Sticking to Your Trading Strategy is Paramount; Deviating Can Lead to Big Losses
• Discipline and sticking to a predefined trading strategy is paramount, straying from the plan can lead to detrimental outcomes • Before entering any trade, meticulously outline investment thesis, analyze price levels, define risk and profit targets • Succumbing to greed and pursuing larger profits caused me to deviate from my tried and tested trading plan • Forgetting that markets can shift unexpectedly, I violated the parameters that previously brought me success • The takeaway is to not improvise or stray from your strategy on a whim; always prioritize sound analysis over impulses