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Wednesday, September 13, 2006

Plan Your Trade, Trade Your Plan

As the saying goes "Plan your trade, trade your plan". I had a trading plan before I entered OEX call yesterday. My target index exit price was 604. The market was bullish & in my favour. Good. But I did not follow my trading plan. I exited before my target was hit. And the next thing I know, the OEX went on to hit 604 and as high as 606.8!

Although I should be happy that it was a profitable trade, I was not. Because I did not follow my initial trading plan. *Ouch*. Fellow traders would have understood what I mean.

This episode reminded me of an article "Steal Warren Buffet's Stock Market Lesson Plans?" by David Jenyns. I have also posted it here under "Articles" to share with all.

Remember, Mind over Methods. Always.

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