It’s all too often that traders allow their pride to supersede their trade plan. It’s human nature to want to be right, but that’s not how you trade!
Once you’ve developed a trade plan, it is vital that you stick to it. If you don’t you’ll be a wishy-washy trader which will cause A LOT of pain!
That pain is avoidable by simply writing down your trade plan, placing it in front of you and not veering away from your rules.
I’ve been doing this now for about a dozen years. I still get the urge to develop an opinion because I think I can anticipate the market.
Every time I do that, I lose money — and it reminds me to follow my plan. When the market takes a few thousand dollars from you, you quickly are reminded of a feeling that you really do not like to experience.
It doesn’t matter what your plan is, if you’re not going to follow it, you’re not going to be profitable over time – that I can promise you without a doubt!
Yesterday morning we took a few trades in a choppy market. Our Gold trade was stopped out in the profit, the Nasdaq hit our stop loss, the first crude trade reversed on us immediately, and the two following crude trades offered profit taking and the opportunity for the balance stopped at entry.
So all in all we did pretty good given the market conditions. Unemployment claims came in for the first quarter ticking slightly higher while productivity ticked slightly lower.
We are in the midst of the greatest anticipated recession of our lifetime. Market manipulation keeps things propped up while the cost of everything has literally priced most out of a decent quality of life.
I don’t know what will cause the final shoe to drop, but whatever it is – it’s likely to be nasty when it happens. Maybe it’ll be the collapse of the US dollar? OR maybe it will be more banks imploding?
Time will tell as it always does. But no matter what happens, I’ll be here trading for myself and helping others to excel as well. If you’d like to learn more about how you can join me, simply click here and I’ll walk you through it step by step!