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What is your plan for tomorrow, next week, next month…? Can you make money in the worst case scenario? Will you be able to make money if the market goes up 1000 points, drops 1000 points or remain the same. If you fail to plan, you are planning to fail. Don’t be irresponsible with your money.
In football, you don’t just go out and hope your opponents to beat themselves. You prepare dilligently for every game, for every season and always have a strategy. If A happens I would do X, if B happens I would do Y. Trading is not very different. Market are made from people. Every day you go out and compete against guys and girls, who have more experience, better skills, bigger capital and access to more sophisticated technology. What are the odds you could beat them without having a strategy, without having a plan to follow?
You should not care where the market is going. All you should care about is what you are going to do if the market goes there.
http://tradinggoddess.blogspot.com
