We always emphasize to our traders the importance of Trade Plan. Tom always does his preparation for his traders in the TY Live Trading Facebook, I prefer to get traders to do it themselves rather than feeding them.
In Sniper Club, we always have a pre-opening focus done by traders who are on duty every day. Recently, I have started another pilot project that focuses on just a handful of members who are "Special". They are supposed to be "tough" enough to be "drilled" by me :D
**Those who are not prepared, very soon, they will be out of this special task force.
Trading success is:
Taking the time to learn an effective trading strategy, including entry and exit criteria, money and risk management as well as trading psychology.
Next, put all that knowledge together that makes sense to you and provides you with a trading approach and ‘plan of attack’ for your interactions with the market.
THE MOST IMPORTANT FACTOR IN TRADING SUCCESS – DISCIPLINE. You must be disciplined and consistent and stick with your trading approach in all areas – entries, exits, risk management and psychology.
Build a trading plan to help you stay disciplined and provide you with a tangible ‘road map’ to keep you grounded and accountable.
Today, I would like to talk about the importance of having a trading plan.
It is critically important that you must be as prepared as possible for the upcoming trading day, and the best time to do your trading plan is when the markets are closed.
Analyse what the market has done, have all the key levels drawn into your chart, any bias (bullish or bearish) can also be written. Take note of any imminent trade setups that you're looking at.
Look at the above trade plan that was done after the market closed. This is a simple and straightforward trade plan that was done by a trader. The important point to note to herself as well as those who are in this special task force group, there's an open order before the market closed.
Santa Claus was in Singapore this morning, did he drop by your house and pass you a present? He definitely went to the above trader's house.
On opening, price retraces to 50% for you to go long, by 10:50am, money in the pocket. You can now go and enjoy your Christmas with your family and friends.
I thought this is the lifestyle that all traders always wanted? But before you get to enjoy this lifestyle, are you willing to do what you're told to follow and follow it strictly?
Master one strategy first, then add if required. Build your trading arsenal one ‘weapon’ at a time. But, try not to deviate away from TYJG's trading philosophy and beliefs .
Often, one concept or trading pattern / setup is enough to make you a fortune. What you don’t want to do is get overly-confident and start bolting on new tricks and toys right after you find something that’s working (many traders make this mistake), go with what works. If you try adding too many things too soon, you will end up over-trading and become over-whelmed and frustrated. Remember, Keep It Simple!
You need to avoid temptation, difficult to do in trading, but necessary if you want to succeed…