you got out at the wrong time, your trade goes bad, and you get emotional. If you get out at the right time you become confident, maybe overly confident. For example, if your stop loss is a dollar loss per share, your goal should be a 3 profit. Its important to answer the tough questions first, that is what will separate you from the vast majority of those losing money trading. Dont do this, dont write it down in a note book, type it up on your computer and print it out if you need to, then place it on your trading desk, hang it on your fridge, whatever it takes so that you read. An example of a weakness is a need to constantly watch ones trades. There is no such thing as winning without losing.
Well, if that scalp doesnt work out and a loss is taken the what of a trading plan serves as a reminder that you were trading outside of your comfort zone. So please feel free to take the framework of any of the below strategies and modify it as you see fit to more comfortably agree with your trading style. Know exactly what a high probability trade looks like, and only take a trade when you see one.
The why of a trading plan serves as the reminder for why youre willing to go through the pain; and when times get difficult or a major drawdown is seen on the account, this can help.
Video Transcription: Hey, traders.
Welcome to Video 14 of the.
Forex, beginners is is Cory Mitchell.
In this video, we are looking at creating a trading plan, brought to you.
Part 12: The Psychology of Forex Trading. This is where you write down your goals and reasons for becoming a trader. Remember, this is a business and you are the accountant. Before we wrap up, here is a quick review with creating a trading plan. It allows you to give yourself room for flexibility. Do Your Homework Before the market opens, check what is going on around the world? The What, the most important aspect of a trading plan is the definition of the type of trader that you are. But the fact-of-the-matter is that just having the opportunity to make money in markets is a privilege.
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