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Thread: Consistency for your trading plan

  1. #31
    Trader Batavia's Avatar
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    Quote Originally Posted by cutiekc View Post
    I believe on keeping things simple, I make sure that I don't have unrealistic plans and expectation from the market. So therefore my plans is to always take nothing above 3 percent risk and then in addition, I should make sure that I am always following my 1:2 risk to reward, which means that if I should open any trades in the market it is either it gets to SL or TP, I hardly manually close my trades.
    That is very good mate and you have been consistent about that and i believe you will achieve much profit for each month cause forex is all about consistency and loss and proft it will common happen in this market. If you have a good management so you will win in this market.

  2. #32
    For one to be able to have the success in the business, they need to have the consistency in making good plans and then when they have made it, they should be able to stick to that trading plans. If you make plans and then you don't stick to it. You will mostly loss your money. A lot of people often loss their money as they don't seem to have the the discipline to stick to the same plans and then follow it consistently.

  3. #33
    Quote Originally Posted by cutiekc View Post
    I believe on keeping things simple, I make sure that I don't have unrealistic plans and expectation from the market. So therefore my plans is to always take nothing above 3 percent risk and then in addition, I should make sure that I am always following my 1:2 risk to reward, which means that if I should open any trades in the market it is either it gets to SL or TP, I hardly manually close my trades.
    You are having a good money management, your risk will be little when you trade with 3% of your forex investment. The trader who trades like that and with a strong forex strategy will never lose all his money. Only that emotion sets in with the plan we have in forex trading at times, this is the reason why traders have to be disciplined in everything they do. The use of risk management of 1:2 is good too.

  4. #34
    The secret of being successful in forex trading most especially at the retail level like ours has a lot to do with consistency . In the first instance , a trader needs a good trading strategy that is very suitable to his trading style and beside that he needs high level of discipline and patience to make his strategy works . Being consistent has to do with making pips , preserving pips and repeat the process over and over again .

  5. #35
    You are very right, the reason why we loss significantly in the forex market is often because we are not consistent with the strategy we are trading with in the forex market. Most times after some loss we change strategy and this may effect us negatively because the strategy we switched from may have finished its own lossing streak and the one you switched to may just be starting its own, since no strategy is 100% accurate and market conditions don't always remain the same and every conditions is usually for a while then things will change again.

  6. #36
    Quote Originally Posted by ola4real View Post
    You are having a good money management, your risk will be little when you trade with 3% of your forex investment. The trader who trades like that and with a strong forex strategy will never lose all his money. Only that emotion sets in with the plan we have in forex trading at times, this is the reason why traders have to be disciplined in everything they do. The use of risk management of 1:2 is good too.
    The trader that is trading with 3% money management is trading with low risk, and i like this so much. But left to me, i still like to use between 5-10% money management, this is what will help traders to make a reasonable amount money. With 3% money management, the trader may not make much, although it will help the trader to survive for a long period of time.

  7. #37
    Quote Originally Posted by Obaforex View Post
    You are very right, the reason why we loss significantly in the forex market is often because we are not consistent with the strategy we are trading with in the forex market. Most times after some loss we change strategy and this may effect us negatively because the strategy we switched from may have finished its own lossing streak and the one you switched to may just be starting its own, since no strategy is 100% accurate and market conditions don't always remain the same and every conditions is usually for a while then things will change again.
    Most likely, you see traders changing trading plans and all that because they have had like 4 losses on a role. Well, it is so much hard to keep to the discipline of having consistent plans been followed, mostly, when we are in losses, it will be so much hard, but the trader who can be patient enough and then wait for the right timing in the market and then correct little mistakes while still using the same planning will have a long way to go.

  8. #38
    Quote Originally Posted by cutiekc View Post
    Most likely, you see traders changing trading plans and all that because they have had like 4 losses on a role. Well, it is so much hard to keep to the discipline of having consistent plans been followed, mostly, when we are in losses, it will be so much hard, but the trader who can be patient enough and then wait for the right timing in the market and then correct little mistakes while still using the same planning will have a long way to go.
    things that keeps changing overtime without being considered first through evaluation, each losing trades wouldn't be useless because we don't want to learn anything from it. our only consistency in trading is with our patience to wait for better opportunity and able to manage our risk in limited range. profits will come automatically once we got things controlled well.

  9. #39
    Plans are necessary to have a means to work for a better trade. Staying consistent in wining with forex needs great plans that would really help us improve on this trade and give us more means to earn for the best. We should learn to make good plans and understand the need to manage risk if we must make profits. Good consistent plans will be helpful and once we look out on the need to trade good we can achieve the best result in forex.

  10. #40
    Quote Originally Posted by ajagbeolegba View Post
    The trader that is trading with 3% money management is trading with low risk, and i like this so much. But left to me, i still like to use between 5-10% money management, this is what will help traders to make a reasonable amount money. With 3% money management, the trader may not make much, although it will help the trader to survive for a long period of time.
    For traders to have consistency in whatever they do, there is need for a good plan and trading setup. The trader have to plan this ahead of the time they need it, it will later be working well for the trader. The forex plans have to be focused on the trading strategy and management of the trader, this is where the center of the plan will be located. Traders will also make strong efforts on how to use them well.

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