The best way to avoid panicking in any situation is to have a plan. In fact, that’s true for anything you do in life, not just trading.
Before you ever put on a trade, you should have a plan. Otherwise, it simply isn’t worth the risk.
A plan keeps your logic intact. It’s also the only tangible thing you have that was created before putting capital at risk.
You see, the moment you put money at risk, you’re no longer neutral. As soon as money is on the line, you have something to lose which can compromise your judgment.
But that trade plan was created before you put a single dollar at risk.
It’s the only thing that will keep you composed and thinking clearly when the market moves against you. Or worse, when things really go south.
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