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Lance Ippolito says trading futures can be an incredibly profitable profession. But if you don't know what you're doing, you could easily lose all of your money. Successful traders understand that you can't trade successfully if you don't have a solid strategy in place. Lance says every trader needs to know about the markets and how they work but knowing a few fundamental strategies can make all the difference when it comes to profits and losses." Lance Ippolito shared five essential tips that will help every future trader succeed.<br>Visit:-https://www.crunchbase.com/person/lance-ippolito
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Lance Ippolito Shares 5 Tips Every Futures Trader Should Know
In the world of futures trading, a successful strategy can mean significant profits but mistakes can be extremely costly that's why it's so important to have a plan in place before you start trading. A successful strategy is essential for safe and profitable trading. You don't need to be a master trader to start making money trading futures. But you need to know how to trade and follow some simple tips. Lance Ippolito shares 5 essential tips to help every future trader succeed.
Establish a trading plan The key to winning at options trading is having a solid plan in place before you enter the trade. This means having not only a profit objective but also an exit plan in case the trade goes against you. Lance Ippolito says that the goal here is to minimize your exposure to making important decisions when you're already in a position where any mistakes could cost you dearly.
Protect your positions Committing to an exit strategy in advance can help protect you from significant losses. Some traders try to use "mental stops," picking a price for when they will close out a position and minimize their losses but this is generally not a very effective way of managing risk. Because these flaws are so easy to overlook, even the best traders fall prey. To make your commitment firm, consider trading with stop-loss orders.
Narrow your focus, but not too much Do not trade multiple markets at once. Most traders are better off focusing their attention on one or two markets and getting to know them in-depth. Remember that futures trading requires a lot of hard work and time commitment don't bite off more than you can chew. Even the most experienced traders can find it hard to keep track of all the market commentary, news stories, and chart updates.
Pace Your trading If you’re new to trading futures, don't be in a hurry. There's no reason to begin trading five or 10 contracts at a time when you're just beginning. Don't make the beginner's mistake of using all your money or more than that amount for buying and selling lots of contracts at once; doing so can lead to serious losses as well as large gains. To protect yourself against the possibility of large losses, you should avoid establishing a position.
Be patient Don't become too attached to short-term movements in the market. Monitor your working orders, open positions, and account balances but don’t get caught up in trying to outguess the market. Not only can you drive yourself crazy watching the market in this way, but you could also get thrown by small zigzags or whipsaws that seem important at the time but ultimately prove to be meaningless. Try to maintain a longer-term perspective.
