Set and Forget New Stuff 2021 (Total size: 2.97 GB Contains: 145 files)
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Set and Forget Trading – One of the many trading approaches that you can employ during your trading career is the hands-off, preparation based approach called set and forget. For traders who are rigid in following their rules, this can be a great trading system if you want to free up time to do other things while your trades are automated.
What is Set and Forget Trading?
The approach is precise as its name implies – a system in which you setup everything prior to trading and then leave all actions to be automated according to predefined parameters.
You have to understand that set and forget trading is not a strategy, it is a trading approach.
You chose your entry, stop losses, and profit targets to effectively control your trades without actually having to do the up to the minute work once the trade has begun.
The Advantages to Set and Forget
There are quite a few set-and-forget advantages while your trading, let’s break down the advantages:
Less emotional roller coaster trading
When implemented and followed rigidly, a simple set and forget approach can boost your trading performance. The most immediate benefit is mental. When you set and forget, you are accepting that a trade will go wherever it wishes to go and you will allow that to happen.
Set and forget means you won’t sit and follow trades live and go up and down on an emotional rollercoaster. Let the market do the work and wander off somewhere and do something fun. Spend more time with your family, be more available to friends, set and forget will enable you to reclaim your social life.
Help Reduces your obsessive on the chart
After the obvious stress relief that set and forget can bring, it can also help traders who are addicted to chart watching. Let’s be clear on this – chart watching is a lot of time a negative behavior. Traders who obsess over charts are likely to Make bad trade decisions and lose money as well as sleep and enjoyment from their careers
Trading daily routine
Along with reduced anxiety, set and forget can beef up self-discipline and reinforce positive routines. Once you implement a well researched and thought out plan, it will start to ingrain itself as a repetitive, positive daily routine, supplementing potentially negative past behavior.
Once the stress is gone and the positive behaviors are reinforced, you’ll likely see your sleep improve. Fewer screen hours, lower blood pressure, and an attitude of letting go will make downtime much more enjoyable.
An easy approach to the implement
One of the biggest advantages of Set & Forget is the simplicity of the trading approach.
The rules are clear, there is no need for intervention in the process.
Once you have set the entry criteria for your trade, all you have to do is wait to see if your trade will reach stop loss or take profit.
Second income
Many people work full-time or part-time, studying, have children to raise and live to manage.
Not everyone has the time to follow the charts and the trades they have made.
Still, these people are often looking for extra income, and trading is not a bad solution for them.
That’s exactly why the set and forget is a great trading approach for them.
It lowers screen time and allows them to both trade and deal with other things in their lives.
The Disadvantages of Set and Forget Trading
While the advantages are many and appealing, no trading strategy is free from disadvantages.
let’s see what the disadvantages of this approach are:
Timely transaction management
The first problem you’ll come across while using set and forget is that there is no timely transaction management.
Once you do not manage your trade, there could be a situation that you were very close to your taking profit, but eventually, your trade reached your stop loss.
If the predetermined parameters work out, you’ll win, if they don’t you’ll lose and in the meantime, there’s nothing you can do about it.
Your approach to trading depends on your character
There are traders who, in their character, want to be more involved, it is difficult for them to sit aside and not manage their trade.
Traders want to exploit their trading potential and their trades, they create a strategic plan for themselves that suits their, nature.
set and forget is not one of them, and that approach can actually hurt their profits.
Trading the unexpected
Another problem traders encounter when using set and forget is a potential delay in response before an order is opened. For example, ahead of a big news event, a trader may want to cancel a trade or make adjustments to get out ahead of it. Set and forget complicates this.
The potential for a quick profit in the set and forget
The last disadvantage is for traders who want to make money per individual trades. Set and forget trading system is not for this approach.
For many traders, the potential for profit is smaller, once they do not manage their trade.
Set and forget will only be lucrative over a long period of time such as months or a year.
Set and Forget Trading The Bottom Line
If your trading personality matches the style of set and forget, it can be a great method to achieve long term success in the market. Like all other trading systems, knowing if this one is right for you requires a deep look into who you are as a trader. You need to understand your personality, your response to stress, your needs, etc.
No matter how good a system is, it doesn’t matter if it’s not compatible with your style.
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Set and Forget New Stuff 2021 (Total size: 2.97 GB Contains: 145 files)
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