Strategies to Stick with your Trading Plan

  • 26
    Apr 2018

    Strategies to Stick with your Trading Plan

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    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:

    1. Were my decisions based on a specific strategy?
    2. If based on a specific strategy did I comply with every rule?
    3. When trading with a shorter timeframe did I also check the trend direction in the longer timeframe?
    4. When trading in the longer time frame did I check the shorter time frame?
    5. Did I make an impulsive decisions in any trade? What was the result of that decision?
    6. Did I make a trading decision because I was frustrated for not finding any trades that were befitting my rules?
    7. Do I doubt myself when taking a trade?
    8. Do I make rash decisions?
    9. Do I get bored by looking at the charts and then compelled to trade because I want to feel I have accomplished something?
    10. 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

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