Do you have an open position and aren't sure what to do? Ever have a small loss turn into a big loss? Ever have a winner turn into a loser? One common behavior of successful traders involves creating a game plan before placing a trade. Game planning involves thinking a trade through from beginning to end, focusing on both positive and negative outcomes. Join options professionals, Colin Songer and Brian Isabelle, from Fidelity's Trading Strategy Desk as they discuss having a plan of action for both scenarios which allows you to make disciplined decisions regarding your trades, managing potential profits on winners and minimizing losses on losers.
We will cover:
- Why a game plan is crucial to determine next steps in your trade
- How to create a game plan that is easy to follow and implement
- How your game plan might change, and how to take action as a result