Do you believe in using a Trading Plan?

FxMaster

Lt. Colonel
Messages
8,295
Hello FPAins,

What do you think about Trading Plan, Do you stick with your plan, How it goes everytime?
 

DavidC1

Private, 1st Class
Messages
69
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.
 

NicholasM

Corporal
Messages
100
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.
 

downtrend

Sergeant
Messages
861
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.
 

kemer roach

Recruit
Messages
25
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.
 

workitout

Private, 1st Class
Messages
62
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.
 

iMusingKiMi

Sergeant
Messages
896
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:
 

Pharaoh

Colonel
Messages
19,717
I deny the existence of trading plans!!!

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

NicholasM

Corporal
Messages
100
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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