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The Trading Plan "If you fail to plan, you plan to fail!" Level up!

June 22, 2017

 

I like to make the comparison between traders and pilots. Pilots have a checklist and a flight plan. Pilots often have to make adjustments during flight to compensate for weather/turbulence. Majority of professional traders have a checklist and a trading plan. Trade-able events suggest the direction of price. We enter the market when we have identified a trade-able event. If price continues in our favored direction then our profit take will be a desirable one. However, there are several instances where after entering into a trade long/short that price immediately moves against us and bring us into negative territory. Depending how price moves against us can be a good or bad thing. If the movement against is not in our favor we have been trained on how to trade our way out of negative territory and land safely into profitable territory. 

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