5 min
Step 5 — Execute The Trade
Here comes the easiest and shortest part of the approach: The execution.
Since you already defined all trade attributes, you can head to your preferred exchange to place your order. Of course, you should know how to put different orders, define stop loss or target profit level, etc. If not, make sure to educate yourself about this first.
Some Words About Trade Monitoring
At this point, many readers asked me for the missing chapter—the chapter about monitoring your trades. They were convinced that it is essential to monitor the trade closely and react to news or updates.
To make this very clear: DON’T DO THAT!
You defined and executed a super solid trade setup—a setup that is purely based on data and incorporates various aspects. It meets your strategy, risk requirements, and goals—and it's one that you control entirely!
Why would you want to react to market updates and give the control out of your hands? Moreover, why would you switch from data to emotions (because this is what happens if you follow the news) and mess up your trade?
DON’T DO IT.
It might be hard in the beginning, but the best way is NOT to follow your trade at all. Depending on the timeframe you trade, you can check it regularly. For example, I usually check trades on the daily chart two or three times a day: early in the morning, sometimes before lunch, and before going to bed. If you trade lower timeframes, you should, of course, adjust your timing.