Avoid Mistakes With the Right Tools
Experienced traders will all agree about the hardest part of the learning process. Mastering your trading psychology is the big one that we have not yet discussed in any detail. Everything that you have learned so far may seem complicated to you at first but it does not continue to be that way. Once you have a solid understanding of your complete trading plan it is just a case of following your rules in a rinse and repeat fashion. As easy at that sounds, and as easy as that should be, unfortunately, it is not! You will be amazed at how many stupid things you will find yourself doing. To the point where you even tell yourself that you shouldn’t do something, then do it anyway. This phase of your trading journey will be a slightly different, yet similar, personal journey for everyone. You can make it as hard or as easy as you want though. If you find and use the correct trading tools you will choose an easier over harder.
With membership here at WaveFX Trading, we have created some amazing tools that automate as much as is safely possible. It doesn’t matter if you use these tools or other tools that you find elsewhere, what matters is that they serve their purpose and that you know what their purpose is.
Think About the Mechanics of Your Trading Plan
So far here at WaveFX Trading, you have been shown everything you need to create your own complete trading plan. You may decide to use everything exactly as it has been outlined, or you may decide to use some of what you have learned here combined with the knowledge you have obtained elsewhere. That part is up to you. What you need to now investigate is which parts of your plan are completely mechanical, and which parts need you to be present for a decision.
If we base things around what you have been taught in these lessons, your main decision that requires your presence is at entry trigger time. After that point, there is little for you to do other than let the trade run its course and check in every now and then. Without the correct tools, this is where you may find yourself interfering and messing up perfectly good trades. What you need are tools that will allow you to set and forget your trade but receive emails at any important juncture that may require a decision. The best way for you to begin to understand that is to first see it in action.
Watch a Set and Forget Approach Using Tools in These Videos
Helping You Understand Further
In order to continue on with your understanding of the above, we will use the style of trading that is taught here. We will use the three examples that we have been using throughout this course. In the next few lessons, each trade will be demonstrated from start to finish exactly as they would have presented in real-time. You will now get to live these trades just as you would have if you took them when they happened. You will also be able to see where and how the correct tools could help remove you from the equation as much as possible.