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Beat the Street: A Trader's Guide to Consistently Scoring in the Markets by Adrian Manz

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Chapter 3. Ground Rules

AS FAR AS I am concerned, the most important factor in becoming a successful trader is learning to stick to a plan. We have all heard the anecdote “Plan the trade . . . trade the plan” but most of us find it nearly impossible to do so, even if we invest tremendous sweat equity in the plan’s construction.

I think that this inclination to second guess and revise our planning emanates from a desire to avoid risk. Too often as traders, we think that we recognise an event that led to a previous loss unfolding again, and decide that this time, we have the opportunity to emerge victorious. If we are lucky, then the market will slap us on the wrist immediately for straying from a carefully devised plan in favour of acting ...

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