In order to realize the full potential of your trading systems it is critical that you take every trading entry, adjust every stop, and close out every trade as and when your system says you should do. This takes extreme confidence in your trading systems, good robust reliable technology, and the mental discipline to stick to your trading plan whatever happens.
An underlying assumption about being consistent and disciplined is that you have a pre-defined plan for every situation you may face in your trading, so that you know how you are defining what being consistent is. Your plan needs to include at least the following items:
- All your trading rules for entering, adding to, and exiting positions
- What you will do if your trading computer, internet connection, broker, power, telephone etc. fails
- What you will do if you are unable to trade
- What you will do if you lose X% of your account
- What you will do if all the markets are closed and you cant exit your positions
Unless you write the answers down to all these issues, you cannot be consistent and disciplined in your approach to trading and if you lose money you will not know whether it is because you didnt follow your plan, because your plan is incomplete, because your systems do not work, or simply because you are going through a losing period.
Buy above 103.4 Tgt 104.3,105.6 and 107.8
Buy above 1172 Tgt 1179,1187 and 1199
Sell below 1154 Tgt 1148,1140 and 1135
REC was forming a traingle pattern and it broke out with a 6% rally on Wednesday,Today it has formed a DOJI pattern at a crucial price of 170
Sustaining above 170 will lead to 180 in next few days on the contrary trading below 169 can lead back to swing low of 159 odd levels
Sell below 169 Tgt 167.3,166.3 and 164.7
Buy above 172 Tgt 173.4,176.1 and 179