What\u2019s wrong with deviating from your\u00a0forex\u00a0trading\u00a0plan if you make a profit anyway?<\/p>\n\n\n\n
Making an occasional winning trade, even when you throw your trading plan out the window, may provide a short-term pleasure, but entering trades haphazardly can adversely influence your ability to maintain discipline in the long term.<\/p>\n\n\n\n
<\/strong>Trading is a marathon, not a sprint!<\/strong><\/p>\n\n\n\n When you stop following your trading plan, you become rewarded for lacking discipline<\/strong> and you may start believing that abandoning a trading plan is no big deal.<\/p>\n\n\n\n An unjustified reward may increase your tendency to abandon trading plans in the future.<\/p>\n\n\n\n You may be prone to think \u201cI was rewarded once, maybe I will be rewarded again. I\u2019ll take a chance.\u201d<\/p>\n\n\n\n But the positive outcomes of undisciplined trading are usually short-lived, and a lack of discipline ultimately produces long-term trading losses<\/strong>.<\/p>\n\n\n\n It\u2019s important to distinguish justified<\/strong> wins from unjustified<\/strong> wins.<\/p>\n\n\n\n A justified win<\/strong> is when you create a very detailed trading plan and FOLLOW the plan. A win that results from following a trading plan is justified and reinforces discipline.<\/p>\n\n\n\n An unjustified win<\/strong> occurs when you make a plan but don\u2019t follow it or if you have no plan at all. You might be rewarded, but the outcome occurred by chance.<\/p>\n\n\n\n You might as well flip a coin or hang a printed copy of your charts on the wall and throw darts at it to help you make trading decisions.<\/p>\n\n\n\n The win is unjustified and can reinforce undisciplined trading.<\/strong><\/p>\n\n\n\n Maintaining discipline is vital for consistent and profitable trading.<\/p>\n\n\n\n Trading is a matter of getting the\u00a0law of averages\u00a0to work in your favor.<\/strong><\/p>\n\n\n\n You trade proven forex trading strategies, over and over, so that across a series of trades, the strategies work enough to produce an overall profit.<\/p>\n\n\n\n It\u2019s like making shot after shot on the basketball court so as to accumulate a winning number of points. The more shots you take, the more likely you will amass points. Just look at Steph Curry.<\/p>\n\n\n\n The winning player is the person who first develops the skill to make the shot consistently<\/strong> so that at every possible opportunity, the ball is likely to go through the basket.<\/p>\n\n\n\n They\u2019ve developed the skill to learn how to shoot the ball the same way every single time. Consistency is crucial!<\/p>\n\n\n\n It\u2019s the same for trading. One must trade consistently, following a specific trading plan on each and every single trade.<\/p>\n\n\n\n If you trade one approach this time, and a different approach at another time, your performance will more than likely be haphazard.<\/p>\n\n\n\n We can\u2019t stress this enough\u2026<\/p>\n\n\n\n You have to allow the law of averages to work in your favor so that across a series of trades, you will make an overall profit.<\/strong><\/p>\n\n\n\n If you follow the plan sometimes and abandon it at other times, you throw off the probabilities, and you will most likely end up losing overall.<\/p>\n\n\n\n With trading discipline comes profitability.<\/strong><\/p>\n\n\n\n Don\u2019t let unjustified wins interfere with your ability to maintain discipline.<\/p>\n\n\n\n Follow your own trading plan<\/strong>, and cement in the mindset that if you follow your plan, you will end up more profitable in the long run.<\/p>\n\n\n\n Now that we\u2019re done explaining how important a trading plan is (can we stress this enough?), it\u2019s time for you to learn what should go inside a good trading plan.<\/p>\n","protected":false},"excerpt":{"rendered":" What\u2019s wrong with deviating from your\u00a0forex\u00a0trading\u00a0plan if you make a profit anyway? Making an occasional winning trade, even when you throw your trading plan out the window, may provide a short-term pleasure, but entering trades haphazardly can adversely influence your ability to maintain discipline in the long term. Trading is a marathon, not a sprint! […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[765],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/9902"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=9902"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/9902\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=9902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=9902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=9902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}