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Do you believe in using a Trading Plan?

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

  1. SmallMatha

    SmallMatha Recruit

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    I kind of have a trading plan. I follow a system to enter trades and only use it for a specificed number of hours a day. This help me keep disiplined
     
  2. PipsZzzz88

    PipsZzzz88 Recruit

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    I think a trading plan is very important. How else will you be able to trade consistently? Not only does my trading plan clearly define the rules of my trading, but reviewing it regularly does help me to follow my rules + remind me about them.
     
  3. William Barnes

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    Yes as a forex trader I believe that a proper trading plan can help traders to achieve certain specified goals as per the plan. Trading plan is an action guideline that a trader will follow so that he can achieve his determined goals. It is good if you follow a proper guideline and action criterion without trading randomly. Because in case of random trading there is no goal for achievement, so a trader may lose his interest in trading after sometimes.

    I am preparing a proper trading plan for my each adopted strategy. For example, right now I am working as scalper and I am focusing on short term investment and earn moderate profit in each small trade. Thereby I am also working with mini accounts with major pairs.
     
  4. Mike James

    Mike James Recruit

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    Yes I do. Having a trading plan very important in forex trading. The type of trading plans varies from individual to individual. Each trader has his own particular trading arrangement. Like in my trading plan I for the most part trade in New York time session. I find this session more liquid than different sessions. As of now I open my visits and begin to see it with my checklists.
     
  5. Vlad_Vahnovanu

    Vlad_Vahnovanu Private, 1st Class

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    I suppose the best plan is buy a lot when it cheap and sell when it expensive. But you need some plan and objective view to understand it
     
  6. Morten

    Morten Corporal

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    Experienced traders work on a proper plan always during their trading hours. The job is not an easy one and it requires a suitable strategy for generating profit. Similar to all other businesses, it also needs intelligence to stay on a particular track.
     
  7. Melvin Leon

    Melvin Leon Recruit

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    Yes I believe in trading plan. Plan is very important. If you don't have any plan, it means you are not disciplined. For trading being disciplined is very important. You should have you entry and exit checklists, risk reward ratio, risk percentage and all. Not necessarily in written, it could be in your mind.
     
  8. fxekspert.eu

    fxekspert.eu Recruit

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    I think it´s important, adds a certain confidence into your present trades and consistency for more successful trades in the future.
     
  9. Latvia

    Latvia Highly Suspicious Person

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    Every day Forex market is different, so you need to have a pre-planned method in order to cope with you, you should know exactly what you are looking for, in order to get good results. If you don't have plan, then you won't be able to make money.
     
  10. dianajs

    dianajs Private, 1st Class

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    I very much believe in using a trading plan that has taken into account strategy, size of positions, risk and money management, possible losses, etc. The more detailed the plan, the better.
     

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