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Do you believe in using a Trading Plan?

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

  1. DaveT

    DaveT Private, 1st Class

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    You have to have some kind of plan otherwise you're just trading blind
     
  2. RachelEB

    RachelEB Private, 1st Class

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    I think having Trading plan is a good idea, it is when I deviate from my own that I tend to find frustrations creep in, mindset can wobble etc.
    That may just be my personality and I am sure others will trade far better without.
    I tend to find sticking to the trading plan, also helps keep the process an emotionless one.
     
  3. ScottyCarsonMVP

    ScottyCarsonMVP Private, 1st Class

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    Yes, always have a plan
     
  4. walpants

    walpants Private, 1st Class

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    Is anyone able to enlighten me as to what goes in this plan please? what kind of things should I look to have in my plan? is it basically a strategy to follow?
     
  5. Anthony23

    Anthony23 Recruit

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    Trading is all about managment and management requires planning which is a universal truth. You have to make a plan of money management and risk management and then you have to follow that plan until you fail. Sticking to a plan is the best way to learn trading. Thank you so much!
     
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  6. momo3HC

    momo3HC Corporal

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    Everybody should have some plan, strategy, called it how you want it.
     
  7. Purekiller

    Purekiller Recruit

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    In my opinion it really comes with the experience, that's for sure and there is no other way about it really. How do you really make all your mistaked and good thoughts in some plan is really out of my imagination here. I do understand it's quite hard.
     
  8. bigdolly

    bigdolly Sergeant Major

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    I have trading plan trading with Hotforex, basically it consists of three simple rules:Don't overtrade, use stop loss and never risk more than 1% of my equity per trade. As you can see it's all about money management, because after 4 years of practice I found that many trading systems lack discipline.
     
  9. momo3HC

    momo3HC Corporal

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    1% is good. ;)
     
  10. DaveT

    DaveT Private, 1st Class

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    Bit too tight for me, prefer 2%
     
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