Trading is like hunting: you need to execute. A trader with a plan is like a hunter with a fully bent crossbow. In order to reap the reward, you must release the trigger and have the courage to assume risk. All the study and training is futile without actual execution. Your decision making process may be different when you are involved in the trade, rather than not. Execute your plan and be rewarded for being correct. And immediately retreat when you are wrong. Trading is a way of life. It is a constant search to find the meaning of how and why people behave in certain ways, and trying to anticipate, prepare and react to a move in only two directions: Up or Down!. It is also about being constantly aware of the risks involved in his or her actions, controlling emotion, following strict rules and constantly improving the trading strategy. Many traders discover themselves in this profession. A trader’s natural instinct displays itself in trading. With patience, discipline, planning, determination and assuming risk, the successful trader discovers that same trading rules that applied from the very beginning still apply today, and probably will continue to be true in the future.
The Successful Trader Will:
- Watch a price move.
- Diligently study why it moved, Develop and plan.
- When the pattern repeats, the trader will recognize it, and cautiously execute that plan.
- If the pattern failed, he or she will recognize its failure, and QUICKLY EXIT.
- The trader will study why it failed, and develop a better plan.
- And execute,
- UNTIL IT’S RIGHT.