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Chapter 15
Step Five
Mastering Your Trading Plan |
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Your life can't go according to plan if you have no plan.
RICK ENGEL |
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Take calculated risks. That is quite different from being rash.
GEORGE S. PATTON |
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Early in this book we asserted that trading actually is easy. The concepts are not hard. The skills can be learned. You can become a consistently profitable trader. By now we hope you agree that these observations are correct, and that you are well on your way to becoming that profitable trader. |
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Buthold on! You are like a fine, hand-crafted Swiss watcha precision instrument ready to do its job to perfection, except . . . the mainspring is missing. And without that, you can't even tell what time it is. What's missing? Your commitment to using a trading plan for every trade you make. Let's stick that piece in there and start you ticking! |
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Distilled to its essence, a trade consists of just two steps: (1) the entry and (2) the exit. Sure, you have to manage the trade while the position is open, but we define that as part of the exit. From the second you enter a trade, you are in ''exit mode." |
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