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Have a plan and stick to it

Pogonip
Mar 15 at 06:47
posts 23
That’s surely the best tip any new trader needs. You will find help on the internet while building your trading plan. But whether it works or not, can only be judged in the live market. So, take a small risk and take notes of your trades to identify mistakes, so that you don’t repeat them.
Diptote
Mar 15 at 06:50
posts 15
Well, that’s a necessity. You might think that you will move as per the market. But it won’t be that easy when there are so many things going on in the market. It’s best to analyse the market properly and build a plan that you want to follow.
croisssan
Mar 15 at 11:36
posts 939
In the market, plans do not always work. You should be prepared for this.
Akasuki
Mar 20 at 10:46
posts 569
chrish9070 posted:
Money management is the greatest tool of all for new traders

#forex #trading #pips #markets #finance Do you want to learn to trade all types of markets with proper money management, risk reward trades and excellent monthly returns? Then check out this below.....

Just thought Id write an email after last weeks trading to see if people can cope and manage their losing trades correctly.

Do you have a set risk reward setup, calculate your trades correctly so you not always just entering at 0.1, 0.5 or 1.0 or whatever size you trade. Do you calculate the size of your account and work out what lot size you should be trading based on your stop loss, risk amount and account balance. If your not then you really should be. People ask for a win/loss ratio on trades and this really does not matter or have any influence on how much money/percentage return you make each month and year. You can actually lose almost 60% of your trades and still make an excellent return each and every month. So I just want to remind all you traders, make sure you have a plan and stick to it DO NOT deviate from this. Working this way means as you have a few losing trades your risking a % of your lower account balance each time, and as the winners come and the account grows your risking a % of the larger account and this is what allows it to grow.

So stop thinking about how many losing trades you have, simply make sure that your risk reward is correct and if you can get anything above 50/50 then you will guarantee to make money and a good living if you can do this consistently.

Next I want to look over a couple of charts that you may want to look at yourselves and also show the kind of thing we look at every time in our webinars to plan our next few trades in the week ahead. Also dont just enter a trade because price has hit a certain area, get some confirmation of price action 1st, this will save you entering and guessing of just anticipation, this is not trading but simply gambling if no predetermined risk.

EUR/USD https://clip2net.com/s/3wJvUc1 weekly view

AUD/USD https://clip2net.com/s/3wJxgvT daily view

GBP/USD https://clip2net.com/s/3wJzf7p daily view

GBP/AUD https://clip2net.com/s/3wJBe2e daily view

Do you look this deeply into your trades before entering them? Do you then calculate your risk reward ratio? Then calculate what size you should be trading on your account size and what risk you should risk on each trade? If you are not doing these things then your going to get swallowed up in the forex world and find it very tough to make money trading these highly volatile markets.

If this is something you would be interested in, not going for 20-30 or 40% a month, but trading exactly how money managers and funds trade looking for great reward trades and making 4-10% a month (10% on good months - not often) so achieving apprx 50-60% a year entering trades 10-15 minutes a day then we can offer that.

Wish you all a Happy Trading week and should you have any questions please email or skype me with the details below :-


Regards

Little John

Exactly, I have a fixed trading strategy in my live trading (Price Action)! But I used more than 35 trading strategies in my demo! There is no way to experiment in my live account with my real money!
Harshelgibbs
Mar 21 at 05:51
posts 16
Your plan may or may not work in the market. But if you have one, you will surely perform better than you would have without a trading plan. At least, your emotions won’t be a decision-maker.
garlicbread
Mar 21 at 10:38
posts 9
No no no. You should never just stick to a plan because 'you should stick to a plan'. Only stick to a plan if it is working. If it does not work, find out why and then make a new plan
podunk
Mar 23 at 06:17
posts 18
Imo, sticking to a trading plan is more difficult than creating one. For easier trading, traders should stick to their plan. A good trading plan ensures that traders take the right approach to trading and avoid distractions.
Commonition
Mar 23 at 07:44
posts 23
I am quite sure that you already know that a good trading decision will help you make money while the bad ones will cost you money. It’s best to do what you understand and can handle for a long time. With a trading plan, you will know what to do and when to do it. Moreover, you get to stay away from decisions that are a result of your emotions that eventually cost you a lot of money.
croisssan
Mar 23 at 10:41
posts 939
You need to understand that the market and the plan are practically incompatible options. I think this is important to understand.
shortant
Mar 24 at 07:07
posts 73
It is extremely important for new traders to have a plan, which should include certain things, how much capital to risk, when to enter and exit a trade, where to place TP and SL, and how to keep emotions in check. While making a plan is important, sticking to it is even more important. New traders can learn how to stick to their plans in trading psychology.
nabobe
Mar 24 at 08:14
posts 22
You never know how the market will move in the next moment. You can’t even control the performance of your trades. But with a trading plan, you can be prepared for all that can happen.
jambeau
Mar 25 at 05:38
posts 23
For traders, making a plan is easy, but it is difficult to follow one. Breaking your own trading rules is irresistible when you begin trading. However, it should be avoided because it will not make you profitable.
Salsitude
Mar 29 at 08:08
posts 22
Distracting from your trading plan is probably the biggest mistake that you will ever make. The market is so lucrative that you will want to take advantage of all its moves. But your trading plan will tell you which ones are worth taking risks with and which ones you should avoid.
Gripho_Griff
Mar 29 at 10:13
posts 11
According to me, a trading plan helps in maintaining consistency and also makes you aware of your trading behaviour which then allows you to make decisions wisely.
Bigmouth
Mar 31 at 07:42
posts 25
Your trading plan doesn’t only show you the road in the market but also makes trading easier for you. As your trading decisions are solely based on your market analysis, you are able to manage risks and money properly.
Jiffyy
Apr 05 at 06:19
posts 26
Trading plan provides the ability to the traders to monitor the performance and refine the approach.
Familistery
Apr 12 at 09:48
posts 29
You can’t reach your destination without a plan. You will have to know where you want to reach and which way you will be taking. Your trading plan does the same thing for you.
ElliotEll
Apr 12 at 10:26
posts 24
Sticking to the plan is tough but not impossible. And no matter what, in the end, we all have to follow our plan.
Vomitoryy
Apr 15 at 05:52
posts 28
Sticking to a good plan is something that can benefit new traders as well as experienced traders. However, you should be flexible and open to make any changes in your strategy so that you don’t get stuck with a strategy that does not optimise your profits. So start with a good plan and make sure that you have a plan b in case your strategy isn’t working in your favour. But be patient, and don’t jump from one strategy to another without giving it time to work.
saluteband
Apr 19 at 08:09
posts 31
A well-defined Forex trading plan can serve you as a guide to staying on the trading path to success. Having a trading plan is beneficial not only to new traders but to experienced ones also. so one can trade according to prerequisite parameters and know when to take profits and cut losses.

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