Do you believe in using a Trading Plan?

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!
 
If you are doing this then i guess you are way ahead of other traders and good luck with your trading endeavors.
 
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.
 
It is the key to being successful you can't know if you're profitable without a set of guidelines that guide you
 
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.
 
Yes, I stick to my trading plan. my trades became better
Nice =) It's so pleasant to me to hear that someone sticks to the trading plan and gain results. I often meet traders who don't wanna stick to the trading plan, just because they believe they know the market better, then I always ask them a question, why did u create this plan? for what???

No response. I am convinced that trading plan is almost a half of the success, ofc, when you are a rookie it's tough to trust your trading plan as you understand that you don't know all the peculiarities of trading activity yet, and your trading plan might be imperfect. Anyway, if traders would learn how to stick to the plan, they will develop a discipline.
 
Definitely, I am not risking my money by not having a trading plan. It’s essential to have a goal, risk tolerance, and entry and exit rules. It’s what prevents us from making silly, impulsive decisions.

In the long run, it trained us to be more disciplined traders.
 
Definitely, I am not risking my money by not having a trading plan. It’s essential to have a goal, risk tolerance, and entry and exit rules. It’s what prevents us from making silly, impulsive decisions.

In the long run, it trained us to be more disciplined traders.[/TD]
We need a trading plan to manage accounts in forex trading, stick with the trading plan we can learn from all our mistakes to improve our trading skills.
 
Absolutely! A trading plan is an essential tool for any trader, whether you're a beginner or a seasoned pro. A good trading plan should outline your goals, your risk tolerance, and your strategy for entering and exiting trades. It should also include guidelines for managing your positions and your emotions. By creating a solid trading plan and sticking to it, you'll be better prepared to navigate the ups and downs of the market and achieve your trading goals over the long term.
 
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