A trader explains why you need a clear plan before you trade and must stick to it. Like a bus to Denver, focus on your destination, not every bump in the road. Decide in advance whether you're exiting intraday or holding through dips, then don't second-guess yourself when the market gets choppy.
A lot of traders just need to understand that when you have a destination, you don't know how long you might be on the bus. If you're going to buy a bus ticket and you're trying to go to Denver, you don't know how many stops it's going to take along the way, but you just know that your final destination is Denver. They don't tell you how many stops you're going to take. This trade could chop around for days on end, but I just know that this is the destination. If you have something planned, stick to that plan. Exactly. And my plan could have been exit intraday. Maybe I'm not going to hold to these lows, but I just know I'm going to make that decision and live or die by that.
