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Chapter 29, Part IV. Daily Routine and Disaster Plan. Page 6

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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    Although it’s a bit of an early topic and we will talk about the trader’s journal a bit later, but this is very useful to make notes during trading session about possible scenarios and patterns that could realize in nearest future. You will remember easily these patterns that could be completed already at this time if you will review this journal on next day.

    What to do during the session?

    So you have prepared your trading plan and wait when corresponding levels will be reached by the market.

    - Monitor how your trade, the potential pattern or setup that you intend to take part in, develops. Be patient! Wait for a clear set up for your expected pattern – don’t be hasty. Still do not count every tick – this leads to impulse trades and we don’t want that;

    - If you find something, that is just starting to form and you definitely want to review it later – make a note about it in journal or notebook;

    - Take breaks as in school, i.e. often enough;

    - While you’re waiting and don’t want to count ticks – online chat rooms with traders are welcome, but do not apply some context that you do not totally understand. Do not use third side trading setups – follow your own trading plan;

    - There is a proverb: “Bad speculator becomes good investor.” So your task is to not become a good investor if you have a loosing day trade – close it and sleep calmly. Don’t turn the current day's loss into a long-term position and do not even hold it overnight.

    Still, if you are a very short-term trader – 5-min and lower time frame, you may be need to sit in front of monitor and follow the price. But if you trade on 60 min charts – place alerts and wait, don’t count ticks. If you trade on a part-time basis still – choose markets that are suitable for that purpose, Forex is one of them.
    #1 Sive Morten, Dec 27, 2013
    Lasted edited by : Oct 9, 2016
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