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What do you do if you fail to follow your trading plan?

James_Bond
Aug 01 2012 at 15:10
posts 556
I try to follow my trading plan, and sometimes I get distracted by psychological factors. After this happens, I try to understand why did it happen and how to prevent it from happening again, however I often find myself in the same situation over and over again.

- How do you react when you trade out of your trading plan?
- Do you react differently when the outcome is a winning trade versus an outcome of a losing trade?
- Does it impact your trading performance?


stevewalker
stevewalker
Aug 01 2012 at 17:37
posts 1439
every rate desecion week I get mad. market stop moving and waiting for the news. At that point I loose my patient and get mad*mad*mad*mad..................

hate it.
hate to wait for news.

- for last months I can stop at some loose level. before, I was destroying my account
- sometimes
- sometimes

those answers 'sometimes' makes account profit or loss.

trader should stick to the plan.

we can not control how much we can win, but we can control how much we can lost!!!!!

James_Bond
Aug 02 2012 at 08:37
posts 556

stevewalker posted:
every rate desecion week I get mad. market stop moving and waiting for the news. At that point I loose my patient and get mad*mad*mad*mad..................

hate it.
hate to wait for news.

- for last months I can stop at some loose level. before, I was destroying my account
- sometimes
- sometimes

those answers 'sometimes' makes account profit or loss.

trader should stick to the plan.

we can not control how much we can win, but we can control how much we can lost!!!!!



Yeah, another reason for not sticking to your trading plan is indeed when the market is too 'quiet' - I then 'create' trade opportunities out of thin air.

It's really hard to identify those situations as they happen - you usually notice it only after the fact, when it is too late. What do helps me is creating a check list for my trade setups and just before a trade occurs, I go over my check list and check that everything is in order. I think the urge opening a random trade happens due to a desire to see some action for adrenaline rush (just as gamblers or even extreme sport enthusiasts).

TheLastBear
Aug 08 2012 at 11:53
posts 186
It will take time to develop the discipline to follow your strategy. Having said that, with experience you will know when to adjust your plan due to unusual factors.

Pax puts the X in Forex.
Gary Sharp myfxpt com
myfxpt
Oct 19 2012 at 21:21
posts 345
Phew...I thought I was the only one who breaks the golden rule. I too have managed to create a few trade opportunities out of thin air, and alas, these usually end up being a disaster. There is only one thing worse than tapping your fingers waiting for a trade opportunity to appear, and that is losing your patience and jumping into a trade prematurely. What's the solution?

James_Bond
Oct 22 2012 at 09:09
posts 556
myfxpt posted:
Phew...I thought I was the only one who breaks the golden rule. I too have managed to create a few trade opportunities out of thin air, and alas, these usually end up being a disaster. There is only one thing worse than tapping your fingers waiting for a trade opportunity to appear, and that is losing your patience and jumping into a trade prematurely. What's the solution?


I think a check list goes a long way.
Create a clear check list of your entry rules and once you're ready to open a trade, double check that your entire check list is complete - if not, you have no reason to enter the trade, no matter how 'sure' you are. This has helped me to get rid of the psychological factor.
Haven't found a better way to do this. If you have better ideas, let me know 😄

Gary Sharp myfxpt com
myfxpt
Oct 22 2012 at 22:05
posts 345
Thanks James_Bond. All I need now is a checklist to remind me to use the checklist! Joking aside, a checklist really is a simple solution if applied to each and every trade. Drafting my checklist this morning. Cheers, Gary.

Marek (marekvasicek)
Oct 25 2012 at 21:03
posts 5
I guess I'm a lost cause, because even a checklist doesn't help me, psychology is really hard stuff for me :/

trend is your friend and dont forget your EMA girlfriend
Chikot
Oct 26 2012 at 05:23
posts 2299
marekvasicek posted:
I guess I'm a lost cause, because even a checklist doesn't help me, psychology is really hard stuff for me :/


yeah, following plan can cause losses... look at me. i am following the plan 😇
but at the end winners will come. if not to follow and change the plan constantly winners will never come.

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