Do you believe in using a Trading Plan?

[ishan agarwal]

Absolutely! Using a trading plan is highly recommended for traders of all levels of experience. A trading plan is a comprehensive document that outlines your trading goals, strategies, risk management techniques, and rules for entering and exiting trades. It serves as a roadmap for your trading activities and helps to instill discipline and consistency in your approach.

 

[mgar357129]

a trading plan is not a guaranteed roadmap to success. The markets are unpredictable, and even the best plans can fail in certain market conditions.

 

[bigdolly]

Yes, using a trading plan is essential for consistent and disciplined trading. It helps traders stay focused, make objective decisions based on pre-defined criteria, and effectively manage risk, leading to greater chances of success in the forex market.

 

[Spellkiller]

Ideally, we should create trading plan and it should be detailed enough and come with alternative scenarios something like this – if it doesn’t go this way than I should… Nevertheless, my experience showed that trading plans are nearly worthless. It’s because it’s impossible to predict the market completely and we also can’t forecast what market makers are going to do. So, it only remains to react instantly.

 

[Painskin]

Earlier I tried to build up a strict plan and follow it. Then my experience helped me to come an understanding that I don’t need a plan. It’s because I realized that the market is more dynamic and unpredictable than I previously thought. Instead, it’s much better to follow it on the go, quickly adapting to any situation.
Moreover, it’s not always possible to follow the market in the sense you might understand it.

 

[creasolver]

Very much so. I believe it serves as a roadmap for me to make consistent and disciplined decisions.

 

[bigdolly]

Yeah without trading plan you won't be able to make proper assessment of your performance I can't imagine any progress without this part.

 

[fxoday]

A trading plan helps to manage money with the goal to increasing profit, without a trading plan will be harder to manage the risk

 

[FxMaster]

One piece of advice to everyone, In a conversation like this, many new IDs come and ask for an email exchange which will lead you to spamming and scamming. So avoid the private conversation with them