CREATING A TRADING WORKFLOW
Honestly, I definitely am not the first to say I automatically did this myself. Truthfully it took me almost as long as I’ve been trading to really grasp the full whelm of each system let along the importance. For a Long time I refused to create a risk management plan, not understanding what it meant and why it applied to trading. Mentally, I took a year just to focus on mindset set and creating discipline in my trading because literally I was impulse trading trying to get rich quick. The thing that did save my trading was implementing a trading plan earlier in my journey, BUT…. I did tryout many trading plans before sticking to just one. So yes, Ive had quite the journey of trials and error but of all it was a learning experience.
This is just a quick overview of why each one is important and why you should add it to your Overall plan (WorkFlow) if you have not already. Starting with Mental Management..lol.. because you will mentally drive yourself crazy if you hop into trading with the wrong mindset. When I started trading I thought we were about to be rich and that skies was the limit until I realized that I didn’t have enough money in my account to even fulfill my tiniest dream. That was a hard one to accept because I needed a way out and dint not realize that trading which is a form of investing still to hard work…blah! So going into trading with the correct mindset of longevity is recommend. As the old saying goes “anything worth having will not come easy” that includes ANY type of investment. There are plenty of mindset obstacles you will face but this is the biggest misconception you will face that will bust your bubble first… Sorry!
Secondly, is system management. As I touch on before I knew that having a trading plan was important BUT…. I did not stick to one and allow it to work. Actually, after it did not work I found another youtube Forex Guru and learned his system. Sheesh, I cannot count for real how many trading plans I learned and still have the notebooks to prove it.. After a wile I finally threw in the tile, took the advice on one of the Youtube Gurus and stuck with one plan and allowed it to work. After a while I started tweeking it to my trading style and today I feel like I have one of thee best trading plans…. Basic and Simple, nothing to fancy…
Last but not least RISK MANAGEMENT and guess what no YOUTUBE GURU was giving this away for free. It was always mentioned Money and Risk Management was important but never told why, so I never cared until I was tired of watching my account seesaw up and down and was like okay Husband can you please help a sister out because my ego was to high before to listen (as this is the case with many things) but i’m ready to listen and he showed me the ropes. Yes, it made my brain hurt but the aha moment sealed the deal. If you do not know how much you are risking on your overall account then you definitely do not know how much you should be risking per trade and this makes all the difference in your trading. But why? BECAUSE, if you do not know how much you can risk then you don’t know where your stop loss should go which means you don’t know if the possible trade you are taking even meets your stop loss requirement. You may can only risk $50 per trade but from were you are entering the market it may require a $70 stop loss which means this does not fit your trading plan annnnddd…. what is the reward? Is it at least a 1:1 to make it worth it or a 2:1 but what if the reward is not as much as your risking… Things to know! This is just the basic mistakes of each category.
Now, the party really starts when you have to put it all together and what do you get? A structured WORKFLOW or a Whole Hot Mess!! This is where Investing in your education comes into play. Yes, you can DIY your trading. I did it, but it took 3 long years because I did not understand the power of investing in myself! Really, I could have been hit major milestones if I had a mentor/coach that just taught me everything I needed and got me to the point of it all. Making Consistent Profits. But, I chose the longer route but no doubt if I had to change anything about trading it would be starting off with a Mentor/Coach. It would have saved me Time, Money and Spasms. So, listen… Don’t be like me stubborn, not wanting help and hard headed learning the super long way. Get a Coach even if its not me because you both have to have the same common Ethics, Moral and Integrity on why you are doing it. Mines is to build generational wealth and knowledge to pass on to my children. The people I want to help and work with will have the same common goals! Plus, having a mentor will help guide you on everything you need and save time. Not everyone needs coaching on all three components, you just may need help in one area and this is where trading can still be DIYed to your preference.
Please leave a comment below with your thoughts, feedback and questions. If you would like to hop on a FREE 30 minute discover call on Zoom to discuss goals and if working together is a good fit, send me an email at CorriaDizard@fxdailybreakout.com
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