How Visible is your trading plan - page 2.

RealMalatesta

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Quote from: BitDane on January 21, 2023, 06:37:35 PM

Indeed we need our trading plan very visible so that we can check its accountability, objectivity, consistency, and derive learning from them. If we are able to see our trading plan, it will help us in terms of information and effective decisions and since we have records of everything, we can achieve a better result in the long run.

I just realized that my trading plan isn't visible as I think it is, so I guess I need to have a closer look in it and record everything and learn from every information I can get.

I think it's only advised if we have some kind of amnesia where we can forget things easily but usually after we plan up a thing, it's already recorded in our head and we will just initiate them depending on the market condition. Also, the word consistency is I think not a written plan but it should come with us personally. We need to stay consistent on what we are doing if we want to succeed with it.

It's always better to be independent and do not just trade because you have a trading plan beside you. I don't know why but it looks like you are a student in a school who are cheating when there are exams and quizzes. That's what I see it.

kamvreto

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MAaaN...!! CUT THAT STUPID SHIT

Quote from: Inspiron14 on January 22, 2023, 05:23:42 AM

Yes, I also think that the 2 trading plans are enough with the condition that we have mastered them so we can use and maximize them,
but again everyone has their own decision,
once again we must remain calm in the face of all market conditions.

Being calm and not panicking when the market is shaken is very necessary. If you panic too much, it will destroy all trading plans. Everyone has their own decision, but don't get too confident thinking the market will still be fine. Stop loss is needed when the market drops from the lower limit we planned. Using a stop loss will result in a larger stop loss. Several trading plans are also supported by good analysis and Fundamental Analysis.

stadus

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You can't just put them anywhere other than remember all of them and apply them accordingly suitable to the market condition.
Because no matter what you do with your strategies but if not perfectly used, it makes no sense at all. It only becomes visible (for me) if that will work according to our plan. Traders won't just rely upon strategies but also have to work on their judgments. Many traders had fail to do this because they are too reliant on what is written on their notes and what is been seen online.

Findingnemo

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I don't have a flowchart or triple monitor setup for trading, I just trade from my mind and it works most of the time but I want to remind you something I am strong with the basics of trading an investing also I am sure that I will follow the basics at all my decisions so never cared about writing it on paper and keep seeing it every day to observe it or it may come with bitter experience or at least to me.

I keep it simple, buy an amount and set my target price when it hits I go for sell and I keep all these separate from my day trading and investments of long term.

crwth

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Understanding is the most important thing you must have when trading in this market. Understanding that you can make mistakes and it's not going to always be in your favor. Emotions would also be high when you make a mistake, and controlling that would be another key to success in trading.

You should take action or review some of the things that could help with trading below.

Develop measured goals that you can be specific with and what you plan to achieve in trading
Have thorough research on what you are investing in
Lessen your risk by diversifying
Be patient with your trades, and don't be emotional
Stick to your strategy

xSkylarx

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I just make a note from it on sticky notes on my PC but just those important parts, like I, need 3 confirmations before I trigger the trade and those 3 confirmations should be written on those notes. But most of the time I don't see it since it was already in my mind but mostly when there are tweaks or I learn new things that can improve my trading style I really wrote it in sticky notes and before I trade I will re-read it until I can now memorize it.

Peanutswar

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We have didfferent strategies to execute those positions in my perspective I have a tons of papers to make a trading confirmation and verify those once i saw a possible position or profit gain with that particular movement, and of course, as always i do stop loss and take profit those basics really have a huge impact in your trades no matter what happens you can make a set up to get profit and preventing too much loses many people opening their margin so they could make more wait and hoping to get a bounce back.

Inspiron14

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Quote from: kamvreto on January 21, 2023, 05:33:14 PM

Quote from: dunfida on January 19, 2023, 06:31:23 PM

You would really be needing lots of back up plans when you do deal with an unpredictable market and you shouldnt stick into a single plan because it is really that bound to fail up and you should really be that versatile

if you do consider yourself to be a real trader because we know that dealing off with something unpredictable does really need up lots of back up plans if one of your analysis do fails, then it would really be just right

that you should really make out some adjustments or simply trying out to cope up on something.Trade and try to be sustainable as much as you could which it would be normal
that you would be preparing for that.

I only limit 1 to 3 trading plans, if too many trading plans are made it will also become a burden and cannot execute properly. In general, 2 trading plans are enough and the first trading plan must be maximized properly.
When the market comes with bad conditions, we might still be able to hold on and wait for the right moment to start executing it. And also remember that as I mentioned before psychology is quite important because it will affect how the final trade is made.

Yes, I also think that the 2 trading plans are enough with the condition that we have mastered them so we can use and maximize them,
but again everyone has their own decision,
once again we must remain calm in the face of all market conditions.

BitDane

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Indeed we need our trading plan very visible so that we can check its accountability, objectivity, consistency, and derive learning from them. If we are able to see our trading plan, it will help us in terms of information and effective decisions and since we have records of everything, we can achieve a better result in the long run.

I just realized that my trading plan isn't visible as I think it is, so I guess I need to have a closer look in it and record everything and learn from every information I can get.

kamvreto

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Activity: 1946

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MAaaN...!! CUT THAT STUPID SHIT

Quote from: dunfida on January 19, 2023, 06:31:23 PM

You would really be needing lots of back up plans when you do deal with an unpredictable market and you shouldnt stick into a single plan because it is really that bound to fail up and you should really be that versatile

if you do consider yourself to be a real trader because we know that dealing off with something unpredictable does really need up lots of back up plans if one of your analysis do fails, then it would really be just right

that you should really make out some adjustments or simply trying out to cope up on something.Trade and try to be sustainable as much as you could which it would be normal
that you would be preparing for that.

I only limit 1 to 3 trading plans, if too many trading plans are made it will also become a burden and cannot execute properly. In general, 2 trading plans are enough and the first trading plan must be maximized properly.
When the market comes with bad conditions, we might still be able to hold on and wait for the right moment to start executing it. And also remember that as I mentioned before psychology is quite important because it will affect how the final trade is made.

so98nn

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This is an interesting question question really, and I think every hardcore trader must be having such big plans, goals on their minds to keep up with their trading race. However, for me I am just keeping it very simple, trade and earn profit and keep moving towards next profit slot without hampering my money balance. If I end up with some losses then I would quit the trading for many days and they recalibrate myself to hit the profits one more time during that period. I am not hardcore trader so may be I never had plans or I am not someone who will wake up in the morning and say, lets get started, I will make 10K USD today with my bitcoin day trade or futures trade etc. For me it is all about the experience, fun and some profits along the way.

Mpamaegbu

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Once a man, twice a child!

I used to write my trading plan down on a note paper when I newly started and would consult it when perplexed. This day the whole plan is at my finger tip, ingrained in my mind. All I've to do now is run a check when I get series of losses to ascertain if I'm still on course. As it's the case, a lot of trading plans fail during ranging markets but will do well during rallies (both in bull and bear).

Yaunfitda

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Maybe in the beginning, when I was a newbie, or just starting out, I usually write my trading and then go back and see where I got it wrong or where it went right for me. But as I have matured and gain experience, I barely write it down now, maybe I'm not that huge a trader as before as I just continue to buy and do DCA for my crypto investment.

But yeah, I would say that it might be better to jot it down so that you can have something to go back to see and then make some crazy adjustments so that you can have the 'perfect' strategy.

dunfida

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Quote from: kamvreto on January 19, 2023, 06:06:27 PM

Quote from: Ndabagi01 on January 19, 2023, 05:40:05 PM

Quote from: Zilon on January 17, 2023, 04:03:04 PM

Trading plan is one thing that cannot be neglected and for better result it best when it is visible. It is the vision a trader runs with. If a trader fails to plan such trader eventually plans to fail. When the heat of the market sets in we often forget our plans and trade from what ever our instinct suggests. But with a written plan it will be easier to set goals, targets, limits, strategies and expectations.

There's a lot of truth in what you've said here, but the harsh reality is that the market will continue to go its own way without a second thought. Setting limits, targets, strategies, expectations, and plans is important, but the best strategy is to lower your expectations and come with an open mind to accept whatever happens to the trading strategy along the way. You will be a better trader than others as a result of this.

a market that continues to go its own way is of course something that cannot be predicted, therefore trading plan A and plan B are needed. When Plan A cannot be carried out, there is an option for Plan B.
I do a trading Plan straight from my mind and remember what to do to trade. The trading plan is influenced by psychology and to be able to overcome it, you must have a strong psychology and stick to the trading plan that has been made. do not follow other people's trading plans because every strategy is not necessarily suitable.

You would really be needing lots of back up plans when you do deal with an unpredictable market and you shouldnt stick into a single plan because it is really that bound to fail up and you should really be that versatile

if you do consider yourself to be a real trader because we know that dealing off with something unpredictable does really need up lots of back up plans if one of your analysis do fails, then it would really be just right

that you should really make out some adjustments or simply trying out to cope up on something.Trade and try to be sustainable as much as you could which it would be normal
that you would be preparing for that.

kamvreto

legendary

Activity: 1946

Merit: 1157

MAaaN...!! CUT THAT STUPID SHIT

Quote from: Ndabagi01 on January 19, 2023, 05:40:05 PM

Quote from: Zilon on January 17, 2023, 04:03:04 PM

Trading plan is one thing that cannot be neglected and for better result it best when it is visible. It is the vision a trader runs with. If a trader fails to plan such trader eventually plans to fail. When the heat of the market sets in we often forget our plans and trade from what ever our instinct suggests. But with a written plan it will be easier to set goals, targets, limits, strategies and expectations.

There's a lot of truth in what you've said here, but the harsh reality is that the market will continue to go its own way without a second thought. Setting limits, targets, strategies, expectations, and plans is important, but the best strategy is to lower your expectations and come with an open mind to accept whatever happens to the trading strategy along the way. You will be a better trader than others as a result of this.

a market that continues to go its own way is of course something that cannot be predicted, therefore trading plan A and plan B are needed. When Plan A cannot be carried out, there is an option for Plan B.
I do a trading Plan straight from my mind and remember what to do to trade. The trading plan is influenced by psychology and to be able to overcome it, you must have a strong psychology and stick to the trading plan that has been made. do not follow other people's trading plans because every strategy is not necessarily suitable.

Ndabagi01

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Quote from: Zilon on January 17, 2023, 04:03:04 PM

Trading plan is one thing that cannot be neglected and for better result it best when it is visible. It is the vision a trader runs with. If a trader fails to plan such trader eventually plans to fail. When the heat of the market sets in we often forget our plans and trade from what ever our instinct suggests. But with a written plan it will be easier to set goals, targets, limits, strategies and expectations.

There's a lot of truth in what you've said here, but the harsh reality is that the market will continue to go its own way without a second thought. Setting limits, targets, strategies, expectations, and plans is important, but the best strategy is to lower your expectations and come with an open mind to accept whatever happens to the trading strategy along the way. You will be a better trader than others as a result of this.

goaldigger

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Trading plan is your guide, and this will help you understand the whole concept of trading.
I personally have my plan on every market trend because if you failed to create a plan, you’ll surely miss a lot of opportunities and trading with a plan can be more successful compare to those unplanned trading. Perfect timing is also important in trading, doesn’t mean you see a cheap market you’ll buy right away, in order to succeed you have to analyze it and create a necessary plan for profit taking and cutting your losses.

hugeblack

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The plan is essential, but it should be dynamic so that it changes quickly with market changes and away from emotions is the most important thing, otherwise everything that happens will produce counterproductive results that will lead to your loss of a lot of money.
Also, the more you succeed in keeping your emotions away from controlling your decisions, the more efficient and successful the plan will be.

ScamViruS

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Every trader has their own trading plan that works for them. But if you share that trading plan with others and they use it, they may not get effective results. Because positive results of trading come from experience, and using that experience to create trading strategies can expect proper results. I still make a lot of mistakes myself, sometimes I can't hold my profits because of mistakes.

So I think it's better to rely on your own plan rather than following someone else's trading plan. If a trader cannot follow risk management, then any strategy cannot bring him good results.

South Park

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Quote from: Zilon on January 17, 2023, 04:03:04 PM

Making profit is the goal of every trader whether they are doing it right or wrong. All traders wish to pull out massive funds from trading but only a few care about some minor things that can help improve their trade and ensure they are implementing the right strategy for every trade they make.

Trading plan is one thing that cannot be neglected and for better result it best when it is visible. It is the vision a trader runs with. If a trader fails to plan such trader eventually plans to fail. When the heat of the market sets in we often forget our plans and trade from what ever our instinct suggests. But with a written plan it will be easier to set goals, targets, limits, strategies and expectations.

The more we see our plan the more we adapt to what it says, the more we understand our strategy and the clearer the result becomes. It helps in references on how productive those strategies are, if they need t be changed, improved upon or modified. Sometimes trading from our instinct come with so much emtions attached and we might want the market to do what we expect and not what it wants to do.

I do have a trading strategy and I have it written down however since I have used it so much I do not really need to keep looking at it to know what I am supposed to do, and this is the best possible outcome, if you are a day trader you need to take decisions in seconds, if you are incapable of performing your strategy flawlessly during that time you could as well trade a longer time frame as it is very difficult to become successful with such a glaring flaw on your skill set.

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