Episode 4: Evaluating Trading Decisions
It is common for traders to break their plan. What are the consequences of this decision? The consequences can be pretty dire if a trader takes away the wrong lessons from the trade.
What happens when you get rewarded from breaking your plan? How does your subconscious interpret that reward? And what decision will you be compelled to make the next time? Listen in and get the details!
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LISTEN TO THE SHOW
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WHAT YOU WILL DISCOVER
- How your subconscious interprets wins
- How to avoid the temptation to escalate your risk parameters
- The result of ignoring your plan
- The importance of keeping your commitments to yourself
- How to train yourself to follow your plan
- The importance of proper trade plan testing
RESOURCES FEATURED IN THE SHOW
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- Learn more about Trading Performance Membership with monthly coaching opportunities!
NOTABLE QUOTES:
- “It is extremely important for traders to have certain risk parameters in their trades and they need those parameters in order to survive long-term in the market. Otherwise your luck will eventually run out…”
- “Realize risk limits are not about short-term profitability. Risk limits are about surviving.”
- “When you tell yourself that you are going to honor a certain risk parameter then ALWAYS honor that risk parameter regardless of how you feel, and regardless of how you think at the moment.”
- “What happens in your subconscious when you are rewarded for your decision to break your plan?”
- “The worse it gets, the more opportunity I have, I risk more money.”
