Topic: Do you stick to your trading plans - page 6. (Read 642 times)

Every true trader has a target he/she wishes to hit a day for day/week depending on the kind of trader such person is. Some loves day trading while others enjoys holding position for a longer period of time. Irrespective of the kind of trader you are  do you stick to your trading plan? Or you just allow your greed and emotions play out during your trades. Trading entalils lots of dicipline and without dicipline even a professional analyst would fall prey to the market. Making profits but end up loosing out every thing because of greed and high expectations .

In as much as trading isn't gambling we can only trade according to the trend and make profit from it and as well withdraw once we get a reversal signal that the present trend is coming to an end. Most often traders neglet using stoploss the just allow their trade retrace the way it likes but the tend to forget different factors might play out during their trades like:

• 1 power failure for developing countries
• 2 lack of internet access
• 3 Intraday activities

If trading is to be regarded as everyother business opportunity then proper risk management has to be adopted just the same way a boutique store would handle his wears to avoid them from fading away before customers comes for them. Traders has their personal entry trigger which gives them a stronger confirmation of where the market is heading with time but for the sake of greed and lustful gains the enter a market that has a reversal pattern which is not clearly formed and end up with a fake out which leave them with losses.

Adopting dicipline will playout a long way In maintaining a clean sheet of day to day trading scores for a very long period of time execpt maybe on few cases when market behavior steps in which might trigger your stop loss and kick you out of the market before going it supposed direction. In all it would be beautiful idyou print your trading plans out. Preview them each morning before you set out to analyze any of the markets so as to keep your profit margin maintained over along period.