WHY DO WE NEED A TRADING PLAN ? - page 12.

jambul_kribo

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Quote from: deppil on November 07, 2018, 09:01:24 PM

Quote from: rodskee on November 07, 2018, 06:28:41 PM

Plan are important to start doing anything people they want to adopt in their life
In trading plan are also helpful depends on the traders strategy
I think plan is useful for the long term trade and for me plan aren't advisable for the day tarde
Because day trade are need quick decision making which coins are potentially to grow in an hour so on

Of course it will be very important. the plan can contain many things such as strategy, what you do when the price is beyond your expectations, then the target price that you will achieve, and so on. it is included in your plan. make your plan so you know what you will do. so you are not confused when something happens on the market

trading plan one of key success in crypto trading.many important note in our trading plan that said our plan in market.even worst condition plan must written in our trading plan.

Yamifoud

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Plan will serves as a guide for a compilation of a certain goal. We've been looking for a better a opportunity in trading fields but it won't work if you didn't have even a simple that will help you. More people get lost and mislead due lack of knowledge and don't have plan, though.

Yusuf77

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because the plan will determine the fate of our trade later. We must prepare a good and correct plan so that we do not experience losses when trading. emotional control and staying calm will further enhance our trade.

stepwilli

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Quote from: Strongkored on November 07, 2018, 01:51:56 AM

What you mentioned can be said to be true, but the most difficult thing is to do what has been planned, and point number 3 is a pretty difficult thing for me to do because losing is greatly affects us mentally.

It is difficult to skink to your plan all the time when the market changes continually changes. You have to keep on changing the business plan and strategy in accordance to the changes in the market so that harmony is assured. This is the benefit of the business plan and this is why it is important to have one. You are prone to confusion and loss when you do not have a business plan. This is something that is done in the start.

LogitechMouse

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I agree that having a trading plan will help you in crypto trading but for me as a trader, I don't use any trading plans or whatever.

Every time I buy or sell, I'm thinking of 2 - 3 situations that may happen. For ex. If I buy at x sats and get filled: 1. I will wait for 1% -2% rise before I sell. 2. If in case the price of the coin will go down into my buying price, I will wait for it to go up again or will buy again in a lower price to average down.

I always think of situations that may happen in trading. In this fast moving market, plans are not that helpful for me.

tosmartak

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Quote from: Herbert2020 on November 07, 2018, 02:59:21 AM

Quote from: Strongkored on November 07, 2018, 01:51:56 AM

What you mentioned can be said to be true, but the most difficult thing is to do what has been planned, and point number 3 is a pretty difficult thing for me to do because losing is greatly affects us mentally.

that is why it is said that trading is not something the everyone should try. and it is why there are a lot of losers in trading because it is not suitable for them but they don't want to accept it and continue trying to make it work and fail.
although you may not belong to that category, being affected by emotions is fine for beginners but as long as you are aware that this is something that you should get rid of and start being more of a solid logical trader instead.

It is even just an easy explanation when it comes to needing a trading plan. If you fail to plan, then you plan to fail! Plans are there to guide you on your market decisions which if you end up not having them, it always will not end up turning out well in most cases.

Also, there is no plan without discipline. It is one thing to have a plan and it is another thing to have the basic necessary skills in place to be able to execute them without emotions. A lot of people may have plans but they still fails because they lack the discipline to execute them properly.

deppil

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Quote from: rodskee on November 07, 2018, 06:28:41 PM

Plan are important to start doing anything people they want to adopt in their life
In trading plan are also helpful depends on the traders strategy
I think plan is useful for the long term trade and for me plan aren't advisable for the day tarde
Because day trade are need quick decision making which coins are potentially to grow in an hour so on

Of course it will be very important. the plan can contain many things such as strategy, what you do when the price is beyond your expectations, then the target price that you will achieve, and so on. it is included in your plan. make your plan so you know what you will do. so you are not confused when something happens on the market

bartusv

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Having a trading plan is very important to minimize the risk. We have to define the profit we want to achieve
and determine the exit strategy. We have to monitor the market movements and stick to the plan accordingly.

Kasabus

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Quote from: Finestream on November 07, 2018, 06:55:27 PM

Quote from: rodskee on November 07, 2018, 06:28:41 PM

Plan are important to start doing anything people they want to adopt in their life
In trading plan are also helpful depends on the traders strategy
I think plan is useful for the long term trade and for me plan aren't advisable for the day tarde
Because day trade are need quick decision making which coins are potentially to grow in an hour so on

I agree.Trading plan is more needed in long term trading because it will be your guide when to take trading to avoid more losses and gain more profits.But sometimes trading plan is hard to follow because the market is not always in a good condition just like what we are experiencing right now.So wait for the right timing in trading so you will not end up losing your capital.

A plan seems to be important but it become useless if you don't follow and apply in real life. It is good enough to have a single plane so you'll be focus in just one thing and go through the path. Analyze the chart and market behavior so we can have a good and effective plan in the incoming days.

Finestream

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Quote from: rodskee on November 07, 2018, 06:28:41 PM

Plan are important to start doing anything people they want to adopt in their life
In trading plan are also helpful depends on the traders strategy
I think plan is useful for the long term trade and for me plan aren't advisable for the day tarde
Because day trade are need quick decision making which coins are potentially to grow in an hour so on

I agree.Trading plan is more needed in long term trading because it will be your guide when to take trading to avoid more losses and gain more profits.But sometimes trading plan is hard to follow because the market is not always in a good condition just like what we are experiencing right now.So wait for the right timing in trading so you will not end up losing your capital.

rodskee

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Plan are important to start doing anything people they want to adopt in their life
In trading plan are also helpful depends on the traders strategy
I think plan is useful for the long term trade and for me plan aren't advisable for the day tarde
Because day trade are need quick decision making which coins are potentially to grow in an hour so on

minairia3

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Merit: 326

CRYPTOMUS

Quote from: Herbert2020 on November 07, 2018, 02:59:21 AM

Quote from: Strongkored on November 07, 2018, 01:51:56 AM

What you mentioned can be said to be true, but the most difficult thing is to do what has been planned, and point number 3 is a pretty difficult thing for me to do because losing is greatly affects us mentally.

that is why it is said that trading is not something the everyone should try. and it is why there are a lot of losers in trading because it is not suitable for them but they don't want to accept it and continue trying to make it work and fail.
although you may not belong to that category, being affected by emotions is fine for beginners but as long as you are aware that this is something that you should get rid of and start being more of a solid logical trader instead.

This takes time and more trading discipline to get rid of. Not just removing the emotions of drifting from your plans but also to formulate a solid system that can be proven in many back testings and actual trading as well (ofcourse in the minimum as possible). We can always try if we have that skill or talent in TA however all trading analysis really required to be patient. TA also tests patience not just the typical hodl funda type thing.

asyakashi

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Just.bet - Decentralized On-chain Casino

I don't need a detailed plan in cryptocurrency trading, the market situation moves very fast and is not easy to predict.
sometimes plans are made very fast because the market faces a big issue. Trade is an instinct and a combination of skills and experience.
A trader's plan is an advantage.

emberbekas

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I am indeed agree! without a plan, we certainly will not have direction and purpose. Our activities will be controlled by our emotions which will certainly have a negative impact on our business including in trading. Without a plan, we are like a man who walks aimlessly.

proTECH77

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We all need a trading plan to enable profit maximization.
Without the right deployment of trading plans looses are inevitable.
Kudos to the OP for the strategy placed for beginners like us.

1Referee

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Quote from: amd6678 on November 07, 2018, 06:23:20 AM

if traders trade with trading plan then its trading , without trading plan if traders trade its gambling ,

You only need a basic level of market understanding, the rest is not important.

Most of the traders don't care about what coin they trade, they just look for the momentum and hop to another coin as soon as that momentum is about to fade. BCash is going through some serious momentum as we speak, which as you can see, that's where traders are trying to get the best out of that opportunity till the hard fork takes place and they short the crap out of it as goodbye kiss.

The problem people often face is that they try to dig up all sorts of data about the project itself, and who the people behind it are, which is definitely important for long term investment puproses, but the short term market doesn't mirror the utility and usefulness of a project, just the speculative side.

nicster551

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Kocret02

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we still need trade plans, because the trading system is not like gambling that is just waiting for victory. we can still determine our plans, need analysis and this needs to be done all the time before starting the trade. this depends on the profit that we get, so when we are less mature determine a plan then big profits will not be easy to get.

enwi

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yes of course we have to make a good plan before trading and maybe that can be called a strategy, with a strategy we will have the opportunity to be able to get profit and reduce risk, without a good strategy it will be very risky

amd6678

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if traders trade with trading plan then its trading , without trading plan if traders trade its gambling ,

although we prepare for trading but at the time of implementation we need a perfect plan then only we can mange our risk and trading also

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