The Seven Secrets of the Highly Successful Trader! - 3) PLAN A TRADE AND TRADE A PLAN

The point of this rule is that you must develop a system that is right for you and then stick to it no matter what. As a result, your plan must be able to cater for every eventuality. Once you put your money down then you no longer can control what happens. You won't know what the prices will do so you can't worry about anything except following your plan. What will you entry be? What will your exit be? What happens if there is a merger? What happens if the price gets close to your stop order? Do you see what I'm getting at? You don't want to have to answer these questions AFTER you put your money down! You want everything to be automatic by that point. So make sure that your system plans for everything. Then you just need to follow your rules and you won't have to think (or stress) at all.