Podcast:

How do you trust your Forex trading plan?

In this video:

00:24 An Important Aspect of Trading

02:16 Let the Trade Do Its Thing

04:26 Why Clients Do So Well

You need to be able to learn to trust your trading plan and your trading strategy. Let us talk about that and more right now. Hi Forex traders, Andrew Mitchem here, the Forex Trading Coach and today’s Friday, the 25th of September.

An Important Aspect of Trading

In this video and podcast, I want to talk about really, really important aspect of trading. It is all about once you develop the strategy or plan or system, having the ability to stick to it. If something that affects traders across the broad spectrum from absolute beginners, right through to more experienced traders and everybody in between and something that you really need to learn to overcome in order to take that step from being maybe a breakeven trader or a small profitable trader, it is becoming a really good trader.

Let’s talk about that and exactly what I mean. You see the problem that I see happening and what I experienced from feedback that I get from people, emails, phone calls, whatever it might be, is that so many people out there, I’m talking majority of these people are non-coaching clients of mine because hopefully once they have a coach and a strategy and a mentor, things change around for them. I am talking about people out there in general who don’t have anybody to follow or for guidance. The problem that I see is so many people they develop what they think is a really good strategy and a plan that works for them. That's prudent, that's great, but the problem is, they start fiddling with it.

They try to second guess the market and they break the plan and they break the rule so the system. Everybody is going to do that from time to time. No one is perfect. I’m not saying that but the problem is, is that people seem to think that they need sit there watching every pip move up and down because the market might move against them. In reality, the market doesn’t care about you. It doesn't care about me. It is going to do what it is going to do whether we sit watching those charts or not. What I am trying to say is, once you develop that strategy, try to stick it to it to the very best that you can without fiddling with it. Without intervening with it.

Let the Trade Do Its Thing

I personally find that the vast majority of my trades that I put on in my evening time, when I wake up in the morning, they’ve either hit their profit target or the surplus, for the vast majority. It is so great to see profitable trades when you weren’t there actually at the market intervening. Because if you have a strategy and you stick with it and you have a stop-loss in place for a reason, you have a profit target there for a reason, the majority of the time unless you see any obvious reason for me to edit that trade or to get out of that trade or partially close, again that is determined on your strategy. I’ll let you see that. Let the trade do its thing because you are not going to be able to influence it by sitting there stressing it by that trade, watching every pip of movement up and down and seeing that trade almost a full profit and then just missing and then going a bit closer and then just missing.

It is quite stressful to do that. When trades get into that situation and they are almost at full profit, I just walk away. Just walk away and leave them and then come back 5 or 10 minutes later or half an hour later, an hour later and 9 times out of 10, you will see that the trades hit full profit target in that time while you’ve been away, but you weren’t sitting there stressing watching that last few pips, and so to get your profit target. It is really important to understand that. That’s once you have a strategy. The other side that I see so many people struggle with is that they ha...