidate my thoughts. This is how I put together the components of my TPS setup.

Look for which trades work, the time of day, day of the week, anything that you may find relevant. You can always toss it out later. But in the beginning, include everything.

 

Step 3 – Define Your Parameters

 

Before I enter any trade I know three things: entry, exit, and risk. Most traders worry about getting these right from the get-go. 

I’m here to tell you that’s tough. If you’re worried about losing money, start with a simulated account. Try a few trades and see how they play out. Take notes and adjust your entries and exits.

In some strategies, the entries are more important than the exits. Others it’s the reverse. And some come down to risk management and scaling into and out of trades. You won’t know these necessarily until you try them out.

Here are a few things to try out when you start:

  1. Pick a one to one risk/reward strategy and focus on increasing your win-rate strictly through those parameters
  2. Keep everything else the same and change around your stop relative to your target. The wider your stop is relative to your profit target, the higher your win-rate should be. If you make it wider and that doesn’t happen, you know the maximum limit for your stops.
  3. Try scaling into and out of trades

 

Step 4 – Find Someone to Follow

 

There is a lot of information out there for traders to consumers. Countless authors have written multiple books on trading and making money in the market. Some are better than others.

Find a few that resonate with you and use those as guides to start. I gravitated towards swing trade strategies that looked for breakouts. That made the most sense to me and fit my style.

LottoX is a great place to start for traders across the spectrum. I provide plenty of trades to choose from along with the education necessary to make you a better trader.

You can check out a replay of my live webinar where I not only detailed how the system works, but took a couple of trades live!

Click here to check out the replay.

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