It pays to write down your plan. You need to know exactly under what conditions you will enter and exit a trade. Do not make decisions on the spur of the moment, when you are vulnerable to being sucked into the crowd. Plans are created by reasoning individuals. Impulsive trades are made by sweaty group members.
Our take on this quote:
📝🧠 Plan, Don’t Panic 🧠📝
Success in trading starts with a clear, written strategy - stay rational, stay disciplined, stay ahead. 📊
Alexander Elder's quote emphasizes the importance of having a clear, written trading plan to guide your decisions. By defining entry and exit conditions ahead of time, traders can avoid making impulsive, emotion-driven decisions that are influenced by the crowd. Elder suggests that thoughtful, rational planning is the key to successful trading, as it helps you maintain discipline and avoid the pitfalls of reactive behavior. The quote underscores the value of preparation and the dangers of letting emotions take control, reminding traders to approach the market with a steady, well-thought-out strategy.
Instagram: quotesonfinance
Facebook: quotesonfinance
X: QuotesOnFinance