The markets are always changing, and the successful trader is one who can adapt. – George Soros.
Here are 3 Tips from George Soros on “How to build a good strategy” & how I apply them as a trader:
Question, analyze, and then decide.
- Test popular market beliefs for validity
- Build distinctive strategies
- Develop your own unique insights
A profitable edge is built on not following the crowd
Stay Informed and Adapt.
- Develop a system for identifying trend changes
- Follow the price action
- Keep abreast of market changes
If you don’t adapt, you’ll risk large losses on your account
Incorporate Risk Management.
Every strategy needs a safety net.
- Use volatility based risk control
- Develop clear plans for exits
- Continuously monitor your trades
Risk management protects your account from large drawdowns
To learn more about How you can Start Trading for a living, sign up below for my Free Training on the “7-Steps to Financial Freedom through Trading”.