Trading is simple, but it’s not easy, and requires a lot of work. Preparation for tomorrow’s trading session begins at today’s close. The more work you put in after the close, the less thinking you will have to do after the open, Leif Soreide, Momentum/Breakout Stock Trader & Founder of Champion Team Trading, said at the 2022 FinTwit Conference on Saturday. He was among the featured speakers at the event hosted by Benzinga and Lupton Capital at the ARIA Resort & Casino in Las Vegas.
On Recent Trades
Talking about his trading technique and how he tackles the day-to-day market, Soreide said, “My trading process begins with defining the market’s condition into three simple categories—green, yellow and red. Our equity curve is a crucial indicator unique to each of us.”“If my most recent trades are gaining little to no traction and my stops are being hit more frequently than my targets, it’s a clear sign that I am out of sync with the market and need to dial back risk until conditions become more favorable to my trading strategy.” he added. “If my most recent trades exceed expectations, it’s clear that I am in sync with the market and need to increase risk.”