Your Trade Plan Is Worthless Without This…

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Your Trade Plan Is Worthless Without This…

Over the past several issues we’ve been talking about the 3 keys to a winning trading plan.

We’ve covered key No. 1, which is to have your trading plan in writing…

And we’ve also talked extensively about key No. 2, which is to backtest and forward test your plan.

Now, we’re ready to tackle the third… and most important… key to a winning trade plan.

Ready?

The third key is to TRADE YOUR PLAN!

Here’s the reality…

Even the best trade plan in the world will FAIL if you don’t stick to it or are unable to trade it in a live market.

I mean, the whole point of developing a trade plan…

Putting it in writing…

And taking the time to backtest and forward test it is to ensure that you have the best chance of success in the live markets.

But all that hard work will be for nothing if you stray from the plan once you actually go live.

Now, I’ve been coaching traders for a long time.

And you’d be surprised at some of the things I’ve heard when trades didn’t go their way.

“It was a fat-finger trade…”

“The dog hit my trade button…”

“I fell asleep…”

I mean, I’ve heard every excuse in the world.

And you know what they say about excuses.

At the end of the day, only YOU can ensure that you actually stick to your trading plan.

Now, another thing to keep in mind is that there are aspects of live trading that no trade plan, no matter how well-researched or thought out, can account for.

I’m talking about things like order fills and slippage issues.

Trades that were good in testing might not have actually filled in a live market due to low volume or limited transactions at that price.

So, you should always account for slippage in your trades, because it will make your results much more realistic.

Other unforeseen factors that can lead to unexpected losses include your server going down…

Your internet connection failing…

Natural disasters…

And unexpected news events.

Look, even the best trader with the best plan can’t predict things like these.

So it’s important to keep them in mind when assessing your plan…

And it’s important to have a backup plan just in case disaster strikes.

So, there you have it…

The 3 keys to a winning trading plan.

Remember: it’s easy to get into trading.

The true challenge is in becoming a SUCCESSFUL trader.The true challenge is in becoming a SUCCESSFUL trader.

And I can promise you one thing…

Every trader who achieves success has put in countless hours of behind-the-scenes work…

Most likely over the course of years and years.

Remember, you only get out what you put in…

So if you’re serious about making it as a trader, you’re going to have to commit yourself to it.

Of course, having the right tools and techniques on your side is a major part of the process…

So if you’d like to learn more about how Hawkeye’s suite of trading tools and our 3-Step Method for managing trades can help you, then then click right here to view a comprehensive training video!

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