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Develop a Trading Plan

The main message I want traders to understand is how important the disciplined execution of a well thought out trading plan is in today's markets. Nobody knows for sure what a given market will do next. Having a plan of attack will allow you to successfully cope with the uncertainty that is an inherent part of trading. I think it makes good common sense to have a well thought out plan of attack for trading all markets.

Make time to study and organize a trading plan for each and every trading day. This is a serious business that requires dedication and discipline to succeed. Arm yourself with the best tools you can find and make sure your own personal armor has no weak points. Trade with an objective of doing the right thing, which is sticking to rules!! Making money, which is a second objective, derives from sticking with your trading plan. Let your strengths be in that you are a trader who is able to take losses quickly and think defensively. Learn to use a time stop and if prices are not moving your way when you expect them to, get out. Also, be quick to take some profits when they are there but leaving the bigger part of your position in the market in case the move is strong in the direction you want it to go. 


Comments 2

Novák on Monday, 20 August 2018 03:56

Andy, Excellent Rules wich derives from serious experience of Trading. Thnk´s.

Andy, Excellent Rules wich derives from serious experience of Trading. Thnk´s.
Andy Jordan on Monday, 20 August 2018 04:09

thank you Novak. Glad to help!

thank you Novak. Glad to help!
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Tuesday, 25 June 2024

Derivative transactions, including futures, are complex and carry a high degree of risk. They are intended for sophisticated investors and are not suitable for everyone. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results, and all of which can adversely affect actual trading results. For more information, see the Risk Disclosure Statement for Futures and Options.