You don’t have control over where the price is going to turn. You don’t have control whether it’s going to be a profitable trade or not.

So the only thing you can control is that you follow your plan. But if you think that you will want to get out before the price touch your TP and if it shows a bullish candlestick reversal pattern put that into your plan. Then it gives you the license to do that.

Keep yourself disciplined. Do you get what I’m trying to say?

Yeah. So it’s basically, it’s like telling you that, okay, because I make a decision that I want to exit before it touch the TP. If such scenario happens, I put it in the trading plan and if I do it, I’m still following my plan. So it gives you accountability because once you start to deviate from your plan, once, you will do it second time, third time in other scenarios, in other situation, in other kind of strategies and stuff like that.

The more you keep on doing this, the more you’re going to deviate away from a trading plan. And that defeats the whole purpose of training yourself to be a disciplined trader. You get my point?

So if you want to become a disciplined trader, which is essential to you becoming a proficient and profitable trader over the long run, you’ve got to mark down whatever you decide to do in your trading plan and follow it. And if you would like to refine it to do something else, you’ve got to refine your trading plan as well.

Interested to receive mentorship opportunities like this with Philip?

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Philip Teo

Founder & CEO at Traderwave Pte Ltd
Philip Teo is an entrepreneur, speaker and trading coach who specialises in the field of Technical Analysis of the financial markets. He is currently the Founder and CEO of Traderwave Pte Ltd, a financial technology company that offers a web charting application to global traders. He has conducted many trading seminars and appeared on national television before. He is also currently an official speaker and trainer with SGX Academy. Learn more about him at his Google+ Profile, LinkedIn Profile and Facebook Profile

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