Topic: The importance of a trading plan (Read 540 times)

Of course I think it is clear that planning will always be something that someone must have when they want to do anything, and this applies to everything you do especially in the process of achieving success.
In trading, planning can be said to be the key to success, because something complicated that is done without any planning will eventually fall apart.

Planning means covering everything, risk management, methods or ways to make a profit are included in the planning category.
Trading is a skill activity and you will only be able to have skills when you want to learn and by adding planning it will be easier for you to achieve development related to skills gradually.

Yes, one must plan before trading. In fact, the most important thing to succeed in whatever we do is proper planning. Until today nothing has been successful without proper planning. Now a proper plan is definitely a very important thing in trading.  For example, in trading, you must have a fundraising plan and then you must have a fixed source of income. Because if you don't have a fixed source of income then if you get hurt by trading then it will have an adverse effect on your mind and you may not have the courage to trade And secondly you need to know about trading, how it works and how to analyze the market.

Because making up trades without any plans or basis would really be just that considered out to be that a gambling or any other things which you can apply analysis and strategies then doing something without having those kind of preparation is really that can be considered gambling and this is really that a shit thing to be done on the time that you do something such as this. Speaking about trading then this is really just that basically or normally be needing up this kind of consideration on the time that you would really be that doing trading. It should be coming up with a plan whether applying those common technical approach or making use of fundamentals or would really be doing both, as long you would be bale to project yourself into something that basing up with those analysis then it would really be just that fine. There are really just that those individuals who are really that just too desperate on making things do happen on whats up into their mind without even trying out to realize that they are really that doing something wrong.

If you do have those kind of intents like having that kind of positivity that you could make money with trading so easily then let that market slap up your face in regarding the reality on how this market works and behaves. You would really be able to find yourself finding to be that delusional but of course realizations would really be taking up place on the time or moment that you would really be facing up some challenges
along the way on which it is really just that pretty normal on this kind of situation. Important of a trading plan is something that you will really be able to mind on at the moment that you would
be experiencing shit conditions or situations on the time that you would really be doing trading and this is something which is really that very normal.

If you want to trade for a long time, of course every trader must have a good plan so that they do not immediately lose and make them reluctant to return to the market. Because besides money and knowledge to analyze and read the market, it is clear that other support that must be prepared is good planning so that capital in the form of money can be managed well too. As for the emotion itself, it must be stored neatly within ourselves because fighting with emotions will always be messy and will not produce results.

No trade should be made without a well made trading plan. That’s what it should be, but I doubt if these newbies who decide to trade in a rush have constructed a good trading plan first because obviously, they won’t be trading at a loss or let’s just say, they would have minimize their losses in trading if they prepare a trading plan prior to trading in the market.

While trading plan should be made mandatory for all traders, however not all traders prefer this kind of idea, since those who followed their trading plan have no guarantees that they end up in a successful trading, but most probably their losses might have been lessen or minimized.

a strategy in trading is a must. This can make you get maximum profits and reduce deep losses. Many people immediately jump into trading without thinking about any strategy, and as a result they lose a lot of their assets. Apart from strategy, research and analysis are also things that must be done. However, it is an important thing that can keep you focused in the lucrative trading market. Many people have made profits in trading, but without a strategy, this can turn them into losses.

Having a plan towards making a trade is a crucial aspect i which needs more attention in other for us to have a bearing on how our trade is going to look and the direction to take, this may includes on the adopted strategies, time and duration needed as well as the trading pattern needed to use, planning our trades will help us towards achieving what we wanted and also increases our chances for arriving at the target we aimed on trades.

When it comes on dealing into something then of course having a plan would really be that relevant rather than on making yourself doing any actions without any basis on which we know that this would really be that totally could really be that resulting a total mess up when it comes into this aspect. We do know that when it comes on making decisions specially when you are up to something then you should really be needing to act
accordingly and anything will really be accompanied by a plan which it isnt really just that limited to trading but also in other things in life as well. Talking solely on trading then of course it will really be that relevant on having one because you cant really just that make yourself having that kind of trading without any basis on the things that you've been doing. You cant really just that put up trades without executing some plan.

You would really be finding its relevance on the time or moment that you do find yourself having those kind of condition where it is really that hard to guess up. Although plans arent that 100%
accurate on giving out 100% positive result but at least you have applied something on which it will really be that making you having that better chance on success rather
than on doing something without having some applied analysis or plans then that would surely be a messed up thing.

When you draw up a plan and you learn how to follow that up, it is going to be hard to break into another mould, you will become the person who does that and it's good if it works but if it doesn't work then finding something else, or giving up what you have is hard. I have met with people who had not so great trading strategies, and what they got was very little return sometimes and bad days mostly and overall their result wasn't that great, but because they were in either small profit or small loss, they always thought that the big day would come and they would finally make some profit, of course that never worked out for them in the end. I believe that it is not that easy to make this work, and we are going to have hard time with it.

Yes you are correct, I think most traders loose due to emotional trading, lack of money management, proper trading plan. It takes time to understand markets and setting proper trading plan.

In last few years, we are having many changes just because of technology because now we are having more depended on this just because of these things are not going as they were going few years back with mostly peoples spend more time on strategy or planning then they go ahead with their work this was giving them good success even peoples were spending too much time on this and then having work because they were feeling strategy or planning is mother of the success but recently this all is having nothing to do with because mostly peoples depending on technology.

For trading, if we do some proper work and then have started our journey this will give us better success because this will give us better way of having profit then we can understand about market fundamentals as well because these are main points for the success.

From all that you said I see that what is more suitable to be said into the initial strategy is knowing when to enter the market and knowing when to exit the market and another one is knowing when to do nothing in the market except just monitoring it. Because every time it must happen in a different trend so traders who can read the market trend correctly will definitely not experience more losses in their own trading. While for other things such as mistakes and also risk management are additional points that must be understood correctly before trading.

It's like you build a house, everything needs to be planned, from buying building materials, drawing building plans, etc., all of those things need to be planned - just imagine when everything is not planned and calculated, then the building might take a long time to be built / messy. Likewise with trading, a trader needs to plan their trades and calculate what to avoid or what to do before, after, or when a situation occurs. When a trader has planned his trading, it means he is one step closer to succeeding in his trading.

I believe that loss is unpredictable in trading, but they are certain things that make it possible for you not to lose unnecessarily, making a good planning is the best decision to the take, there is not an expert in trading, no matter what, it is impossible to prevent lost, but they are things you need to do to prevent frequently lose.

Firstly, you have to understand and have good knowledge and skills on how trading work before you involved in trading and call yourself a trader.

Secondly, decide on the amount you will use to start trading, either higher or lower capital, also focus on the maintenance of leverage to prevent wastage or loss of money, be aware that it is not always "the higher the capital the higher the return" it is not always possible, it is advisable to invest with what you can afford to lose, book keeping is important and always record the transaction made in every daily basis, to prevent any mistake, calculate the profits you make, save it and do not lavish it, so that you should be able to know what you have achieved at the end of the month.

Trading plan and Trading strategies both of same thing to me, because risk management, good entry time or exit time, trading success ratio, mistakes and market analysis such all of those activities are included in the trading strategies. People's who are able to understand all of those then who's will become a successful traders.

Indeed. A trading plan will make your trading activity easier and more productive, since it includes informed decisions that will help you achieve the right decision making most especially when the market is very uncertain. Without a good and detailed trading plan, aside that you will find it hard to make a successful trading, you will also end up wasting your time and money while trading unknowingly.

Trading plan plays vital role in making you profit from altcoins. If you don’t have a plan with you then you will invest in wrong coins and loose all your investments gradually. But if you have a plan then you will not loose your investment and in days or months you will double that investment. Make a plan in such way:
1. How much you want to invest
2. Make list of coins you want to invest
3.Do market analysis and see trends
4. Divide your investment in portions
5. Buy coins and mark date
6. Daily check the market trend
7. Sell whenever you are in profit

Yeah I agree but most people ignore this part, and technology could help you but for some reason keeping it track on something like excel never felt that great for me as well, writing it down makes you see things that you otherwise wouldn't see with a simple copy paste. When you write something down, it is going to allow you to have greater results and the profit would be something that would be memorized on what you should be doing.

Success in trading is all about discipline and when we are caring on each and every aspects which will definitely influence on final results on greater degree.

I know that it is going to take some time and I know that it won't be too important to ignore this, but paper and pen would help with this too. I know many people are a lot more technologically advanced nowadays, and I know that it is not that simple to make that work some other way neither, we need to make sure that we know what we are doing, but that doesn't mean that we are going to end up with a great result that quickly, whereas if we deal with pen and paper, like actually write down our stuff, then the results would be a lot better, it would give us some good results, and would be happy situation.

That's why I try my very best when it comes to this, allows me to have a good result and I end up with checking my notebook all the time to see when and what went wrong, that might be the another reason for my better results.

Having a plan is certainly very important, but before making a plan for trading, of course we must first analyze the trading that we will do and we must also be able to comply with the plan that we have made in order to get results according to what we have planned before trading, because without being able to carry out the plan that we have made, it will certainly be difficult to achieve success in the trading that we do. Everyone who trades will certainly experience the risk of loss and they must accept this and re-learn the mistakes they made and when they experience failure, do not continue trading with greed that will cause even greater losses, but they must be able to learn from mistakes and re-make better plans before trading.