Do you believe in using a Trading Plan?

[Doomsinger]

Ima sure everyone has hisown plan. It's impossible to trade without plan. Ima can tell shortly. Ima first of all lookin' through the market news, then situation on the market on different pairs. Then Ima makin' technical analys and startin' tradin'.

That's right. I'm convinced that there is no great success without a properly planned strategy. Every trader knows that trading plan is a 70% of succes or even more, because it contains everything for it. Checking the news, I believe, is much more effective in case a trader is fond of long-time trading, because news helps a lot during a fundamental analysis as I think. Technical analysis requires checking the news too but less frequent. Traders shall decide by themselves which type of trading they prefer or maybe in what type of trading they have more knowledge (short-time or long-time). This is a basis for sure.

 

[Pelvell]

Trading plan for me is one of the most important parts of your trading acitivty. So it really helps you to achieve your goals without significant losses (of course there will be losses on your way, it's impossible to avoid them beause it's a part of trading too). Plan helps you to reduce various risks and avoid mistakes which can somehow confuse you. It also helps you to understand the mechanics of trading, so you will be able to practice your knowledge and skills. It actually shows you how you successful in this activity. No matter how much is your plan primitive, the matter is that you gain money due to it.

 

[Mazshura]

I would even say this way: I don't believe that successful trading is possible WITHOUT a trading plan. Every deal should be planned and you should know your objectives and risks, otherwise such 'trading' looks like a gambling. Every action on financial markets should be analysed and all the goals should be stated if you want to make decent consistent profits.

 

[bigdolly]

I don't trade without a plan, even a single trade because I know how easily I can fall into emotional trap starting speculate. Avoid dumb decisions, even minor one, when money is involved it can turn into avalanche of mistakes.

 

[fxoday]

Plan trading is a good way to manage money because we can measure max risk in a single plan, plan trading also will get easier to make evaluation trades, because if make random trading, it will be more difficult to make evaluation trading.

 

[sebking1986]

I just don't see why anyone would. As someone else rightly pointed out, it's the same as starting a business without a plan.

 

[HeavenLeighRob]

Definitely think a trading plan is a necessity.

 

[Magestaff]

Trading plan is a must for every trader, I think.
All the operations with money on the market should be sober and logical. I doubt that it is possible to make a logical decision without through planning because it requires some work to account all of the factors and work out some solution to the problem.
I, for one, cannot even imagine trading without a plan. I mean how will you know when to close the deal or where to put your stop loss? If you are going to work off the top of the head, then you are highly likely to be influenced by your emotions and lose everything that is possible. So, I strangly recommend to plan all of your actions while trading because the plan can bring you either profits or experience when you can track down the possible mistakes in your plan and make some alterations and modifications.

 

[fxoday]

If traders work using an expert advisor to automated trading, it also uses plan trading behind the logic, how expert open new order based system, position size that used, how to exit from the market-based target or signal, complex expert advisor maybe can work multitasking.

 

[Gromvelt]

There are no reasons not to believe in it actually. Of course I believe in it and moreover I always improve my trading plan and set new objectives. No doubts, that some traders neglect using trading plan but it really helps you a lot. It helps you to develop one of the most important thing for a trader - discipline. If you are disciplined then perhaps you will face less losses and more wins.
To my mind, trading plan is a foundation of trading activity, it includes your strategy and your personal ideas in trading. It's individual and this individuity makes it unique and useful. Well, decide by yourself whether you want to use it or not.