Do you believe in using a Trading Plan?

[downtrend]

Almost all successful traders use trading plan, there is no chance of making consistent profit in forex market if you are not using trading plan. Its even more important than just having a good strategy.

 

[orni308]

Although market is very volatile and you have to take decisions according to the situation, but still there should be some plan as it gets very easy to manage trades and you take less time to take decisions.

 

[Whitesnake]

An ideal trading plan is the one which is developed keeping risk and money management in mind, and such trading plans are always very much beneficial for all the traders if they can implement it in their trading routine such that one can become successful forex trader without doubt.

 

[downtrend]

An ideal trading plan is the one which is developed keeping risk and money management in mind, and such trading plans are always very much beneficial for all the traders if they can implement it in their trading routine such that one can become successful forex trader without doubt.

A trading plan is an entire method from looking at charts (what to look for) to hitting any of TP or SL of your trade. It includes all the aspects of a traders method of trading, money management and everything else.

 

[Copper]

I have found that following my plan even if after some time if it needs to be changed has made me profitable and reduced the dreaded problems of 'switching and recency bias".

 

[downtrend]

Yes I believe in using a trading plan. Life is easy when you have it planned out so is the case in forex trading, you need to know what do you have to look for getting an entry in forex market.

 

[Froso@FXNET]

Yes I believe in using a trading plan. Life is easy when you have it planned out so is the case in forex trading, you need to know what do you have to look for getting an entry in forex market.

Yes i think so , when we have plan we have targetting in specific amount and also we have preparation in specific condition that not as expectation , with that we will do in proper ways of the business that we run .

 

[EURUSD]

Yes I believe in using a trading plan. Life is easy when you have it planned out so is the case in forex trading, you need to know what do you have to look for getting an entry in forex market.

I am agree with you. It is easier to reach our goal in the business when there is planning to guide us, same with it too that forex will be easier to do when there is proper trading plan to follow. It's easier to face loss and control emotion in good or bad condition (profit or loss condition) so we won't be too much happy when we won transaction and we won't be too much depress when we lost.

 

[Froso@FXNET]

I am agree with you. It is easier to reach our goal in the business when there is planning to guide us, same with it too that forex will be easier to do when there is proper trading plan to follow. It's easier to face loss and control emotion in good or bad condition (profit or loss condition) so we won't be too much happy when we won transaction and we won't be too much depress when we lost.

Trading plan is useful for every businessman moreover for forex trader , this can make ones remind about the purpose of trading and also notice the risk as consequences from the system used then ready for face any condition from that

 

[EURUSD]

Trading plan is useful for every businessman moreover for forex trader , this can make ones remind about the purpose of trading and also notice the risk as consequences from the system used then ready for face any condition from that

I am agree with you. Trading plan is very important part for traders because it can manage amount of profit or loss which can happen in every transaction because no one can trade without loss at all. With proper trading plan, it can make traders more relax in trading and handle floating condition in every transaction because if you can control emotion well then you won't lose more than you can't afford to lose. And it can be easier to evaluate your good and bad point in trading when you had proper trading plan. It will give better result for the next transaction.