What is wrong with this statement?Get skills like technical anylysis , systems , methods , technical skills and trade management and you will be a very succesful trader . Trade the plan plan the trade:What is wrong with this statement? “Plan your trade and trade your plan.” This saying is about as old as the finance industry itself. Yet most traders fail at following their trading plan. Richard Dennis, a legend in the trading arena, once commented that he could publish his strategy in the newspaper and it wouldn’t matter because people would not be able to follow the plan consistently. https://www.elitetrader.com/et/threads/the-most-important-skill-for-succesful-traders.304679/ https://www.elitetrader.com/et/thre...al-and-possible-for-succesful-trading.304404/ https://robertsweetman.com/2014/08/10/psychology-edge-and-what-they-actually-mean-in-trading/ Brokers statistics don't lie https://www.google.co.uk/webhp?sour...=1&espv=2&ie=UTF-8#q=95 of traders lose money
There's also the 5Ps ... Prior Planning Prevents Poor Performance But its also not only about planning, its also about avoiding greed and gluttony (e.g. the temptation of over-leverage).
The best-laid plans of mice and men often go awry definition. No matter how carefully a project is planned, something may still go wrong with it. The saying is adapted from a line in “To a Mouse,” by Robert Burns : “The best laid schemes o' mice an' men / Gang aft a-gley.” No plan originated by another will be as sympathetically handled as ones own plan.--Conrad H. Lanza (Napoleon and Modern Warfare) Organizations don’t get things done. Plans and programs don’t get things done. Only people get things done. Organizations plans and programs either help or hinder people.--Admiral Hyman G. Rickover In this Revolution no plans have been written for retreat.--Martin Luther King, Jr.
Many say the market cannot be predicted. How can you plan for some 100% unpredictable? How can you plan for something that had so many variables in it that they cannot be counted or even known by most, if not all, traders? Why not just go with the flow? Go wherever the market takes you like a log floating in the river. Let the current sweep you along. Why not just make the plan up as you float? You only have to be disciplined if you have a plan you must follow. Why not just chunk plans and discipline out the window?
You must have a plan to float , because that can change ,if you decide due to emotions to swim in the currents of the river.Your main trading plan must be to control you , be disciplined.This is what humans can't do , especially in trading . https://www.elitetrader.com/et/threads/self-sabotage-for-traders.305072/
Because the market continuously changes, every trader must have a proven strategy to win. If you do not have a proven method, you will jump in and out of the market with every dip and upswing.
There is something wrong with this statement . A winner like you knows ,it pays to be admit when you are wrong.You are suggesting "become the market's bitch" You have a relationship with the market and anytime you're controlled in a relationship, you're the bitch.The only way to have an even relationship with the market is to control when you play, so that you don't get played http://traderfeed.blogspot.co.uk/2015/10/the-real-reason-we-trade-emotionally.html Patience https://www.google.co.uk/webhp?sour...=1&espv=2&ie=UTF-8#tbm=vid&q=patience++trader