This is a note and reminder for myself as well, a Game Plan is vital for every single trade. A huge reason for my Friday loss on $TLRY was due to chasing a trade without any game plan.
It is no coincidence that the majority of my losing trades are driven by pure emotional entries. Before any trade is executed you should have a clearly defined plan including (Entries, Exits, Position Size, Specific Risk Level, Etc.)... This will help tremendously ease your stress in any given trade. Why? Because you know exactly what you're looking for and all you have to do is now follow that plan.
The trades that I freakout on are the ones I spontaneously enter due to pure FOMO and hype. Think about it, you enter a trade with no plan. You're all hyped up and excited but then it immediately hits you, "crap what are my levels?"... "what am I looking for?"... "how much am I risking?"... These thoughts will bombard your mindset very quickly and that's when disaster strikes.
Make a solid plan and trade that plan. Less stress, more focus, better results overall.
You've probably heard before that your best focus and mentality is before you're in a trade. Once in, it's very easy for your judgement to get clouded. That's why you must have a set plan beforehand so that all you have to do is then follow it.
yass! entry point, exit point, stop loss
@9er9erjo So important!
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