Why potential entries alone are not enough to succeed

Trading Systems Free Forex Trading Systems
1

One of the biggest mistake newbies make is that they only focus on potential entries; such as buying or selling. Some even pay money to get trading signals and trust me these signals’ sellers are making lot of money via subscriptions.
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I have created this video about the 8 effective steps to build a robust trading plan and it contains the below example.
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In sports, such as football, basketball, MMA, Tennis, etc. you have a coach. This coach creates a game plan and let his or her player(s) practice it in order to memorize it and apply it in the next game or fight
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This game plan includes all sort of scenarios:

  • If this happens we will do this.
  • What should we do if we scored a goal or won a round.
  • When should we play defense or offense, or just waste time.
  • Which strategy we will use, and
  • Let us not forget about the psychological preparation before, during and after the game or fight. Etc.

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Now let us image a fighter just punch when he/she sees an opportunity but without protecting himself/herself. Playing just offense without defense. Not having a coach (mentor) to tell him/her what to do now, etc.
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I would like to always remind myself first and everybody else of the importance of having not just a trading plan but also a mentor.
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Feel free to share your thoughts guys. I really appreciate it

2

Good analogy. Trading with just an entry pattern is like when the reporter asked the captain pre-match, “You’ve got a tough opponent with a winning record and some top skill players, while your goalkeeper is on the injured list. How are you going to win this game?” And the numbskull replied “We’re going to score more goals.”.

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3

Yessssss right

4

Good work. I think you will reach 1000 subscribers by the end of this month.

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5

Thanks !!!

6

It’s true that most new forex traders try to follow shortcuts to make their trades work for them. Some even pay to signal providers without caring about who is behind the screen. They are there just to make profits from you and don’t do any good to your trades. It is your knowledge that bears the sweetest fruit.

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7

More than entries, your focus must be on better exit strategies. Entering a market is still easy but exiting a market at the right time is what is difficult. When you are building your trading strategy, make sure that you have an exit plan that works.

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8

Entry plan is important but exit plan is equally important. An exit strategy should be planned right before opening a trade.

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