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Why traders don’t follow their trading plan?
Is it their personality, an inherent pitfall of the trading profession or temporary insanity? A host of factor may contribute to a lack of discipline. Depending on your personality, background, training and experience with the market. You may have trouble reigning in your tendency to act on impulse.
That said, any trader can act impulsively at times. There are many situational factors that contribute to being impulsive. Research has shown, for example, that when people are tried, they have difficulty focusing their attention. As must as part of your conscious mind cares about sticking with your trading plan. Your unconscious mind thinks, who cares? I want to take a break. Psychological resources are limited. When you push yourself to the limits, you will have trouble focusing on your ongoing experience, concentrating on your trading plan and sticking on it.
Well, my first question is, what is trading plan? Because, if we don’t even know what is trading planis then it’s pointless to discuss the reason why many abandon their trading plans since, they don’t know what is trading plan to start with? Right now, I do have trading plan and I am happy that I achieve three out of four trading plans that I have for this year.
My trading plan for this year is to have 20 trading accounts in which I already achieved. I addition, I also what to have three of this 20 trading accounts reach 1000$ which I also achieve as I have five trading accounts that is more than 1000$. On the other hand, my trading plan is to have total of 10,000$ trading which I also achieved. What I have not achieved yet is to have all 20 trading accounts with minimum of 100 dollars trading capital each. In which I still have four trading accounts that is below 100$.
Now my trading strategy is scalping and hedging. I think what most other think is that trading plan and trading strategy are the same in which they are not.
Most of the traders don’t care about discipline. Trading plan should work provided that it is a well built one which has been built in accordance to the way which the market has been working. Some plans will just take time before it starts working so when you must have built a trading plan, give it some time and remain focused using it, it definitely will work some days. Another reason, why it seems not working is making use of different trading plans all the time changing it consistently.
A good trader who is headed to success should know how essential and needed a trading plan as a Forex trader. So, abandoning your trading plan will result to some errors in trading thus some psychological issues will take its root in your trade which usually results to confusions at the middle of your trade when you have no guideline to where you are headed too.
there are many reasons, traders are no following their trading planes.we many traders are starting out trading with excitement and without knowing and for that we are not folloing our trading plane.again after starting trading and making any loss ,we fell in emotion and for regaining our previous loss we are trading without any money management and without trading plane.
so from that view i realized our lack of trading knowledge and lack of trading experiences are responsible for not trading with trading plane.as forex is a complex trade so without any good tading plane we could not do any in forex.by demo practicing we can develop our good trading plane and money management.
I have seen, a number of Forex traders set unrealistic trading plan with their limited trading capital, as a result they lose their trading momentum so easily! 1st of all, you have to understand here your own trading strength, then you need to study on your live trading performance; at that time you have to prepare your trading plan so sincerely! By the way, I see professional traders have multiple trading plan like plan1, plan 2,plan 3……………………..
We will have to make some plan and Efforts.
Originally Posted by Zachary Davis
I have seen, a number of Forex
traders set unreal
istic trading plan with their limited trading capital, as a result they lose their trading momentum so easily! 1st
of all, you have to understand here your own trading strength, then you need to study on your live trading performance; at that time you have to prepare your trading plan so sincerely! By the way, I see professional traders have multiple trading plan like plan1, plan 2,plan 3……………………..
We will need to make use of such kind of a Forex Broker which is Regulated and that is Truly International like FXOpen.
I have been doing my Forex Trading from the last 10 Years with FXOpen Markets and they have very secure and fast Trading MT4 Terminal
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