Trading Psychology: The Importance of the Preparation Process Before Trading | Axia Futures

Trading Psychology: The Importance of the Preparation Process Before Trading | Axia Futures



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In this trader training session, Darren talks about the topic of trading plans and pre-market preparation. What is a trading plan? Do you need one before the market opens? And how rigid should it be? We often hear traders talk about “trading your plan” and how “if you had a bad day but stuck to your plan, then you did well”. But what does this really mean, and does it apply to you?

Some traders arrive and trade what’s in front of them, while others have very rigid plans to consult before making any decisions. Darren recommends traders have a plan. To him, the process of creating a plan gets you to visualize various scenarios and have an idea of how to respond to each of them.

The rigidity of your plan should vary by your level of experience and your style of trading. For example, a quant trader needs a rigid plan, while a discretionary trader needs it as a guiding framework. The most important thing is that the intent of the plan is maintained in accordance to how you should respond to a possible selection of scenarios.

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October 20, 2017 / 1 Comment / by / in
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