Topic: WHY DO WE NEED A TRADING PLAN ? - page 10. (Read 15610 times)
in trading everything must be planned and thought through, now in trading is not only done without seeing the situation suddenly. this must be planned because it is related to one's profit.
Trading plan is basically your strategy. In every plan, back plans for unexpected incidents should also be considered such as contingency plan. Taking note of the market distinct characteristics such as unpredictability and volatility. No fixed strategy for daily trading, it is always "it depends on the situation".
This is attribute of a good planner that you must adjust ins and outs as well. He doesn’t only consider happy scenarios, rather the don’ts is optimized and well planned beforehand.
In trading, you need to follow the basic rules if you want to make money. The plan will help you comply with certain rules in order not to succumb to trading emotions.
Thanks for bringing all these trading plan words on the board, if a trader does not trade with a plan he cannot be successful and this is my real experience, I have spent around 10 years for studying charts, candles, money management etc, I was able to analyze market and take trade as per chart but I was not able to control emotions as I did not have any trading plan, due to which I lost the trades many times, later I realized, its very difficult to win the market w/o a prior trading plan, now prior planning has improved my trading, I am able to control my emotions and let my trading goes as per plan.
trading plan can minimize the risks and increase the profit. No one trader possible to make profit by consistenly without any trading plan. Also you need to track your trade experience.
Every single trader must take some steps to cater loss. You can’t hide yourself from loss rather you make strong moves and prepare your strategy so determined that risks are minored.
We certainly need to plan on trading. Because through this we can create a good strategy. We can be benefited by using that strategy. Also we can control our losses in trading my making good plan.
Trading plan is basically your strategy. In every plan, back plans for unexpected incidents should also be considered such as contingency plan. Taking note of the market distinct characteristics such as unpredictability and volatility. No fixed strategy for daily trading, it is always "it depends on the situation".
Right. Be flexible. As long as you know what you're doing then any plan would be okay. Having a plan beforehand lessens your tendency of being emotionally drawn, which is one of the reasons why traders get frustrated.Not having any plans or methods on how to achieve your goal would really able to mess up along the way. Troubles and problems cant be avoided and as you said
we should be flexible on all possible sorts of problems.
Trading plan is basically your strategy. In every plan, back plans for unexpected incidents should also be considered such as contingency plan. Taking note of the market distinct characteristics such as unpredictability and volatility. No fixed strategy for daily trading, it is always "it depends on the situation".
Right. Be flexible. As long as you know what you're doing then any plan would be okay. Having a plan beforehand lessens your tendency of being emotionally drawn, which is one of the reasons why traders get frustrated. Yes we should be have trading plan before doing trading activity, this trading plan to know the level risk in trading and how to minimize it. Trading activity without trading plan will be the same like gambling, and doing gambling will never promising consistently profit. Purpose of trading is to get profit monthly, so we should be have trading plan.
Keep in mind that that even in the absence of emotional trading, loss can very possibly happen.
Trading plan is basically your strategy. In every plan, back plans for unexpected incidents should also be considered such as contingency plan. Taking note of the market distinct characteristics such as unpredictability and volatility. No fixed strategy for daily trading, it is always "it depends on the situation".
Build yourself a trading plan that will guide you in the market, and this is actually the most effective way to actively remove the loss transactions due to emotion. 
monitoring prices first and recording price movements for some time, this might provide a better picture for us to predict future prices, indeed it cannot be a benchmark for us to start trading but at least it can make us more confident, because the price of bitcoin is very easy to move up and down. 
In order to win and avoid losses we need to set a trading plan. Trading is not easy to understand,if you don't have a trading plan i think you will fall into a lot of losses.
Yes, it is more likely that you will have more losses than profits because the trading plan is there so that you can maximize your profits and minimize your losses. People have a tendency to be more greedy when they don't have a plan or just go with the flow and we know that cryptocurrency market is very volatile, one minute you're at a profit, the next minute you're at a loss that's why having a trading plan is important so that you can have risk management.
Trading plan is helpful if you really want to earn a good profit and to accomodate a emotional looses. The best strategy that you can make may avoid you looses of your money. We all know that trading is risky so it can be more chances of winning a good profit if you ma ke a good plan on a trading.
It is even pretty simple! If you fail to plan, then you plan to fail. Trading is more like trying to run a project, and then having some objectives and indicators in place, to at least use that to monitor and evaluate how you are doing over time to achieving those objectives and in the case of trading, we are talking about;- Where to buy the market
- Where you intend to sell
- Where you are placing your stop loss
- The reward to risk ratio based on where you are doing the three above, which in every case, the reward must be higher than the risk.
These are things you want to have planned out before even making any attempt to enter a position. If you approach trade without having these things sorted out first, then you have no strategy and you are just gambling.
In order to win and avoid losses we need to set a trading plan. Trading is not easy to understand,if you don't have a trading plan i think you will fall into a lot of losses.
Any battle do winning just because they have an effective plan and properly executed. It gonna be the same in crypto trading, we need such plan in order to win the market competition but it gonna be more skeptical due to its volatility. Even it comes with that, we still to be strong and stick on the plan until we find it ineffective, and do different way.
trading plan is what makes us to implement what we have prepared implementation is what necessary no matter what research we do . without trading plan our mind will go towards gambling for sure
When you want to do something, there is always every need to draft out a plan, isn't it? Otherwise, you will realize that without a good well thought out plan, your chances of failing will be more than winning. That is exactly how trading is, it is a profession, it is a project, it is an investment, and you can call it whatever you think, and in things like this, the necessity to have a plan is something you will always need to have in mind so that you can make good calls based on those plans and have your strategy well executed. If you fail to do that, you will most definitely be ushering yourself into the road of failure in the long run.everything should have been carefully planned including trading because this is not gambling that relies on luck, successful trading is clear planing, discipline of all rules that have been made, minimizing decision making with emotions, analysis and support from news will give you multiple profits double in trading
When you have a plan, you will always be able to make good decisions based on those plans and this is the main reason why plans are always very important. A lot of people today tend to approach trading as if they are gambling, but we are talking about a market here in which you will have to be making a lot of decisions, and without a good plan and strategy, there is no way you will be able to make solid decisions without having to put emotion based on the level at which the market can operate at times with respect to its volatility. Trading plan is helpful if you really want to earn a good profit and to accomodate a emotional looses. The best strategy that you can make may avoid you looses of your money. We all know that trading is risky so it can be more chances of winning a good profit if you ma ke a good plan on a trading.
It is even pretty simple! If you fail to plan, then you plan to fail. Trading is more like trying to run a project, and then having some objectives and indicators in place, to at least use that to monitor and evaluate how you are doing over time to achieving those objectives and in the case of trading, we are talking about;- Where to buy the market
- Where you intend to sell
- Where you are placing your stop loss
- The reward to risk ratio based on where you are doing the three above, which in every case, the reward must be higher than the risk.
These are things you want to have planned out before even making any attempt to enter a position. If you approach trade without having these things sorted out first, then you have no strategy and you are just gambling.
There is not guarantee that you will make money by trading but having a trading plan is crucial if you want to be
constantly successful and survive the trading game. It is like a flight plan (defined ): you have to prepare yourself for trading,
define the risk level, set your profit goals, set entry and exit rules, keep records and make conclusions.
Trading plan is helpful if you really want to earn a good profit and to accomodate a emotional looses. The best strategy that you can make may avoid you looses of your money. We all know that trading is risky so it can be more chances of winning a good profit if you ma ke a good plan on a trading.
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