Strategies to Stick with your Trading Plan
Contributed by Saira Khalid from Mind Power Training Pty Ltd
Dear Traders
Today I will share with you a process from my Mind Power Training course which is extremely effective in managing your states and following your trading plan so you create regular profits from your fx trading.
I want you to take a piece of paper and divide it in 2 columns. In the first column write your top 3 trading decisions you made in the last 30 days that succeeded and in the second column write the top 3 highest losing trading decisions. Once you have got this out on paper in front of you I now suggest you review your trade. You need to ask the following questions:
- Were my decisions based on a specific strategy?
- If based on a specific strategy did I comply with every rule?
- When trading with a shorter timeframe did I also check the trend direction in the longer timeframe?
- When trading in the longer time frame did I check the shorter time frame?
- Did I make an impulsive decisions in any trade? What was the result of that decision?
- Did I make a trading decision because I was frustrated for not finding any trades that were befitting my rules?
- Do I doubt myself when taking a trade?
- Do I make rash decisions?
- Do I get bored by looking at the charts and then compelled to trade because I want to feel I have accomplished something?
- Do I think I already know everything or the opposite (ie I don’t know much, I will never learn!)
These are just examples. You need to write your own story. This will reflect your inner beliefs as well as your mindset about what kind of a trader you are aspiring to be and what you actually are doing!
I am much interested to know what you discover as a result of doing this exercise over atleast 2 weeks.
Please email me on saira@learntotrade.com.au
