Posted August 26, 2021
By Alan Knuckman
Discipline Will Help You Win!
You’ve heard me say it before… Why it’s important to stick to a plan, maintain discipline, etc…
Well, at the risk of sounding like a broken record, I’m here to tell you that it’s more important than ever right now!
The market has been pretty volatile lately, we can see it in the back-and-forth swings the major averages are experiencing right now. Earlier in the week we go up then later we go back down, sometimes it happens even quicker.
If you’re trading emotionally it can be exceedingly easy to get caught on the wrong side of these break-neck market moves. And that’s the last thing you want!
I like to say that there are no good or bad markets, there are opportunities to make money in ANY market environment. You just have to trade what you see and stick to what’s working.
It all comes back to having a plan.
Don’t have a solidified plan? No problem, it can be quite simple...
Take a look at your trading strategy and ask yourself, what’s working? What isn’t working? You should be able to pick out a few key points.
Once you find what’s working, stick with it! The key to any successful trading plan is consistency and repeatability. You want to build on your gains to grow them exponentially. If you’re switching up your strategy every week to accommodate different market conditions, it can be nearly impossible to win consistently.
So keep it simple, stick to what is working for you and cut out the parts that aren’t.
Your chances of success should be higher after performing this simple step.
Lastly, remember that it never hurts to simply observe and plan from the sidelines until you feel more confident!
Keep it In the Money,