When you are trading with a plan A, plan B then surely you’ll be able to recover your losses! Because, only one trading plan isn’t enough, since it’s a decentralized market!
Plan your goals and Stick to the plan!
- Thread starter SweetPrincess
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When you are trading with a plan A, plan B then surely you’ll be able to recover your losses! Because, only one trading plan isn’t enough, since it’s a decentralized market!
I think traders need to focus on their trading process mainly; instead of focusing profit and loss!Don't just buy and sale based on price only , plus too much focusing on win rate may also lead you towards trouble trading without proper plan may also discourage you Focus , Patience and yes Risk management will lead you towards desired goals just plan and be constant
Your point of view is true. One side. But what if a newbie doesn't fit the plan? Then he will begin to get nervous and lose confidence. And it is very dangerous. Constant planning puts pressure on traders morally. And forex is already so very much affects the psyche. When trading, we are constantly afraid to screw up. And with the plan, the trader is afraid not only of losing money, but also not being in time for the plan. This will be an additional moral pressure, which will leads to rash conclusions. Of course, the questions "What are you striving for?" is important before starting any career. But set the time frame isn't worth it. Someone can become a successful trader in a month, and someone in 5 years. But in the end, both will be equally successful. Should 5 years later, the one who was going to the same success longer worrybecause of this? I think not. But if he was guided by the plan, then he would be worried.
I understand beginners have a hard time managing their trades as well as plans. But planning is indispensable for successful trading.
It might not be possible for traders to actually follow the plan they have built.. but with time and experience traders will be able to manage all of it. So no need to worry, experience teaches a lot.
It might not be possible for traders to actually follow the plan they have built.. but with time and experience traders will be able to manage all of it. So no need to worry, experience teaches a lot.
I totally agree with you. That ways they will be able to focus in a better way and earn the confidence.
Agreed! Demo trading is quite helpful and much needed for becoming well rooted.
I would like to say that if we are doing our trades with the help of the Trading Robots then we will need to be careful so that we do not g et much losses.
Well said. Robots should always be tested first to make sure they actually work before risking a significant amount of money with them.
Trading with the help of robots will only be successful when you know how the market works, otherwise stay away from them. There are a lot of scammers out there.
We have to understand that if we are doing our trades with the Robots then we will have eventually no control over it anymore.
I personally do not think so, at the end it is we humans only who programme robots. I prefer manual trades any day, having good control over what we do if there's any sudden change.
Yes, planning is one of the most important criteria for a forex trader. If you don't plan according to the market then you will definitely face deprecation badly.
It’s important to set realistic goals and I think beginners should focus on self-improvement based goals and should aim to simply make more than their losing as a first goal. It isn’t a good idea to enter the market telling yourself that you’re going to make x amount of profit in so many days, because you might be setting an unreachable goal and you’ll feel like you’ve failed when you don’t reach it. Instead, focus on small victories and your profits will increase as you work on fixing your problems and expanding your knowledge and experience as a trader.
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