Zig Ziegler says; "You are working with no plan? Why? Working without a plan is about as difficult as trying to come back from somewhere that you have never been". You will become profitable if you achieve success, but success rarely comes without a plan.
Success is not counted in cash; success starts with an inner faith, the ability to listen, and in having a plan. However, financial freedom only comes by following the plan.
“Write up a detailed trading plan.”
ReplyDeleteIn my experience from teaching students, the single biggest problem I encounter is that the vast majority of novice traders do not work from a trading plan – big mistake. To be consistent in the market, one has to be methodical and objective at all times. This is where the trading plan comes into its own. I’ve told my students in Brixton at ongoing wealth consciousness program that each trade should be planned well in advance with all the possible questions which could arise during the trade, answered in advance. This is to stop that “inner monologue” from forcing you into making bad decisions. We all have to accept that we have absolutely no control over the market and that each time we place a trade, we cannot affect its outcome in any way whatsoever. Therefore, take control of what you can influence: yourself. This is the vital aspect of using a detailed and disciplined trading plan as a guide. If you fail to plan then in my eyes you are also planning to fail.