The importance of having a trading plan

[Anne]

Having goals set in advance and knowing when to get out of a trade make up an important part of successful forex trading. Remember, a trade must be liquidated in order for a profit to be realized. Virtually every successful trader in the markets depends on some sort of plan or guidelines for their success.

Also remember... failing to plan is planning to fail

A trading plan MUST have a set rules that:-
1. Determine your enty point
2. Dertermine your Take Profits
3. Determine your stop loss

 

[Sean Wallace]

Trading plan is very necessary for trading in the market. without a plan you can make mistakes. you can take wrong decision. making a better trading plan will ensure your profit. On the other hand it will reduce or minimize your risk possibility. to make a better trading plan you have to know all the latest news and all kind of updates about the market. You can get all the latest news and updates from AtoZ Markets. You can find all news and information under one roof. They provide educational articles which can hep you to innovate something new in your trading plan.

 

[dean133343]

how do people keep journals i find this very hard. i have a trading plan with set goals and trargets i am looking to achice each week, but was advised to keep a journal but can not get in the hang of it

 

[alojzy]

Instead of having a journal, I would highly recommend all to create an Excel sheet with your trades - entry point, take profits, stop loss, set goal, real outcome of the trade, whether the goal been achieved or not, if so @ what percentage. This will help you with improvement of your strategies and trading generally

 

[Anne]

how do people keep journals i find this very hard. i have a trading plan with set goals and trargets i am looking to achice each week, but was advised to keep a journal but can not get in the hang of it

You can use whatever format you feel comfortable with .. Alojzy gave an example of one. All the best

 

[Kolenko]

As the plan of a house is to an engineer build a house so also is trading plan very important to forex traders. Trading plan says alot about how you execute your trades, manage your open trades and close to cash in the profit as we all expect. A trader without a trading plan is a builder without the plan of a building that is to built. If a forex trader has no trading plan then such trader is not planning to build a successful forex path.

 

[matiti]

Instead of having a journal, I would highly recommend all to create an Excel sheet with your trades - entry point, take profits, stop loss, set goal, real outcome of the trade, whether the goal been achieved or not, if so @ what percentage. This will help you with improvement of your strategies and trading generally

do you have a prepared template

 

[matiti]

Having goals set in advance and knowing when to get out of a trade make up an important part of successful forex trading. Remember, a trade must be liquidated in order for a profit to be realized. Virtually every successful trader in the markets depends on some sort of plan or guidelines for their success.

Also remember... failing to plan is planning to fail

A trading plan MUST have a set rules that:-
1. Determine your enty point
2. Dertermine your Take Profits
3. Determine your stop loss

can you share a pictorial example of a trading plan

 

[Gitnardo]

You can use whatever format you feel comfortable with .. Alojzy gave an example of one. All the best

Absolutely, I agree with you 100%

 

[AayushiShah]

Having a trading plan essentially allows traders to consider forex trading more like a business. Most people who are interested in forex trading are aware that anyone running a business needs a business plan to have a well-organized foundation on which to build success.

Furthermore, the impartiality and clarity that a strong trading plan provides can be a huge help when it comes to making quick trading decisions in the frequently fast-moving forex market.