Building the Best Trading Plan Starts With You – How to Find the Holy Grail of Trading

Today we’ll look at the critical components to building a robust and successful trading plan which are:

1. Identifying your trading personality

2. What is the ideal time frame for you to trade over?

3. Understanding that true success comes from being coachable and removing your ego

Your trading plan should mirror your trading personality

Stock market, Contracts for difference, Futures, options or Forex trading success comes from getting in flow with the markets. Understanding your trading personality is the first step towards achieving this goal.

So many traders are simply out of sync with the market due to trading against their natural trading personality and as a result profitable trading is just a pipe dream.

One of the best strategies to become aligned and in flow with the markets is to build a trading plan that suits your personality. Personality profiles should be mandatory for all traders and a good trading

mentor/coach will ensure this is your first starting point to building that robust trading plan.

Day traders get suckered in again – Your ideal trading time frame

Traditional workers on a salary of $60,000 will sit at their desk for 8 full hours in order to churn out a massive $230. The day trading dream is pretty simple. With a $25,000 position and a 1{9e6afc18e04fc5fa66224b06488e691531267e3d6804b0d35af7d6b75debefc2} favorable move in the stock you are trading over say a 1 hour period results in a gain of $250. Who needs work

right?

The number of traders who get caught by the day trading dream due to believing in these ‘easy’ day trading profits are everywhere. You probably know several of them already. Instead of jumping on the day trading bandwagon, establish clearly the most preferred trading time frame based on the research you uncovered when getting to know your trading personality.

Ensuring you are trading over the right time frame is one of the most critical factors to your long term trading success but by far the most overlooked. Many unprofitable day traders soon realise that their personality type just doesn’t suit short term day trading and once they find the ideal timeframe to trade, their results pick up dramatically.

Throw your ego out the window and become coachable

How many bad trades have you stayed with as a result of your ridiculously huge ego? If you don’t think you have an ego just ask your wife, husband or significant other and get them to be honest. Your ego has absolutely no place in your trading world if you are to achieve trading success.

The greatest trading minds discovered early on in their career the importance of removing their ego and it wasn’t until that point that success was achieved. In addition to removing their ego, the trading greats knew the vital importance of being coachable and adapting to new market conditions.

Egoless trading is not only possible but critical if you are to win in these ever changing markets. A trading coach or mentor will give you techniques and strategies to remove your ego and get you on the path to consistent profits. If you haven’t already done so, find a market coach to get your trading back on track.