Quote from: tygeade on Today at 06:54:32 PM

Quote from: laubeaud on August 02, 2024, 08:40:41 AM

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.

By defining entry and exit criteria, a trading plan has helped me manage risk effectively and maintain consistency in my trading.

Additionally, it has allowed me to evaluate my performance, learn from mistakes, and adapt strategies as market conditions change.

Ultimately, a trading plan is essential for achieving long-term success in the financial markets.

When you draw up a plan and you learn how to follow that up, it is going to be hard to break into another mould, you will become the person who does that and it's good if it works but if it doesn't work then finding something else, or giving up what you have is hard. I have met with people who had not so great trading strategies, and what they got was very little return sometimes and bad days mostly and overall their result wasn't that great, but because they were in either small profit or small loss, they always thought that the big day would come and they would finally make some profit, of course that never worked out for them in the end. I believe that it is not that easy to make this work, and we are going to have hard time with it.

When it comes on dealing into something then of course having a plan would really be that relevant rather than on making yourself doing any actions without any basis on which we know that this would really be that totally could really be that resulting a total mess up when it comes into this aspect. We do know that when it comes on making decisions specially when you are up to something then you should really be needing to act
accordingly and anything will really be accompanied by a plan which it isnt really just that limited to trading but also in other things in life as well. Talking solely on trading then of course it will really be that relevant on having one because you cant really just that make yourself having that kind of trading without any basis on the things that you've been doing. You cant really just that put up trades without executing some plan.

You would really be finding its relevance on the time or moment that you do find yourself having those kind of condition where it is really that hard to guess up. Although plans arent that 100%
accurate on giving out 100% positive result but at least you have applied something on which it will really be that making you having that better chance on success rather
than on doing something without having some applied analysis or plans then that would surely be a messed up thing.