It is important to stick to your plan. Without a solid trading plan, you're far more likely to get caught up in the hype of the market. When you're able to get a firm grip on your goals and plan of action, it's far easier to stay focused and make realistic decisions as you're trading. If your plan has been proven to work, then you'll have a higher chance of making decisions based on your plan rather than reacting to the market.
Of course, it’s very important to follow my trading strategy so keenly! But the problem is, which traders are trading with a low trading skill, they lose their confident so early! That’s why when they face consistent SL’s! Then, they change their game plan immediately!
The importance of a trading plan in forex cannot be emphasised. It simply helps you in holding trading discipline, trading consistently, managing your emotions, and even improving your trading strategy.
Yes, sticking to your plan consistently is very important for trading. However, the market is very unpredictable and volatile and you cannot predict the market accurately, so you also have to be versatile and you must make changes in your plans whenever necessary.
Planning a strategy is easy but sticking to it all time (in both high earnings and low earnings) is important and quite challenging too as this is one of the essential things to do wonders in your trading.
There is not a single trader in the world who would argue against the benefits of having a trading plan and adhering to it strictly. It is also a necessary component in the process of building a successful career in trading.
While it’s easy to get distracted, it’s even tougher for newbies who see money in their eyes, to balance their moves and stay on track. They often waver towards quick minting and lose all their capital. It is unfortunate that they still don’t tend to learn from mistakes and repeat the same process again. Creating a plan, sticking to it shows how organised and disciplined you are as a trader towards earning that profit returns you’re working so hard to receive.
It is necessary to stick to the initial plan with which you enter the market, yes but traders need to keep an open mind and understand the different aspects that could affect market conditions causing loss. The approach and mindset with which traders make moves needs to be adaptable and they should revise their plan as and when they need to.
Sticking to the plan is necessary when trading. There are many distractions in the market and it can get difficult to understand what works and doesn’t. Learn the sentiment and psychology behind applying knowledge behind every move. Follow your own path and reach your goal by staying disciplined. Those who fail to stick to their own plan end up with an empty account.
I think sticking to your plan is important but you should also be flexible enough to make some changes to your plan as and when needed. Because the forex market is ever changing and we must plan our moves based on the market condition. If things are not going as per our plan we should be well prepared with a backup plan to deal with the situation.
Snorkel posted: I think sticking to your plan is important but you should also be flexible enough to make some changes to your plan as and when needed. Because the forex market is ever changing and we must plan our moves based on the market condition. If things are not going as per our plan we should be well prepared with a backup plan to deal with the situation.
Well said! A trader needs to be flexible to change their plan as per the market conditions. So I always keep a backup plan as well.
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