Sticking To Your Plan And Your Word

The most common denominator in unsuccessful trading (based on a study conducted inside my own brain, argue if you must) is not sticking to a trading plan. It's the classic, Do as I say, not as I do. Those who do as they say in trading, will succeed. The hard part is, there will be so many teasers and false signs BEGGING you to place just one trade. Double down, add to your losers, trade into economic numbers, leverage yourself silly, don't keep a journal, try to make back your losses. Go ahead...I dare you!

Today is FOMC Tuesday. How many times have I said to myself, "I hate trading FOMC days". The answer is WAY TOO MANY TO KNOW FOR SURE ( I think it's just about every FOMC day that has occurred since 1999, excluding one time in 2003 when I actually made money by picking off an S&P broker who had his hands up at the wrong time and felt obligated to honer the trade...most would not have)

So guess what traders, I will not be trading today!!! Feels great. Except, I am watching the charts and every 3 minutes another PERFECT SET-UP reveals itself. I SWEAR I could make money today....ABSOLUTELY SWEAR I COULD! But I won't even try. Wanna know why? Because most likely, I will make a little...give some away, want to make that little bit back, then end down a little, then try to make it JUST BACK TO EVEN...but then I want to make back my commissions too...then I am in a losing position, I double down..then triple down, then reverse, then reverse my reverse then reverse that...I don't even know which way is up! Forget break-even...I'd kill to just be down a few hundred dollars. Sound familiar?

Instead...

I am breathing....INHALE....EXHALE....BREATHE......OHMMMMMM....

Good luck trading.



Andy