positiveWe are excited to announce that this year’s University Trading Tournament has started!
If you still haven’t applied, make sure you do so at: https://forms.gle/8qB27Ty31jkLcVgBA
Before the competition, we would like to offer some trading advice to help out participants be successful in the tournament. Below you will find our top 10 trading advice, in no particular order.
- Control your risk. Do not risk more than 5% of your account on a single trade. Check specifications of each instrument in the Metatrader, there are online calculators that can help you calculate optimal size for entering a trade.
- Cut your losers fast and let your winners run. Normal human emotion is to run losers and cut winners as soon as the trade shows you green.
- Try to have a risk reward ratio of at least 5,6,7,8,9, 10 to 1 or greater. The bigger the better.
- Know where to exit your trade before you get into a trade. Never enter a trade without placing your stop.
- Control your emotions. Fear or overconfidence will cloud your judgment and will lead to bad trading. Do not trade on tilt or when you are in a bad mood.
- Be patient and disciplined in your approach to trading.
- Add to winning positions.
- Never average a position. If a position is in loss, never add more size to that position. Example: if you have a hole in your boat, and the boat is sinking, don’t drill another hole in the boat.
- Go big or go home. Know when you have a potentially big trade on board and size up.
- Trade strategies and products that match your personality. Some people can’t handle volatile stocks. Some people love them. Trade strategies and products that suit your personality.
We will share additional advice and resources throughout the event. Enjoy the tournament and trade it up!
Good luck from all of us at Positive!