Agree, a trading plan is important so that we don't panic when our trading position is against the market. Cut loss can be an option to save our portfolio from deeper losses. But if we plan to invest in the long term, then we should not look at price movements in a fairly volatile market
withou trading plan , maybe we are walking with no goal and didn't know about what have to do. what ever we do in risk management it will very usefull to face uncertain or crashing market. some traders didn know are they in short term or long term investors , so they have clue about risk management that have to do.