Plan the Trade, Trade the Plan
Plan for week #7 (11-15 FEB 2019)
Successful forex traders have rock solid discipline. They plan every one of their trades, then they simply trade their plans.
It may be tempting to trade by the seat of your pants, but if you don’t develop clearly defined trading plans to follow, and follow them consistently, you’ll have difficulty making consistent money as a trader.
What’s wrong with deviating from your forex trading plan if you make a profit anyway?
Making an occasional winning trade, even when you threw your trading plan out the window, may provide short-term pleasure, but shooting from the hip can adversely influence your ability to maintain discipline in the long term.
When you stop following your trading plan, you become rewarded for a lack of discipline and you may start believing that abandoning a trading plan is no big deal.
Consistency is crucial!
The winning trader is one who first develops the skill to make the shot consistently, so that at every possible opportunity, the ball is likely to go through the basket.
One must trade consistently following a specific trading plan on each and every single trade.