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LESSON: Never Change or Write Your Plan, Whilst the Market is Open

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[op_liveeditor_element data-style=””][text_block style=”style_1.png” align=”left” font_size=”16″ font_font=”Montserrat” font_color=”%237e7e7e”]I can’t tell you how often I have seen a trader lose a trade (yes only 1 trade) and then want to make a tactical or strategic change their rule book and trading plan.

This is 100% and completely normal for traders as straight after a losing trade a whole host of emotions are roaring around inside such as fear and resentment for the market. HOWEVER; when you feel this way you should read your rules and plans.

BUT…

And it is a huge but – you should never ever change your trading plan when you’re feeling this way.

I have a general rule and that is “never change my trading plan whilst the market is open or while I am in a trade”. The rules you have written in your trading plan are there for a reason. They will protect you over a large size of trades. Yes you will have losses. There is no plan in the world that can stop this!

Sometimes trading plans have to be changed, altered and amended and we do this for BUSINESS reasons when we are at our rational thinking bests. This is when we are not in any trades, the market is not moving and we do not have anything to win or lose.

As we go along and get more experienced as traders we will notice more things and pick up extra bits of information that we need to add in. This is fine, but never change your trading plan on the spur of the moment or straight after taking a loss![/text_block][/op_liveeditor_element]