Why a GamePlan Is an Absolute Must for Trading
Proper Planning Prevents Poor Performance
Years ago, a good friend of mine chastised me for something and, all these years later, I can’t even remember what it was for. But I remember he was clear: Follow the 5 P’s and this wouldn’t have happened.
I asked, “What are the 5 P’s, Will?”
“Proper Planning Prevents Poor Performance!”
Little did he know that that imparted piece of wisdom would stay with me years down the road. Nor did I know the impact it would have on my trading and investing.
It took years for me to nail down a trading style that fit me and even after doing that, it only continues to evolve. Maybe that’s as the markets change over the years. Perhaps that’s as I change over the years.
Regardless, the 5 P’s have always been there to help and it has resulted in what I now call the Future Blue Chips Daily Game Plan.
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So What Is the Game Plan?
Put simply, I have been writing on financial markets and stocks for more than 10 years and I just love writing too much to walk away from it. Plus, writing the Game Plan gives me two big advantages:
It helps me to write everything out and allows me to approach the trading day in a more measured manner. It’s written down, right in front of me!
I am more accountable and it forces me to seek out the best setups and trades.
In essence, that’s what the Daily Game Plan is: It’s my breakdown of the stock market in a top-to-bottom manner. I start with breadth readings and some general observations, then look at the S&P, Nasdaq and other indices or key “bigger picture” assets. Finally, I work my way down, looking at sector strength and finding individual stocks with attractive setups.
And all of that circles back to the 5 P’s.
Why?
When I’m prepared, I can weave with the ebbs and flow of the market — I can paddle through the various riptide and currents — because I already have a plan.
If A. does this, then we’ll do X.
If B. does that, then we’ll do Y.
If C. happens, then we’re out and we’ll wait for a better environment.
The Game Plan lets me operate in a less stressful, less emotional manner because I’ve done all of the work before the opening bell goes off at 9:30. I know what I want to do and I know what I’m looking for.
If it comes to fruition — great! — then let’s take a solid risk/reward setup. If it doesn’t, then it’s okay to sit back and wait for a better pitch.
Whether you subscribe to my newsletter or not, I think the same approach can work for any trader and hopefully this helps encourages some traders to give it a shot!
Thanks for reading!