Do you believe in using a Trading Plan?

Vivaan Jua

Private
Messages
23
Hello FPAins,

What do you think about Trading Plan, Do you stick with your plan, How it goes everytime?
Of course, I’m! Even in my live trading account I always open my trade position according to my analysis of technical & fundamental, that’s my raw plan actually! I see, it helps me a lot to avoid unbearable loss in trading! When I don’t have any good trading point, I usually avoid opening any new trade position!
 

holycow

Master Sergeant
Messages
384
If you are doing this then i guess you are way ahead of other traders and good luck with your trading endeavors.
 

fxoday

Recruit
Messages
776
Yes, I need a trading plan, this helps to manage account trading, trading without a plan is like working in the jungle without a compass, maybe make astray on the dark side.
 

ForexTus

Recruit
Messages
176
It is the key to being successful you can't know if you're profitable without a set of guidelines that guide you
 

Granigamand

Private, 1st Class
Messages
70
Of course, I’m! Even in my live trading account I always open my trade position according to my analysis of technical & fundamental, that’s my raw plan actually! I see, it helps me a lot to avoid unbearable loss in trading! When I don’t have any good trading point, I usually avoid opening any new trade position!
Wise approach to trading, I love it!
It's quite difficult to stick to trading plan at least until you gain enough experience in trading and understand the necessity of sticking to the plan. Most traders, at least those ones who I communicated during my trading career, claimed that the most difficult thing is not to stick to the plan, but to develop it.
Well... guess that there are some tips how to create and use this trading plan. Ofc, it must include the common thing risk level. The huge part of traders neglect risk management and it's so disappointing.
Moreover, it's crucial to determine and set the goals.
 
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