Today am going to explain to you how you can follow your RISK MANAGEMENT PLAN and build that CONSISTENCY in the markets
One of the things that many traders struggle is to find consistency of winning,alot stack in a loop of few with withdraws and many deposits even though they have skills. Most of the time this happens because of poor planning and today am gonna show you how to avoid this
We repeate the same mistakes everyday because most of the traders focus on a GOAL instead of focusing on the PROCESS which starts by building your IDENTITY as a disciplined trader. Focusing on the goal alone build a bad behaviour and makes it easy for you to loose next time
I use to be the same untill i realise ways to move out of this endless circle which kill dreams of alot of traders and many end up quiting the game because the game consumes them alot. Here are thing you can work on to improve if this is your problem too
1.learn a good way of approaching the market(price action)a good method must be able to explain the market based on bulls and bears activity in the market,must also contain rules that you must follow when analysing certain instrument and they must be simple and understandable
Upon learning develop your own rules from the strategy which work best for you,make sure you backtest your creteria and see at which conditions they work the best this is the very first step towards the change. Equipt yourself with knowledge first
2.Apply POINTING AND CALLING METHODOLOGY. this is the method used even by pilots to reduce error,we all know before the flight depature there is some checklist that the pilot points and call them loud that they are checked. this action helps to make sure everything is okay
Same to your trading you can apply POINTING,in this you have to make sure there is a list of confluence that you have backtested and you find them working for you. Use this list to check if the market condition allows you to make decision and if market doesn't match DON'T trade
I will give you example of my checklist when i want to take a continuation entry
a)Trend formation-i make sure i see a trend to give me assurance if am trading in the right direction,i check this from higher timeframe to lower timeframe
a)Trend formation-i make sure i see a trend to give me assurance if am trading in the right direction,i check this from higher timeframe to lower timeframe
I make sure i check from higher to lower timeframe because i wanna make sure if my trade is in main trend or counter trend
b)Level of interests within and outside the trend(in case of deviation)
b)Level of interests within and outside the trend(in case of deviation)
c) Shifts of structure(with or without formations) and the reason is they are treated differently
d)Nearby Roadblocks-these can be deviators or troubled areas
e)Trade must give me 3:1 or above
f)low risk entry with less that 20 pips stoploss
d)Nearby Roadblocks-these can be deviators or troubled areas
e)Trade must give me 3:1 or above
f)low risk entry with less that 20 pips stoploss
I also have so rules when comes to reversal entries,intradays,intra week and swings
3. Learn to open only one position this will help you to have control in case you have more than 2 pairs running,to me opening one position helps me managing the pairs very wells and managing them becomes easy
4. Record your confluence-i use this to refine myself and know what works me for better so that i can increase my effort,also it help me learn from my own mistakes.i started this way back in 2021 till today and there is great changes i see in my trading journey
The whole process is called IMPLEMENTATION INTENTION simply means pointing out what want to do before doing it ans its helps alot in building any habit and i used it in my trading carrier and now i can testify that its possible to be become consistency
Thanks and don't forget to like,share and follow👍
Prioh_360📈📉
Prioh_360📈📉
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