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Develop a trading plan and Stick with it (7 of 26)

Written by Kirk | Leave a Comment
Topics: Disciplined Trader Series, Planning A Trading Career
This entry is part 7 of 26 in the series The Disciplined Forex Trader
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The Disciplined Forex Trader

Develop a trading plan and Stick with it.  Do not change your trading plan from day to day Just like a business needs a plan a trader needs a plan.  Write down the specific market prerequisites (setups) that must take place in order for you to make a trade.  List the time of day the size of the trades the signals you will take etc.  It does not matter what trading plan or methodology a trader uses but a trading plan is necessary with a set of rules, market setups or price action that must appear in order for them to take the trade. You must have a game plan. If you have a proven methodology and a trading plan but it doesn’t seem to be working For a couple of trades, don’t go home that night and try to devise another one. If your methodology works more than one-half of the time, then  stick with it.  At this point is more about doing some mental and emotional adjustments rather than Methodology changes.

Series Navigation«Keep things in perspective (6 of 26)Develop Your Own Style (8 of 26)»
December 17th, 2008
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