Market Reversing? Don't Be Destroyed in 2024
Here is today's trading awesome sauce!
Key Highlights:
Building Habits for 2024:
Casey introduces Greg Duncan to his audience, which is a young trader who´s very good at it.
On its social media, Greg shares some key aspects of trading, and one of them is to build habits and set the right goals for 2024 to excel at trading.
- 5 pillars of trading:
According to Greg, the five pillars of successful trading are: discipline, risk management, technical analysis, fundamental analysis, and psychology.
Greg says that in terms of trading, this framework is a must to follow if we want to succeed.
- Crisis in 2024
According to US economic data, we are still early in a possible recession. Taking into account the previous recessions of 2001 and 2008, we are still far away from those numbers.
A key aspect of a possible recession is the housing market, which now looks good in comparison with the numbers from 2008, when the housing market had one of the worst crashes ever.
So, it is most likely that we won´t have a recession in 2024, based on the data.
- Trading plan for 2024
A trading plan for 2024, with objectives, strategies, and tools, is necessary.
Casey explains what's in his trading plan for 2024 and what he would do if a strategy did not perform as expected.
He attached his strategy to what Greg says about trading plans, which must be short and clear to be a good trading plan.
- Final thoughts
Casey's video provides valuable insights into trading, serving as a guide for 2024 and what to do if the worst happens.
As always, conducting your research and considering these ideas within the context of your trading plan is very important.
You can watch the full video for a more in-depth analysis and visual representation of the trade ideas we talked about.
To Your Trading Success,
Casey Stubbs