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There are three key things you must do when starting your swing trading business.

1. Set your goals

2. Create your strategy

3. Build and follow a trading routine

Having a vague goal of making money is not enough.

You need to be specific about how much money you want to make, how you want your trading lifestyle to be (part time, full time, etc.), and most importantly of all, why swing trading, after all, there are plenty of ways to make money.

Write this out and stick it somewhere so that you will see and read it every day.

Think about and then write down your answers to the following questions:

1. What markets and securities will you focus on?

There are many things you can swing trade, but it is best to just focus on one or two at most. Through focus you can become an expert in the market which will lead to you seeing more and better opportunities.

2. What strategy(ies) will you focus on?

Will you only go long, or perhaps only short, or both? What patterns will you look for?

Keep things simple. You will build up over time.

Of course, different circumstances call for different strategies.

3. What stock price range will you target?

This can depend on your starting capital. You want to be able to buy enough shares to warrant your trade, but remember, stay away from penny stocks.

In general, lower-price shares have higher volatility, which can be good for a swing trader, but lower liquidity, which is not so good.

Additionally, in general, the higher the price, the more established the company, which means there will be more information for fundamental analysis.

4. What time frames are you open to trading?

Days, weeks, months?

Once you know the answers to these questions, you can plan out your trading routine.

Following a routine is what will keep you in business. Just like any job, you must show up every day and do your work.

Set a routine time, preferably every day the market is open, when you will do the following:

• Monitor open positions
• Monitor overall market conditions
• Screen for new opportunities (including calculating risk-reward ratios)
• Set trades when those opportunities arise
• Fill out and revise your trading journal

Additionally, make time to monitor market sentiment, such as listening to podcasts while exercising or driving and scrolling through social media.

Read the next chapter here.

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