Topic: The importance of a trading plan - page 3. (Read 562 times)
hero member
Activity: 770
Merit: 538
Leading Crypto Sports Betting & Casino Platform
@OP, I am of the same opinion with the first comment, I also believe that trading strategy and requirment is same thing as trading plan. If a trader wants to be successful in trading, they have to develop a strategy that will help them to maximize profits and minimize lose.
Hmm, OP I do agree with most of your words, and you've used a general term trading plan to cover maximum things which is a great approach as well, TBH in my view your analysis strategy and plan whatever you call it under your domain differentiate between you as a trader and you as a gambler. Now I'm sure for traders I dont need to mention how trade becomes a fully controlled position to gambling.
For the rest, a trader needs to know the difference between a good plan and a bad one, and what to learn from your actions, because trading is an endless learning journey where your experiences usually help you.
For the rest, a trader needs to know the difference between a good plan and a bad one, and what to learn from your actions, because trading is an endless learning journey where your experiences usually help you.
Strategy is bigger than plan and in practice of a strategy, you will use different plans to achieve purposes of your trading strategy.
maybe you can make a trading plan and publish it here so we can understand how strategy is bigger than a plan.Logically, when we trade we will make one or two targets, maybe even more. we plan those targets. and to be able to achieve the planned targets we need help. help to support the success of these plans is related to the trading strategy we use. yes of course it will involve some analysis that is commonly used by traders.
I think OP has included strategy and others in his trading plan. maybe it would be better to add how OP determines entry and exit criteria or risk tolerance.
When their is no plan before starting trading that is what makes trading result not to be successful. The first plan in trading should be financial plans, atleast when one is thinking to trade their must be a plan of of how the trade should be funded, their must be a source of income and not to be expecting to make profit in trading to fund the trading exercise. It is important to also have a plan of learning because trading is not what people can succeed without having a better knowledge about trading. Plans of exhibiting the habit that is required in trading.
Good plans will always make trading easy and successful for traders but beginner's fail to make plans before making plans to start trading. Traders who face challenges in trading is because they hardly make plans.
If we discuss a plan, then we plan is something very important and even in my opinion it does not only apply in trade but will apply to all aspects of life that we will do. The plan can make what we do goes according to the corridor and it is a limit so that we do not do things stupid or mistakes that make us lose in the end.Good plans will always make trading easy and successful for traders but beginner's fail to make plans before making plans to start trading. Traders who face challenges in trading is because they hardly make plans.
But we can not make the plan just like that and then easily to run, for me who is more difficult is when we have to be able to commit in holding the plan that we have determined at the beginning. Because sometimes in its journey we have to face a complicated situation while we have to make a fast decision. So we will think whether we must keep holding what we plan at the beginning or we prefer decisions based on situations at that time. Now we must also anticipate this and in my opinion we must also be good at adjusting to make decisions, of course which ones are lower risks and which are higher opportunities.
When their is no plan before starting trading that is what makes trading result not to be successful. The first plan in trading should be financial plans, atleast when one is thinking to trade their must be a plan of of how the trade should be funded, their must be a source of income and not to be expecting to make profit in trading to fund the trading exercise. It is important to also have a plan of learning because trading is not what people can succeed without having a better knowledge about trading. Plans of exhibiting the habit that is required in trading.
Good plans will always make trading easy and successful for traders but beginner's fail to make plans before making plans to start trading. Traders who face challenges in trading is because they hardly make plans.
Good plans will always make trading easy and successful for traders but beginner's fail to make plans before making plans to start trading. Traders who face challenges in trading is because they hardly make plans.
I will say trading plan and trading strategies are the same thing. They are what you do to make successful trades and also to become a successful trader.
Strategy is bigger than plan and in practice of a strategy, you will use different plans to achieve purposes of your trading strategy. They, trading strategy and trading plan, both help traders to aim at gaining success, profit. This is the common purpose of trading strategy and trading plan but it's not correct if you say a strategy is a plan, they are totally different.Ultimately, a trading plan is essential for achieving long-term success in the financial markets.
It is more about a trading strategy that is broader than a trading plan. A trading plan can help you to get profit in one year, one market cycle but a trading strategy can help you maintain your capital better and gain success in a longer term like 2 market cycles, 10 years or longer.If you are aiming at long term like this, forget about trading, and switch your focus on investing.
To know more about the difference between trading plan and trading strategy, you can read this: https://www.avatrade.com/education/correct-trading-rules/trading-plan#:~:text=A%20trading%20plan%20is%20not,technical%20analysis%20or%20fundamental%20analysis.
Although trading plan and trading strategy can still be a matter of debate but not in the way you posted about it.
I will say trading plan and trading strategies are the same thing. They are what you do to make successful trades and also to become a successful trader.
Strategy is bigger than plan and in practice of a strategy, you will use different plans to achieve purposes of your trading strategy. They, trading strategy and trading plan, both help traders to aim at gaining success, profit. This is the common purpose of trading strategy and trading plan but it's not correct if you say a strategy is a plan, they are totally different.Ultimately, a trading plan is essential for achieving long-term success in the financial markets.
It is more about a trading strategy that is broader than a trading plan. A trading plan can help you to get profit in one year, one market cycle but a trading strategy can help you maintain your capital better and gain success in a longer term like 2 market cycles, 10 years or longer.If you are aiming at long term like this, forget about trading, and switch your focus on investing.
I will say trading plan and trading strategies are the same thing. They are what you do to make successful trades and also to become a successful trader.
I am highly disappointed to see this kind of post that talked about trading plan but no useful information at all about the trading plan. At least we should expect you to list and talked about the trading plan that you have that makes you to become a successful trader.
I am highly disappointed to see this kind of post that talked about trading plan but no useful information at all about the trading plan. At least we should expect you to list and talked about the trading plan that you have that makes you to become a successful trader.
A trading plan is crucial because it provides a structured approach to trading, helping you make informed decisions and avoid emotional reactions. My trading plan outlines my goals, risk tolerance, entry and exit criteria, and strategies. This helps me remain disciplined and focused.
By defining entry and exit criteria, a trading plan has helped me manage risk effectively and maintain consistency in my trading.
Additionally, it has allowed me to evaluate my performance, learn from mistakes, and adapt strategies as market conditions change.
Ultimately, a trading plan is essential for achieving long-term success in the financial markets.
By defining entry and exit criteria, a trading plan has helped me manage risk effectively and maintain consistency in my trading.
Additionally, it has allowed me to evaluate my performance, learn from mistakes, and adapt strategies as market conditions change.
Ultimately, a trading plan is essential for achieving long-term success in the financial markets.
Jump to: