Do you have a plan B if your plan failed?

[nehmer]

Do you have a plan B if your plan failed first time? I am planning on having a plan b on my trades since most of the time i cannot trade because of certain reasons like the trading already delivered a failure on the first trial on my trade and I believe that it is essential that we know how to counter failures.

[andry777]

For now on, I don't have plan B if my analysis is wrong but I had risk management so if my analysis was wrong, at least I didn't experience Margin Call and my losses has been limited with Stop Loss. Maybe in the future, I could do that but for now on I still couldn't make plan B.

[Syrine22]

Only a too anxious person would not have a plan B for every business he dables into.Apart from forex every success finding business man must have a plan B because business is just like taking risk where you either win or lose.To be frank PLAN B is required for business success.

[nehmer]

Only a too anxious person would not have a plan B for every business he dables into.Apart from forex every success finding business man must have a plan B because business is just like taking risk where you either win or lose.To be frank PLAN B is required for business success.

thats a good thought i am making also my own plan b if there are hard situations or bad entries at least we may able to plan it well and it is still part of the plan that you need to execute if you are not going to execute this alternative plan you will just be waiting for nothing in here at least you will know what is your weakness and strengths.

[andry777]

Only a too anxious person would not have a plan B for every business he dables into.Apart from forex every success finding business man must have a plan B because business is just like taking risk where you either win or lose.To be frank PLAN B is required for business success.

I don't think so. For newbie, it is enough to have main planning but you should prepare risk management to limit your losses when your plan is not working well. If you think all traders should have plan B, then could you tell me how to create plan B in forex when our analysis was wrong?

[nehmer]

I don't think so. For newbie, it is enough to have main planning but you should prepare risk management to limit your losses when your plan is not working well. If you think all traders should have plan B, then could you tell me how to create plan B in forex when our analysis was wrong?

its always your decision if you are going to put plan b on your trades. But i think that you have already created your own plan b now that you said that you are just going to stay out the market and stick to the main plan if it fails then you go out on a while and just continue trading for tomorrow.

[andry777]

its always your decision if you are going to put plan b on your trades. But i think that you have already created your own plan b now that you said that you are just going to stay out the market and stick to the main plan if it fails then you go out on a while and just continue trading for tomorrow.

Maybe you're right too. But in my mind if people said about plan B, it means another plan to make profits when our main plan is wrong. So it's not stay away from market and not only placing risk management to prevent Margin Call. If me, my plan B s my risk management.

[nehmer]

Maybe you're right too. But in my mind if people said about plan B, it means another plan to make profits when our main plan is wrong. So it's not stay away from market and not only placing risk management to prevent Margin Call. If me, my plan B s my risk management.

well its alright as long as we have plan b we can live without plans but it is still better to do it this way at least we can save ourselves from a bigger lost. Placing risk management is one of the good plans i know its not a bad plan as long you will survive the market longer the better it is for you.

[andry777]

well its alright as long as we have plan b we can live without plans but it is still better to do it this way at least we can save ourselves from a bigger lost. Placing risk management is one of the good plans i know its not a bad plan as long you will survive the market longer the better it is for you.

Yes, it's still better although we didn't have plan B but we still had major plan and risk management which is used as plan B than we don't have any plans at all. If there is way to gain profits in all movements, so when condition is not like our major plan then we can use another plan, that will be better.

[nehmer]

here are my plan b if i im going to fail on my first try on trade: 1st is I open my other metatrader with different broker and different currency to change somehow my mindset on the old trading system that I use. 2nd: Make sure that I use a different approach on my 2nd attempt so that the old mistake will not be back

[bulastika]

I don't have plan be. If I trade again. I use the same strategy again. If its does not work first time it does not mean its a failure. Its like playing basketball. Shoot at the same spot if it does not get in. It does not mean if you try the second time its will not get in again. Theirs a probability and that the risk that we need to take. Same thing in forex trading. I have my stop loss, and my profit. And I will only trade if I think the weather is fine for me to jump in.

[nehmer]

I don't have plan be. If I trade again. I use the same strategy again. If its does not work first time it does not mean its a failure. Its like playing basketball. Shoot at the same spot if it does not get in. It does not mean if you try the second time its will not get in again. Theirs a probability and that the risk that we need to take. Same thing in forex trading. I have my stop loss, and my profit. And I will only trade if I think the weather is fine for me to jump in.

Your plan b is more like a entry point on your trade thats good already at least you do not have to device another plan to be able to replace the other one who is not that clear if it will be successful or not the most important thing is that we are going to make things right on our trade the moment we are able to produce our entry plans just comes into play after that.

[bulastika]

Your plan b is more like a entry point on your trade thats good already at least you do not have to device another plan to be able to replace the other one who is not that clear if it will be successful or not the most important thing is that we are going to make things right on our trade the moment we are able to produce our entry plans just comes into play after that.

Yeah. But usually if theirs a loss I check what went wrong. Because I'm sure its not going to go wrong if I make is right. Usually the wrong part is the entry point. I buy in much higher price than its suppose to be. Its ironic. I have loss a trade five times this week already. And its because my stop loss has triggered. The ironic is that the low is just a five to just a pips away from my stop loss. So just imagine if I just add 10 more pips. then at that point I'm still safe. Right now my slop loss is the average of S3. Average because I don't only use one indicator. So far its holding. But now its holding. the trend of USD/CAD is anemic. lols.

[kivanger]

as long as I'm not risking it all, I do not have a problem. and I've failed so I already knew the pain was. My plan B is to just let it flow because the most important thing I have a steady job which ensures my life

[nehmer]

as long as I'm not risking it all, I do not have a problem. and I've failed so I already knew the pain was. My plan B is to just let it flow because the most important thing I have a steady job which ensures my life

so you come what may is your style? Its good at least you do not need to be concern more on the price everyday you just need to get problem when it comes and decide when it will trigger it is better than nothing at all at least you need to make sure that you are profitable that way.

[andry777]

as long as I'm not risking it all, I do not have a problem. and I've failed so I already knew the pain was. My plan B is to just let it flow because the most important thing I have a steady job which ensures my life

I think that's not planning if you are flowing with the condition. If you had planning then you should know what should you do not only let your account flow. It is better not having plan B but you could prevent your account from Margin Call than you said that you had plan B but you are only flowing with market.

[nehmer]

plan b in forex needs to be much better that what you have planned in the first if it is not superior on the plan A then it may be a problem on our trade later on. WE may not like the result of the trade and it may be a loss i think we do not like that to happen thats why we need to be careful on making plan b

[andry777]

plan b in forex needs to be much better that what you have planned in the first if it is not superior on the plan A then it may be a problem on our trade later on. WE may not like the result of the trade and it may be a loss i think we do not like that to happen thats why we need to be careful on making plan b

It's a little bit confuse me. If plan B is better than plan A, so why do you use plan A first? Isn't it better to use plan B first if you think that plan B is better than your plan A? If in my opinion, plan B is anticipation when the market is not working like our main planning. So it is possible if plan B will fix the mistakes of main plan but it's not meaning that plan B is better.

[nehmer]

It's a little bit confuse me. If plan B is better than plan A, so why do you use plan A first? Isn't it better to use plan B first if you think that plan B is better than your plan A? If in my opinion, plan B is anticipation when the market is not working like our main planning. So it is possible if plan B will fix the mistakes of main plan but it's not meaning that plan B is better.

so what do you know if you are going to interchange them it is obvious already that you will stop trading on that session because you will think that your plan b will still not work because you interchange them and you think that it will be already useless since its already the best plan in Plan A

[andry777]

so what do you know if you are going to interchange them it is obvious already that you will stop trading on that session because you will think that your plan b will still not work because you interchange them and you think that it will be already useless since its already the best plan in Plan A

That's why I said that plan B is not better than plan A because if plan B is better so why we used plan A? We should use the best plan which we knew right? But it's hard to compare 2 plans which is better because planning is used to different condition and its function will be different one and another.