Stick to your trading strategy

A forex trading strategy is only as good as its execution.

You must stick to your plan.

It appears to be a straightforward task. Even though it is just common sense, most traders are nevertheless unable to do so.

Incompatibility between traders

A trading strategy should be unique to you, with goals, risk tolerances, and a lifestyle that meets your needs.

You must build each component separately, never losing sight of the fact that it must be tailored specifically to YOU and YOUR requirements.

It's not your girlfriend's fault. It's not your boyfriend's fault.

Not even Ronald, your oddo best friend with a hamburger-shaped head who wears pink polka dot pants and wants to be a rapper.

Your trading strategy must be grounded in truth rather than wishful thinking.

You will not be compatible with it and will have difficulty following it if you are merely trying to mimic someone else's trading plan or if yours is founded on erroneous assumptions.

SOLUTION: Be truthful to yourself. Then go over your trading strategy again.

Trading strategies are meant to be long-term.

Many forex traders abandon their trading strategy, or more particularly, the trading system that is part of their trading strategy.

Why？

They are unable to withstand a series of setbacks. Rather than persevering through the inevitable adversity, they give up.

SOLUTION: Take your time!

Trading according to a strategy necessitates sticking to it through good and bad times. That requires self-control. Discipline that is second to none.

Traders that lack discipline in their trading do not stick to their trading strategy. You must be self-disciplined. Solid as a rock. Is it possible that we're flogging a dead horse？ That's OK.

SOLUTION: Maintain your discipline!

Self-destructive behavior: Some forex traders suffer from deep-seated psychological disorders that cause them to lose money.

This can be handled through hard work on one's own part, but the trader must first be aware of the problem. If you don't know what the problem is, you won't be able to find a solution.

When you quit your trading plan, you are rewarded for your lack of discipline, and you may begin to believe that abandoning a trading plan isn't such a big problem.

An ill-gotten gain could boost your proclivity to abandon trade intentions in the future.

“I was rewarded once; maybe I'll be rewarded again,” you might think. “I'm willing to take a chance.”

However, the benefits of indisciplined trading are usually fleeting, and a lack of discipline eventually leads to forex trading losses.

Distinguish between deserved and illegitimate victories.

When you establish a highly clear trading plan and FOLLOW the plan, you will have a justified win. Following a trading plan leads to a win, which is justified and reinforces discipline.

When you stray from or entirely abandon the plan, you win unfairly. You may be awarded, but the result was determined by chance.

To assist you, you may toss a coin or hang a printed copy of your charts on the wall and throw darts at it.

The victory is undeserved and may encourage irrational trading.

SOLUTION: Take a good look in the mirror. I hope you don't turn into stone.

If you're having problems sticking to your trading plan, it's most likely due to one of the factors listed above. If that's the case, look at the solution below.

The importance of consistency cannot be overstated

For regular and lucrative forex trading, discipline is essential.

It's all about getting the law of averages to work in your advantage when it comes to trading.

The successful trader is the one who first masters the technique of making the shot consistently, so that the ball is likely to go through the basket at every opportunity.

On each and every trade, one must trade consistently and according to a precise trading plan.

If you choose one technique one time and a different approach the next, your results will most likely be inconsistent.

Furthermore, determining which method succeeds and which does not will be more challenging.

Profitability comes with discipline. Allowing unwarranted victories to interfere with your capacity to keep discipline is not a good idea.

Stick to your trading plan, and keep in mind that if you stick to it, you'll be more profitable in the long term.