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Forex Strategy Video: Stick to the Plan...Especially When the Trade is On

Forex Strategy Video: Stick to the Plan...Especially When the Trade is On

John Kicklighter, Chief Strategist

Talking Points:

• Many trading pitfalls occur after the trade is already on

• When the reason for taking the trade has evaporated, probabilities fade fast

• We look at the temptations, hazards and making the right calls with GBPUSD and EURUSD examples

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A trade that has been put through the ringer for its fundamental, technical and market conditions merits should skew probabilities in our favor. When we make exceptions, our strategy starts breaking down. Tantalizing technical setups with no fundamental chance or event-driven volatility with no definable guidance in price cater to our emotions rather than our bottom line. But sticking to the plan isn't just for the pre-flight check. Many will alter the plan mid-trade or decide to ignore changing circumstances to revert to hope. Hope is not a trading plan. We look at how sticking to the plan both before and during a trade is important using GBPUSD and EURUSD examples in the weekend Strategy Video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.