In your plan there are a lot of nuances and in my opinion most people who read it will not be able to implement it (for various reasons).
Although the plan itself is worthy of attention.
I think that for the majority it would be more convenient not to have such a voluminous plan. For example:
1. To analyze the price of the selected coin.
2. Determine the purpose of the coin purchase.
3. Determine the purchase price of the coin.
4. Determine the selling price of the coin at a future price increase.
5. Determine the selling price with a possible price drop.
6. Determine the reasons for which the plan may be violated and the coins will be sold or not sold on time.
In reality, such a plan can be drawn up in the shortest possible time and its preparation will not require a thorough self-examination. And the result of this plan will be great.
Topic: WHY DO WE NEED A TRADING PLAN ? - page 11. (Read 15610 times)
To bring more profit in the day trading. I think you should have the best strategy depending on the altcoin you invest. If you want to make big profits, you have to have big capital to make the most profit in the day. I think you should focus on investing in top altcoin on great coinmarketcap for day trading. The market is going down so do not choose to invest in altcoin with small oscillation fluctuations, hard to earn big profits.
I am afraid to invest the large amounts in cryptos. There are a lot of scum projects, the crypto's price is low and ± stable, the market is frozen and I don't expect the sharp fluctuations of the course .. I set up the Trade Santa bot that trades for me.
I am afraid to invest the large amounts in cryptos. There are a lot of scum projects, the crypto's price is low and ± stable, the market is frozen and I don't expect the sharp fluctuations of the course .. I set up the Trade Santa bot that trades for me.
I look at trading plan as a tool to minimize emotion while trading. You know, sometimes we make an irrational decision when we're too happy or too sad. This is how a trading plan could help. A trading plan should be made when we are in an ideal state, fully focused to make the plan. Fully rational, no emotion included, no rush.
By sticking to your trading plan during unexpected turns of event, you could potentially save your money from losing. An example: You made a long position, but it turns out the market is going down. The plan is to cut losses when you've down by 10%. If you execute the plan properly, you will minimize the loss. Instead, if you don't stick to the plan and hold the position because you don't want to actualize losses, you may get margin called.
By sticking to your trading plan during unexpected turns of event, you could potentially save your money from losing. An example: You made a long position, but it turns out the market is going down. The plan is to cut losses when you've down by 10%. If you execute the plan properly, you will minimize the loss. Instead, if you don't stick to the plan and hold the position because you don't want to actualize losses, you may get margin called.
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.
Without setting up a decent plan no one can be the gainer in trading. There is a lot of things has to maintain if someone wants to make good profits. A planless trader cannot archive his minimum requirement it means a ship moving without an experienced sailor. So trading plan must take you the right way.
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
Thats absolutely right. This is not a gamble that can win without any plan. trading requires a strategy and plan. when you have to sell, how much you could receive for afford to losses, and many more. that is included in the plan. you have to make it so that your trade is more directed
Plans are the most important factor to get profit when trading and prevent/minimize the loss that will be faced. Someone who trades with the plan he has then he is ready with everything that will happen, for intance, he knows when to put up a buy and decides to sell and then he know when he has to get out of trading after earning a profit. I guess everyone who starts trading without planning what he will do next then he has sacrificed himself to lose the money he has.
Thanks for sharing.
I think trading without plan just like gambling.
I think trading without plan just like gambling.
When we don't have any plan about what we are doing then we can't be successful in that for longer period so when someone interested to do crypto trading as their primary job they need to do it with perfection and also they need to learn all the skills required for the trading.
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
We need a plan before doing things. Because without plan, we may fail or lose. If there is no plan, we have no direction of where we go. Maybe we will straight upward today but tomorrow we will stop. If there is a plan, there is a guidance with us. It is important not just in trading but in every piece of our life. We need to plan first before doin things because we might not accomplish because of failure. If our plans failed then come up with plan B.
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
We certainly need a trading plan when we want to become a good trader, trading plan could help us to analyse the strategy that we used, so it can help us to create more effective strategy for the next trade, in trading financial management is very important, with trading plan we could set a better financial management
Good advice, but in practice it is very difficult for a person to describe it all. Even if the trader describes all this and draws up a plan, but the situations develop differently each time, so I consider it impossible to fulfill the previously set plan (plan in the sense in which you describe).
I would suggest simplifying the whole plan. Of course, a trader should know himself well and understand his weaknesses. I suggest that traders, after analyzing the price of a coin and its purchases, immediately place a stop loss order and take profit order. This should discipline the trader and will provide him with a stable income and minimal losses. If there are no such orders on the exchange where the trader works, then trader need to constantly monitor the price and, if necessary, manually activate the plan.
I would suggest simplifying the whole plan. Of course, a trader should know himself well and understand his weaknesses. I suggest that traders, after analyzing the price of a coin and its purchases, immediately place a stop loss order and take profit order. This should discipline the trader and will provide him with a stable income and minimal losses. If there are no such orders on the exchange where the trader works, then trader need to constantly monitor the price and, if necessary, manually activate the plan.
Simply just because we could have a guideline for our move not just doing anything you like without analyzing the situatiom like we have now. Plan is one of the most important in this field because without it we can make worse decision that we don't want to handle in the future. Besides, planning is a best strategies to lessen the risk we have.
everything that is planned will certainly run very regularly and directed because in a plan we have made our own theories to achieve success, even though sometimes the plans do not fit reality, but at least all trade work is more directed.
in a plan, we will prepare to start, do and get results. if we don't have a plan, then everything feels unclear.
this may be a bit of my thinking.
I agree.Trading plan is very important for traders like us because it will serve as a clear guidelines on what to do in trading,their do's and dont's.Trading will be likely to end up being profitable if we have set our target goals and it will only be succeeded once we have followed correctly our trading plan. in a plan, we will prepare to start, do and get results. if we don't have a plan, then everything feels unclear.
this may be a bit of my thinking.
That's a normal to know all traders have a trading plan to start in trading because getting into a trading is not easy like playing games because tradinh is like a gambling.
Trading plan help in saving a trader from the loss in many ways, Every trader wants to get huge profit in one day or two which can be dangerous most of the time so if there is a plan for trading then trader know that he should invest only the amount which he has written in a plan. And when he lost his money then he should stop trading on time and don't waste or loose some more amount in recovering the previous one. It also helps in getting good profit by investing only in potential currencies.
If you have defined your trading plan with clear goals and set limitis for funds you can trade it's more certain that you have also diminished the risk of losses (at least big ones) and that you will not make some random and fullish decisions.
And in any moment you can make some changes and adjust your plan according to your needs, profit or losses you have made or anything else. Anyway, it's good to know what you want to achieve and how will you do it.
And in any moment you can make some changes and adjust your plan according to your needs, profit or losses you have made or anything else. Anyway, it's good to know what you want to achieve and how will you do it.
everything that is planned will certainly run very regularly and directed because in a plan we have made our own theories to achieve success, even though sometimes the plans do not fit reality, but at least all trade work is more directed.
in a plan, we will prepare to start, do and get results. if we don't have a plan, then everything feels unclear.
this may be a bit of my thinking.
in a plan, we will prepare to start, do and get results. if we don't have a plan, then everything feels unclear.
this may be a bit of my thinking.
Jump to: