Print out post #7 and read it before you ever plan anything and yur way ahead of the pack believe me . Im very familiar with douglas' book and you gotta read it a few times as you are gaining experience in trading and after you say to yourself "ooooooh! now I get it" you have arrived . Douglas specifically describes having a plan that leaves you free to receive info that the market sends you and not lock yourself out of being creative . With that your plan contains rules like placing stops and abiding by them and taking profits where you should . Remember that trading rules should protect you not deny you opportunities so be careful what you use as rules and keep them flexible enough so you dont shackle your hands and miss out on exploiting price moves .
Your rules keep you from flying through the windshield in case somehing unexpected happens , like a seatbelt , but a seatbelt only helps you if you use it every time . You dont drive around with your airbags deployed even though that would make driving even safer since it would keep you from driving safely now wouldnt it ?
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The following user says Thank You to Big Mike for this post: