At Online Trading Academy, we teach trading. That doesn’t mean that you have to be a scalper or momentum trader to benefit from our education or even to benefit from understanding the data presented on Level 2 or TotalView. Understanding the supply and demand zones demonstrated by those tools will benefit swing and position traders as well. All traders should be planning their trades before they enter them. The three critical pieces to that plan are: the entry level for the trade, the target for profit, and most importantly, the stop where you will exit if the trade doesn’t work out.
When an entry price or target is reached, the trader is faced with a decision: should they act and if so, what action is required. The ability to read the immediate momentum or lack thereof on either Level 2 or Totalview is important. Even if a trader is planning on entering a trade for the next three weeks or three months, they want the best possible entry price. Heck money is money, why leave it to the brokers! When your target is about to be reached, you should also evaluate the momentum to see if it will continue thus expanding your profits.
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