Without doubt, no trader will last long if he doesn’t plan ever trade. But there is absolutely no point in making a plan for a trade if you are not disciplined enough to follow it.
A plan should cater for every eventuality. As Richard Dennis (Turtle fame) said, ”Don’t worry about the prices are going. Worry about what you are going to do when they get there.”
Thinks about what is being said here. Once you put your money down on a trade you cannot control the prices. So stop worrying about what could happen and concentrate on you trigger points and what you will do when these points are violates. By doing this your trading stops being emotional and now becomes very sysrematic and stress free.
