Explanations for Not Following Your TP

8 באוג׳ 2023

Hi! Have you ever abandoned your trading plan?🧐

If not, you should still read this, because you might be deceiving yourself!😉

If you have, why do you think you've been "unfaithful" to it?

https://www.tradingview.com/x/4D1hg8H2/

It's about you.
Do you attribute it to your personality? Temporary loss of reason? Or perhaps, you see it as an inherent part of trading?

Several factors could contribute to your lack of discipline. Depending on your personality, background, training, and experience with markets, you may struggle to control impulsive actions.

• For some, impulsiveness is ingrained. They find it challenging to concentrate, easily get bored, and seek quick thrills for relief.
  
  
• For others, impulsive behavior is linked to emotional vulnerability. Some individuals have difficulty managing their emotions, leading them to act impulsively out of frustration.
  
  

Temporary setbacks are inevitable in trading.

When highly emotional traders face these setbacks, they become overly distressed, leading them to close positions prematurely or make major trading errors in a frantic state, which can only be rectified by closing the position.

No trader is perfect; any trader can be impulsive at times. Research has indicated that tiredness can impair concentration.

As much as your conscious mind cares about adhering to your trading plan, your unconscious mind might think, "Who cares? I just want to get this over with and relax."

Your psychological resources get depleted. Pushing yourself to the limit makes it difficult to concentrate on and adhere to your trading plan.

Other traders may be impulsive due to lack of experience. It's unrealistic to expect adherence to a trading plan when you're uncertain about what you're doing.

If you're new to trading, you may lack confidence and feel uneasy. You might hesitate to act, unwilling to risk your money because you don't have the strong belief in your plan's profitability that seasoned traders exhibit and it’s ok. "Who does nothing makes no mistakes."



It's not you, it's your trading plan.
You can't stick to a trading plan that you can't follow.
If your trading plan is incomplete and crucial aspects remain unclear, you'll have difficulty following it.

A trading plan should have well-defined entry and exit strategies. Monitoring signals that indicate trade progress are also crucial. Underestimating the importance of a clearly mapped-out trading plan is a mistake.

The successful trader is a disciplined trader. Disciplined traders adhere to their trading plans and don't act impulsively.

It's crucial to identify the reasons behind impulsive trading. It might be related to your personality or your trading plan, but whatever it is, gaining awareness of these factors and resolving them is essential.

Once you control the impulse to act, you'll trade more profitably and consistently.

In conclusion, a successful trader is not only someone who achieves consistent profitability but also someone who continuously learns and grows in this dynamic market. Remember to stay disciplined, manage risks effectively, and embrace both wins and losses as opportunities for improvement.

As you continue your trading journey, may the charts align in your favor, and may your strategies be filled with wisdom and insight. Wishing you the best of luck and success in all your trading endeavors!

Feel free to share your thoughts and experiences in the comments below. Let's support and inspire each other on this exciting trading path.

Best regards and happy trading!

Your Kateryna💙💛