Happy Sunday!

Right now, I’m with my daughter at the National Championship Sailing Regatta in Long Beach, CA.

It’s a 3-day regatta, and yesterday was the second racing day.

Every day, the kids sail four 45-min races around a race course.

Everybody starts at the same time – almost like a horse race.

And then they are off to the races

In one of the races, James and Vivian had a bad start and rounded the first mark in 44th place.

By the second mark, they worked their way up to 33.

And they finished the race in 22.

As I watched them sailing, it reminded me a lot about trading, especially when trading “The Wheel Strategy”:

At first, your trade might look very ugly, and it seems that you’re losing.

Same as James and Vivian: At the first mark, it looked like they were not doing very well in this particular race.

But they didn’t give up.

Overall, they are doing VERY well 🙂

And that’s the same with your trades.

Sure, you could give up, close the trade and realize a loss.

But often you just have to give them some time.

Of course, there are no guarantees,

… but if you did your homework and selected “value stocks”, the trade might have a comeback – similar to James and Vivian.

The important thing is:

You must have a plan!

James and Vivian have a plan of what to do when they are in the Top Five.

And they have a plan for what to do when they are in the middle of the fleet.

They also have a plan if they would be at the bottom of the fleet.

When we trade with our Mastermind Members, we show them OUR plan:

• We have a plan for when to take profits
• We have a plan when the trade moves 10% against us.
• We have a plan when the trade moves 20% against us.
• We have a plan when the trade moves 30% against us.
• We have a plan when earnings are coming up
• … etc.

You get the idea.

But…

Many traders don’t have a plan!

And that’s scary!

Because when you don’t have a plan, you trade based on “feelings” and “emotions”.

And that’s the worst “foundation” ever.

So make sure you have a solid trading plan.

If you need help with that, I have something for you – and it’s free.

In the beginning of the year I did a special training on how to create a rock-solid trading plan, and it even comes with a trading plan template.

You can get it here!

Check it out, and take some time today to create or refine your trading plan.

Trust me: THIS is one of the most important things you should do as a trader!

Alright… time to start the last day of racing!

It will be a GREAT day! 🙂

Talk soon,

– Markus