Stick to the plan!

Ever feel frustrated with the endless P&L pics of mega gains on hot stocks on various social media platforms, whilst you’re still trying to work out where it went wrong???

If you’re comparing your own performance with others… don’t! It really truly doesn’t matter what other traders are doing at all, you are by far, much better off focussing on your own trading than getting envious or frustrated with how easy it seems for the so called Guru trader who’s busy posting pics of the Rollie in the Rarri whilst making $$$ from his/her phone! Surprise surprise, not everything on Social Media is real… and even if it was you simply do not know what their situation is, fund size, trading plan or appetite to risk is… or most importantly their true level of consistency.

Cutting out the noise, finding the style of trading that best suits you, and developing your own plan and strategy is THE BEST WAY TO SUCCEED!

When you ignore the others, and focus on you, you’ll start to achieve so much more. The name of the game is consistency, not grabbing a couple of G’s with a lucky big swing and then slowly (or very quickly in some cases) losing it all and then some 😳 because you can’t maintain the win streak. Forget what others are doing and work on you.

When you develop an understanding of what the market tends to do, and even more importantly develop an understanding of what YOU do, you’ll start to depend less on the choices of others and build confidence in your own method. Trying to follow other traders stock pics or watchlists, entry and exit points, and all others facets of trading isn’t sustainable. You shouldn’t be basing an entry on the fact that some other trader is saying it’s going to explode, and you shouldn’t be risking your money on a trade full stop if you don’t have your own plan in place.

Let your development happen, take your time and don’t pay any attention to what others are doing. Sure, learn from others… if you can filter out the BS there is plenty of material out there. Generally the traders who are happy to post commentary or recaps on their trades without any ulterior motives can provide really valuable info, and this can help your level of understanding. Use it, learn from it and let it grow your knowledge… but don’t rely or depend on it. You will be continually learning and developing, and that’s a good thing. Soak it all up as knowledge has the power to enable you to build the skills you need to be successful. Copying others might initially seem easier, but honestly it isn’t, it will lead to frustration, dissolution and losses. Take the time to learn, develop and ultimately control your own outcome… it does all boil down to you… no other way around it!

Find a set up that really makes sense to you, research it in detail and test it out on paper for a period of time to build your confidence with it. If it’s giving you a decent win rate and you’ve tested it out enough to know what to do when the set up fails then you’ll have a level of trust in your strategy that will overtake the fear/emotion/stress that can cloud your decision making. Plan the trade and trade the plan… and stick to it!

I hope this helps. Let me know what your favourite set up is and what style of trader you are.

All the best guys, and thanks for stopping by ✌️.

Cheers,

Al

32 comments

    • It’s the best learning curve πŸ‘ŒπŸ’ͺπŸ‘Š

  • Stick to your plan. This is something that stood me in good stead as a trader. And comparing myself to others was a complete waste of time. Other people are on other journeys. Good advice in this post.

  • I am not a stock trader but my husband has been trading since 1999. I referred your article to him and he fully agreed with your strategy – Finding the set up that makes sense to you and stick to it. Brilliant advice!

    • Thanks Isabelle πŸ‘ I appreciate that ☺️

  • Exactly….many of us try to do what the crowd does and end up forgetting our own original plan of action which might have been the best for u… great post

  • I have zero knowledge of stocks but have been trying to read and learn as much as I can as I am also self employed with no exit stradedy. I love my work but I need a plan!!! Currently I have a little money in BTCS which is literally worth next to nothing, if it ever takes off I may be set but not looking super likely, I have small amount of Lithium as I think the car battery boom with likely make that price soar and recently invested in EXP becuz I know real estate and the Canada weed, less then 5k total but if you’re handing out free pointers I’m all ears and appreciate it😊

    • Definitely read and learn as much as you can, you never stop learning and improving. I only trade small cap, low float Nasdaq/NYSE stocks. The stock doesn’t matter, the plan does. I look for a very specific set up and only trade that… that’s it. Master a particular strategy and rinse and repeat… in trading consistency is success. Dabbling with this and that won’t give you consistency, so you may be better off sticking with the research and paper trading to build confidence in what setups work. Keep at it πŸ‘Š

  • Great advice. I believe it applies to life as a whole. You are the master of your own ship. You have to have confidence in your ability to steer it. I have a history of being patient and not reactive to the rise and fall of the Market. I’m a bit conservative and like to see how new companies are going to shake out. I guess you’d say I’m not the big gambler.

    • Thanks Phyllis. Best way to be… no room for gambling in this game πŸ‘

  • I use the 5 second rule. It has been an awesome help to me to stick to my plans as a dad, winemaker, entrepreneur, blogger, finance scholar and so much more.

  • I understand precisely nothing about trading activities. Far too much maths for me! However, what I do understand is learning. I wholeheartedly agree that modelling yourself on experienced practitioners is a great idea – to start with – but then you really do need to assimilate all that information, develop your own style, make plans that reflect your own unique way and then have the courage to stand up and say “this is me, this is my way”.

  • Not falling victim to fear is. the hard part for me in today’s political environment. Some people advise to pull out of stocks and go for bonds because of the political temperature and our relationships with other countries. Some say to tay put and stay on course. My investments are minimal so I don’t have tons to lose but still……

    • This is why my trading never involves any long term holding. My trades are very short term day trades as the longer you’re in a trade the more at risk your money is.

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