A trading plan is crucial because it provides a structured approach to trading, helping you make informed decisions and avoid emotional reactions. My trading plan outlines my goals, risk tolerance, entry and exit criteria, and strategies. This helps me remain disciplined and focused.
Every trader needs a trading plan that can help guide them on how they're going to trade. Without a trading plan, we are going to lose. Trading strategy and trading plans are the same thing with a different way of saying it as the strategy that you're using when trading is the same that as saying you're planing on trading in a particular way. There's no trader that has been successful without having a strategy that he uses to have good trades. But have to be open to changing our trading strategy when it isn't working as it use to do and also learn to become very perfect in one strategy that we're going to use more often to win .