New Article--What is Your Trading Plan?

[SimpleMeLike]

4. Only 8 rooms are transparent, measurable and profitable, 6 are carbon (i.e. human) and 2 are silicon (i.e. robot). A decent plan would be to find some of those 8.

Exactly

 

[Bad_Badness]

I like Yogi Berra's take on this.... "When you come to a fork in the road, take it".

Did he also say something like, "In theory, there is no difference between practice and theory. In practice, there is."

 

[Scataphagos]

Did he also say something like, "In theory, there is no difference between practice and theory. In practice, there is."

Wouldn't doubt it.

One of my favs is, "I didn't say half the things I said".

 

[Dazz]

one human room I am in made $2070 this week on 13 trades and over $3000 last week; don't need no stinking psychology for success and profitability which is according to my plan which can be seen, understood and measured.

 

[SimpleMeLike]

Here's my newest article on trading plans:

WHAT IS IN YOUR TRADING PLAN?

To be consistently profitable as a day trader, one of the critical tools to have in your toolbox is a trading plan. The trading plan is the map, it’s the recipe, the formula, and the guidelines of what you’re going to do every day in your interactions in the market.

Having a trading plan ensures that your series of actions and choices is already well thought out before you start trading.

Imagine that you’re driving down the road and there’s a fork in the road. You’re not sure which way to go. You pull out the map and you’re frantically trying to choose the direction, left or right, before you get to the fork. Can you feel the stress that invokes?

To read more:https://enlightenedtraders.wordpress.com/2020/08/25/whats-in-your-trading-plan/

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Andrea,

I started to not respond, but I changed my mind. After day trading unsuccessfully for about 4 years strong now, hmmmmm, I honestly do not believe a trading plan is that important. I am so sorry to say this.

If it all it took was a trading plan, then we all be millionaires by now. A trading plan is useless if that trading plan is not profitable over x years or XXX to XX, XXX trades.

The biggest a trader face (well atleast for me is) is one thing and one thing only and that is "Is what I am doing day to day for 8-12 hours a day will produce me money over time or am I wasting time and effort"

This is just my opinion.

 

[SimpleMeLike]

one human room I am in made $2070 this week on 13 trades and over $3000 last week; don't need no stinking psychology for success and profitability which is according to my plan which can be seen, understood and measured.

Dazz,

I agree with you. Psychology does not help make money. It is a waste of time spending time on psychology.

Measured week to week results is all that matter. Those results will Negative or Positive. If its negative, you not making money trading.

 

[SimpleMeLike]

the enemy in this case are the thousands upon thousands of sales rooms that derive no income from trading and all from human retail ATMs.

Dazz,

I agree with you. And the trick is if a trader joins a room, the trader starts trading. After XX trades, total PnL is negative. He asks trade room leader "why am i negative". The leader says "you having drawdown". The trader spends the next 1 year in this trade room and developed very bad habits.

 

[deaddog]

Andrea,



If it all it took was a trading plan, then we all be millionaires by now. A trading plan is useless if that trading plan is not profitable over x years or XXX to XX, XXX trades.

Do you have a trading plan and do you follow it exactly?

 

[SimpleMeLike]

Do you have a trading plan and do you follow it exactly?

Yes and yes deaddog

 

[deaddog]

At least you now know the problem is with the plan, not the trader.