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Chapter 29, Part III. Dealing Directly With Trading Plan (Finally!) Page 5

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 27, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    What time do you really have?

    Pipruit: Well, when I come home after work, probably I have somewhere around 5-7 hours.​

    Commander in Pips: Well that’s significant. So, here what you have to do during this time:

    - create short-term trading plans, since you can make 2-4 trades during this period or even more;

    - sit in front of your monitor to watch the market closely to accomplish your trading plan or adjust it if the market will move second way;

    - Control your order executions;

    - When the trading day will approach to end – fix all your trades in a journal;

    - spend some time on study;

    - analyze your trading system trying to understand what could be adjusted or improved;

    - run through previous trades to see - are you moving in the right direction or not;

    - and…

    Pipruit: Wait a minute, ok, hold your horses, Sir. I will come home after my work day. First, I need some rest. Second, I have to dedicate some time to my family, since they have not seen me for a whole day, then I have to help my wife with some routine housework, help children with homework and play with them for some time. Besides, at 9 PM my favorite TV series is on. Then I have to…​

    Commander in Pips: Ok, I’ve got it. It looks like you have much less time than 5-7 hours, right?

    Pipruit: You’re probably right. I just didn’t think about it. So, what I can do then?​

    Commander in Pips: Well, answer is simple. When you trade you can’t have any pause and digressions. You have to be 100% focused on the trading process. If you trade at home – put the lock on the door and use it. If this does not help – trade outside of your home. Otherwise, all that you will get as a result – losses and blow out of your account. You have to soberly evaluate the situation and determine the real amount of time that you can spend on trading. The rule is simple – as longer time frame you trade – as less time you need. For instance, trading daily, you can spend just an hour to make a trading plan, place orders on the market, and you will have even some time to read something or run through your trading journal.

    Pipruit: I see. Thank you. Probably I’m not ready for day trading – as in terms of time that I have, as in terms of professional qualities.​
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