Trading Plan A Must!

Discussion in 'General Trading Discussion' started by TraderAnalyst, Aug 6, 2019.

  1. TraderAnalyst

    TraderAnalyst Senior Investor

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    Trading Plan is must in when you become a trader . It must include a trading strategy with which you have achieved success. This plan must have everything you do in the market. A well organized trading plan can only bring you success !
     
  2. J_C_Anderson

    J_C_Anderson Senior Investor

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    To my mind, proper trading plan is one of the most important things in trading. Trading plan should cover all elements of trading process, from the preparation to managing positions and dealing with risk. Trader should develop trading plan each time before opening the position to avoid the influence of psychology - when trader already has a position, his mind would be biased and he would unintentionally search for confirmation of his initial assumtion ignoring the opposite information. At the same time, trader should be unbiased and open minded to be able to use properly all trading opportunities arising.
    Trading plan should be based upon the rules of the particular trading system. This means that the trading system used should be tested previously to ensure it is profitable itself. The simpliest way to do this is to conduct automated backtesting with the help of special software like Forex Tester. When the trader knows that the strategy he use brings profit in long term perspective, it will be easier for him to be disciplined and follow its rules during trading process. Discipline is very important too because many traders underperform just because they fail to follow their trading plan just due to the lack of discipline. Of course, trading may include some discretional elements, but the way to use them should be also described in the strategy.
     
  3. Brentwood

    Brentwood Senior Investor

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    The key is to understand how it really works and who is right to work with. I was losing funds to a broker and by the time i realised it, i had already lost $52000 which was over half of my savings. I met a friendly trader and she directed me to the recovery agent Mr Bart Kasch. He helped me recover all my money, every penny. Referred him to friends and colleagues already, you can contact him if you need help at [email protected]
     
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  4. Benigna Mazzi

    Benigna Mazzi Senior Investor

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    If you want to start trading then a trading plan is a must needed for you. Without proper trading, you cant earn money from the forex market. A reliable broker, strong knowledge about forex, good a plan are the important things for earning money. If you are able to set a strong trading plan then you can easily earn a lot of money. I always try to build up my trading plan. My broker Eurotrader helps me a lot. They are one of the best brokers I have ever worked. They never make disappointment to their client.
     

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