Do you believe in using a Trading Plan?

[iMusingKiMi]

I deny the existence of trading plans!!!

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

How about an existence of trading plan, but trader fail to follow. Does it still have a chance for success?

 

[downtrend]

Trading plan is very necessary, how come a trader trade without having any trading plan. A trader needs to have prior knowledge about risking of his money per trade, also the setup to look for to be successful in long term.

 

[Wahlberg]

Absolutely, without a horizon of what you need from what you trade it all becomes a gamble.

 

[EURUSD]

Trading plan is very necessary, how come a trader trade without having any trading plan. A trader needs to have prior knowledge about risking of his money per trade, also the setup to look for to be successful in long term.

There is no one who can trade well without proper trading plan to follow because good trading plan will help traders to make right decision in every different condition of market. It is impossible to realize consistent profit without proper trading plan to follow because trading plan will determine what must we do in each condition and using how many lot size in each transaction. If there is proper trading plan to follow with discipline so it will be easier to gain more profits than losses to manage.

 

[achingbulbous]

yes i do ... and i think everybody does... everybody goes with a trading plan ... nobody comes in blindly

 

[Pharaoh]

How about an existence of trading plan, but trader fail to follow. Does it still have a chance for success?

Follow the plan? Hell no! That's exactly what they expect us to do!

 

[Froso@FXNET]

How about an existence of trading plan, but trader fail to follow. Does it still have a chance for success?

That is reality in our trading life of forex business . we are so hard to implementation of trading plan in the trade activity , Goal in the plan so hard to reach and also minimize loss hard to imply during trade , all of that is come from ourselves such as high expectation that want get profit more and more then ignore the target plan also not have proper mental that always doubt in trade

 

[downtrend]

A trading plan is basically a base for your entire trading. Just like the base of a house before construction, the stronger the base will be the more strongly built the house will be. Similarly in forex trading, you need this plan to be very strong.

 

[nahiyar]

Trading plan helps a trader to manage his account . He plans before how much capital will be used in entire trade how he will get profit and how to limit loss .Plan always makes him a responsible trader.

 

[iMusingKiMi]

That is reality in our trading life of forex business . we are so hard to implementation of trading plan in the trade activity , Goal in the plan so hard to reach and also minimize loss hard to imply during trade , all of that is come from ourselves such as high expectation that want get profit more and more then ignore the target plan also not have proper mental that always doubt in trade

That's why I will always mentioned emotion of a trader stand 80%, only 20% consist of trading plan, strategy, system etc. It is not easy at all to control emotion.