: Develops precise strategies for when to get in, how much to risk (position sizing), and exactly where to exit to lock in profits or cut losses.
: Emphasizes that "no position is a position" and provides rules to prevent overtrading. Key Principles to Eliminate Gambling
A game plan is distinct from a general trading plan; while a trading plan defines your overall strategy, a regulates daily execution and decision-making. It prepares you to react to specific market situations before they happen. Trading Without Gambling: Develop a Game Plan f...
: Decisions should be made while the market is closed to avoid emotional, impulsive "gambling" during active sessions.
: Teaches how to adjust risk levels based on market volatility and individual trade performance. : Develops precise strategies for when to get
: Establishes what must be done before the market opens and after it closes.
In , author Marcel Link argues that the difference between consistent earners and gamblers is a well-thought-out game plan . The Role of a Game Plan It prepares you to react to specific market
: Waiting for high-probability setups rather than trading out of boredom or a desire to recoup losses.