“Plan Your Trade and Trade Your Plan”. You may or may not have heard this piece of Zen like advice but what does it really mean? It means much more to me now that it did three weeks ago before I commenced training.
Let me start by saying it’s not something EL has said during the course but he has set out in my opinion exactly what it means. In order to trade effectively (let’s call that consistently generating revenue) one needs to understand completely what ones actions will be in the range of circumstances that can arise throughout the trading day.
This understanding while inclusive of the general is certainly well beyond that. It’s a specific understanding of every activity from larger business consideration right down through into what specific things are required to align then trigger a trade, and manage it through every tick and exit it.
I can’t emphasise enough the word specific. Sounds like a lot of work. Yep that’s right it is but it’s this understanding of what each action will be and it’s probable impact of returns that lays the foundation of belief required to act without hesitation.
What is the ability to act without hesitation? It’s trading in the “zone”.
Lets’ not forget the word Your in the saying. It needs to be Your plan. Not one you’ve read from a book or been given to you. YOU need to have defined aspects of the plan. You need to have back tested it, traded it in sim and understand its statistics; you need to have a clear understanding of the impact of every action.
Let me be blunt. If you think you can be given a set-up and then trade it in the same way as the person that provided it, think again you won’t. We’re all different and you have to make it all your own.
Good luck...
Zen Trader
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