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

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Mar 20, 2012.

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  1. Administrator

    Administrator Just Administrator :-)

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    Part IV. Daily Routine and Disaster Plan. [​IMG]

    Commander in Pips: Today we will continue a bit further with making your trading plan – just to finish this topic and speak about the last but not least important part - your disaster plan. Later we will turn to daily routine – some day by day action that helps a trader to stay in tune with trading.

    Pipruit: Cool!​

    Disaster plan

    Leslie Jouflas in her excellent book “Trade what you see” tells that the Chicago Mercantile Exchange has a slogan: “Where there is no such thing as no such thing”. I suggest that this slogan has been uoted not just occasionally. It tells us that absolutely anything could happen in the market. Since we’ve already estimated that trading is a business – you have to care about it to have stability and safety in any case. In fact in terms of outstanding events we should speak not of “if it will happen” but “when it will happen”. Any market disaster could hit each trader differently. It could totally destroy the account, it could lead him or her to solid benefits, or it could stay neutral. But if a trader has prepared for these things, he can deal with them calmly and with cool head.

    [​IMG]

    Do you ever think about why professionals in different spheres spend a lot of time on disaster case training? Pilots, army, medical doctors and nurses, police and others – all of them spend a lot of time on training for disasters and abnormal situations. So, if a trader will spend some time to create a “what if” plan – it could let him stay in business at some time and not lose his account. Others will get their “deer in the headlights” look and most probably will fall into “negative panic” that will paralyze them mentally as well as physically. If you will not prepare for it, you will be under shock, and won’t think clearly.
     
    #1 Administrator, Mar 20, 2012
    Lasted edited by : Oct 9, 2016
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