Creating a Trading Plan (Part 5)

It's not just enough to create a trading plan; it's also important to execute it effectively. Trading routines are the key to making progress and maintaining discipline in your trading.

Trading Routines

Consistently doing something is a way to make progress and maintain discipline. While your broker may provide detailed trading result reports, it's important for you to evaluate by making notes on every trade. Keeping a separate trading journal can help you track your progress over time and avoid the same mistakes.

Some questions that can help motivate your trading routines are:

1. What are your work routines besides trading?
2. Do you always evaluate the results of your last trade?
3. What questions do you have about profitable trades?
4. What questions do you have about losing trades?
5. What have you promised yourself?

Example Answer:

I am a full-time trader, and trading is my most important routine job. I conduct market analysis according to my trading strategy plan and enter the market if conditions allow. My plan is to make between 0 to 4 trades per day depending on the trading signals I receive. I manually analyze for entry and use automated scripts for exit.

I evaluate my trading results every day to ensure that I am always following the plan and strategy I have set. I believe that in trading, there is a random distribution between profitable trades and losing trades, so I strive to maintain my emotional balance.

I avoid over-confidence when profitable and guard against being influenced by negative emotions when facing losses. I conduct specific evaluations for each trade to learn from the experience. I also check my emotional state before entering the market and only trade when I am mentally prepared.

If I violate my trading plan, I don't trade again the next day until I know the reasons behind my actions. I don't set unrealistic targets, but only strive to consistently execute my trading plan and strategy with discipline.

1. Plan your trades and execute according to your plan.
2. Implement your plan and strategy consistently.
3. Without a plan and regularly evaluated trading strategy, you will never know the progress you have made.

By consistently executing your trading plan and regularly evaluating it, you can improve your trading skills and achieve your long-term goals. Discipline and consistency are the keys to success in forex trading.

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