4 keys to following your trading plan
TRANSCRIPT
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Find a way to follow the plan for success
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Why Bother With A Trade Plan?
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There are at least three really persuasive reasons as to why you should be doing this:
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Less stress when dealing with the
market
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A trade plan will make it much easier to define your level of risk for a
particular trade
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You will always have a baseline to judge your trading performance and improve your
trading results
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Something just hasn't "clicked"
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What's the key to following your trade
plan?
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It must be explicit covering vital details
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Any trade plan needs to be thorough enough to ensure that you've at least covered the
basics
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Risk per trade What you tradeWhat size you trade When you tradeWhen you don't trade What a setup is
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If you know what you should be doing, it's
much easier to see the things that don't fall into this category
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You must fully believe in it
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There's this gaping chasm between
understanding concepts in principle and believing them to your very core
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You need to build trust in it by evaluating it over a number of
trades
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Only then will you have the trust in the
trade plan to stick to it
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You must be fully focused
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Make sure that you know exactly what you
are looking for
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You can't place too much importance on single trades
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There are many issues that can impact on your ability to follow
your trade plan
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Too much importance on a single trade
Not wanting to take a loss
Cutting your winners short fear of missing out
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Some trades will be winners and some will
be losers
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All trading plans will have winning streaks, losing streaks and will
come in a random fashion
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The best way is to theorize, observe, interact, review –
take a systematic approach
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Call it the "scientific method" for trading