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Do you believe in using a Trading Plan?

Discussion in 'Beginners Bootcamp' started by FxMaster, Apr 6, 2015.

  1. FxMaster

    FxMaster Lt. Colonel

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    Hello FPAins,

    What do you think about Trading Plan, Do you stick with your plan, How its goes everytime?
     
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  2. DavidC1

    DavidC1 Private, 1st Class

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    Well, everyone should have SOME sort of trading plan. It's not like you pick one thing and stick to it without flexibility. Going in blind without a plan is a sure way to lose.
     
  3. NicholasM

    NicholasM Corporal

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    If anyone goes to trade Forex without a trading plan he/she will most likely be out of the market before they know it. You must have goals and objectives which define the basis of you trading strategy, including risk levels, trading times/time frames, trading style (day trader, swing trader, momentum trader etc, and most importantly an exit and recovery strategies.
     
  4. downtrend

    downtrend Sergeant

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    By no believing the important of a trading plan won't get reduced. A trader has to use trading plan in order to become consistent in his profit making.
     
  5. kemer roach

    kemer roach Recruit

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    Obviously, I am. Because, I know the importance of good trading plan. It makes us self-discipline Forex trader. Without proper trading plan and trading strategy. it’s really hard to achieve success for long time. You should make your trading plan according to your own trading strength.
     
    Frank Junior likes this.
  6. workitout

    workitout Private, 1st Class

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    it's what I believe actually, the real problem is how much plan do we have :D. for some reason plan B often provenly profit, while plan A are taking too long to executed. some people even has plan A', B', most of us use the ultimate plan. Pray Until Something Happen (PUSH) ... and put more margin on our account.
    personally I put everything in logic manner, and turn it all into automatic code, much better than always thinking what the market outcome, always try to predict but never fully ready when the price make a move, another delay.
    and I do believe, in term of any investment, plan are absolutely needed, forex are no exception.
     
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  7. iMusingKiMi

    iMusingKiMi Sergeant

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    This is always in my mind.

    In my opinion, Trading Plan are the main then only comes trading strategy.

    You go to war, our plan is we will not attack unless the enemy comes here, that's Trading Plan.

    Then only go for strategy. How are we gonna win this war.

    Not sure if I am right, but that's how I use on trading plan.:cool:
     
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  8. stephane

    stephane Private, 1st Class

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    Plan the trade, trade the plan.

    Nothing else works.
     
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  9. Pharaoh

    Pharaoh Colonel

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    I deny the existence of trading plans!!!

    Actually, having a trading plan is critical to having any chance of long term success.
     
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  10. NicholasM

    NicholasM Corporal

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    This is similar to starting a business without a business plan, which is of the main reason why many start-ups fail, or remain small for eternity. As such, if your are serious about trading, then a trading plan is crucial.
     
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