The question I received:
„I know I should stick to the strategy, I have it prepared, but I do not stick to it anyway. Chaos, a huge amount of information during the day makes me think that I was wrong and should act differently, so I stop sticking to the rules. I’m scared of it and I do not know what to do”.
For sure, creating a strategy is a huge plus. Thanks to the fact that you think about what you will do in a moment, tomorrow, the day after tomorrow etc. you have more time to refine your strategy and action plans. They become more mature. You should continue this, so the best traders do (# Top10%). Do not give up on this.
Lots of information, various events and news create information chaos, but the best traders manage it somehow. Would you like to know how?
– Of course!
First of all, they are prepared for such events to occur.
Secondly, they are prepared for their own emotional reactions to these events, even to strong reactions. This is the key difference between them and the weaker traders.
They have it all thought out earlier and have prepared strategies and plans for what to do in a most situation.
Perhaps your strategies do not take into account news? It is possible that you create plans that are sterile and detached from reality.
I will not tell you today what to do, but I will show you how to find a solution. Here’s what to do:
At the end of the day, review your own plans that you had on this day. Check if they were good or not. News and chaos disturbs the clarity of vision, so assess the value of your plan from a perspective. Do it for two or three weeks.
Look for elements that you should take into account – what happened during the day, what should you include in your plans? Think about how to manage your plan of the day, how to be prepared in the most important moments, how to deal with chaotic situations.
Imagin that soldiers of the best units learn to act in a state of permanent chaos and life threat (!), they learn how to use it as an element that gives them an edge.
I want you to fine-tune your plans and then come to the conclusion that they are good. By analyzing them you will come to the moment when you recognize that they are good, that they cover the whole spectrum of events of the day with which you are dealing.
The next step will be logically obvious – you will come to the conclusion that it is worth sticking to the plan because it will lead your day on the market in the right direction.
And hence a step to stick to this plan, because it is… the easiest way.
You will be helped by the techniques of working with emotions, allowing you to harden faster and reduce the level of stress during the day.