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- Having knowledge but not complying with the trading plan can NEVER be profitable.
- Why need a plan?

* Reason 1: consistency is very important in trading, as it honestly evaluates the success level of a trader. The trading plan will help us stay consistent with the goal. Read it every day and adhere to it.

* Reason 2: this is business and so business success must ALWAYS be planned.

- What does the trading plan need?

1. A trading system: the heart of the plan, must be thoroughly tested with past data (back test).
* Include the necessary information: time frame, conditions for opening and closing transactions, level of risk per transaction.

2. Transaction procedure: the core part of the plan
• When will you analyze the market, evaluate the transactions ?
• When will you actually monitor the market to carry out transactions ?
• When will you evaluate transactions in the day?

3. Your thoughts: The hardest part is leaving your emotions out of the transactions.
• Just look at THE CHART SHOWING WHAT, NOT WHAT I WANT TO SEE.
• DO NOT TRY TO TAKE BACK, FORGET THE LOSS TRANSACTIONS.
• DO NOT LOSE YOURSELF, TAKE LESSONS FROM A LOSS.

4. The shortcomings of the self: concealed weaknesses, do not like talking about it. This section will follow objectively to track yourself. For example:
• We tend to close transactions soon.
• Does not comply with the trading system principles.
• Does not comply with the money management principle.

5. Personal goals: make money, discipline training, mental training, training self confidence. The goal is to help us through difficult times.

6. Record your transaction : record the transaction and why you open the transaction.

The best way to execute a trading plan is when you are not in the trade. Build yourself a trading plan that will guide you in the market, and this is actually the most effective way to actively remove the loss transactions due to emotion.

Half of the work done by the planer, if we measure the plan before doing any work, then that work will not lead us to 50% success. The rest of the effort and fate. Forex market also means that if you trade properly before you open the trade, then 50% of your losers will not be the first. The rest will depend on your technical skills and fate. And if you dry the trade without the plan, the probability of the losers is 80% and the rest is a matter of luck. 80 percent of the forex traders may start trading with haste and emotions and 80 percent of them are lost.

Build yourself a trading plan that will guide you in the market, and this is actually the most effective way to actively remove the loss transactions due to emotion.  ;)

Yes we should be have trading plan before doing trading activity, this trading plan to know the level risk in trading and how to minimize it. Trading activity without trading plan will be the same like gambling, and doing gambling will never promising consistently profit. Purpose of trading is to get profit monthly, so we should be have trading plan.

This will work most of the time. Setting a goal in trading will motivate you to reach that certain plan. It is really significant to  make a plan lists as well as sticking to the plan such as reminding yourself not to be greedy, set aside emotions and go on even if you have a loss.

Trading without any trading plan will ve the same thing we jump in to gambling, because trading plan possible to minimize the risk and to maximum the profit. No one trader possible to make profit by consistenly without any trading plan.

What you mentioned can be said to be true, but the most difficult thing is to do what has been planned, and point number 3 is a pretty difficult thing for me to do because losing is greatly affects us mentally.

that is why it is said that trading is not something the everyone should try. and it is why there are a lot of losers in trading because it is not suitable for them but they don't want to accept it and continue trying to make it work and fail.
although you may not belong to that category, being affected by emotions is fine for beginners but as long as you are aware that this is something that you should get rid of and start being more of a solid logical trader instead.

It's not a bad strategy.

I would put more focus on "TAKE LESSONS FROM A LOSS." though.

Analyze what was your mistake in the loss. Was only a 1-time loss or did you have 3 losses in a row? Was it because of emotions, a miscalculation, bad analysis or maybe weaknesses in the trading plan?

You must improve all the time. Even if you are a profitable trader you must improve all the time because your competition (The market) will improve all the time.

HAPPY TRADING :)

Thank you for sharing this with us and I think we should have to value our plan more than to place order.  In trading most of the price movement do takes us unaware and if you have trading before you will understand how trading plan is much important than any things in trading.

This is very insightful and appreciated. Many a times we jump into trades without having a clear cut plan on how long to be in the market, the amount of profits targeted on the trade, the amount of losses we're willing to take. Also, chasing trades makes people not to plan. It's therefore very vital to have a plan before even entering the market like you said

In any case, you need to set certain goals, otherwise you will be lost when you fix a profit, you need to periodically review your portfolio and add other assets

if traders trade with trading plan then its trading , without trading plan if traders trade its gambling ,

although we prepare for trading but at the time of implementation we need a perfect plan then only we can mange our risk and trading also

yes of course we have to make a good plan before trading and maybe that can be called a strategy, with a strategy we will have the opportunity to be able to get profit and reduce risk, without a good strategy it will be very risky

we still need trade plans, because the trading system is not like gambling that is just waiting for victory. we can still determine our plans, need analysis and this needs to be done all the time before starting the trade. this depends on the profit that we get, so when we are less mature determine a plan then big profits will not be easy to get.

This is perfect for someone who is serious enough to mind trading and their own business and also for someone that is a professional trader.

You only need a basic level of market understanding, the rest is not important.

Most of the traders don't care about what coin they trade, they just look for the momentum and hop to another coin as soon as that momentum is about to fade. BCash is going through some serious momentum as we speak, which as you can see, that's where traders are trying to get the best out of that opportunity till the hard fork takes place and they short the crap out of it as goodbye kiss.

The problem people often face is that they try to dig up all sorts of data about the project itself, and who the people behind it are, which is definitely important for long term investment puproses, but the short term market doesn't mirror the utility and usefulness of a project, just the speculative side.

We all need a trading plan to enable profit maximization.
Without the right deployment of trading plans looses are inevitable.
Kudos to the OP for the strategy placed for beginners like us.

I am indeed agree! without a plan, we certainly will not have direction and purpose. Our activities will be controlled by our emotions which will certainly have a negative impact on our business including in trading. Without a plan, we are like a man who walks aimlessly.

I don't need a detailed plan in cryptocurrency trading, the market situation moves very fast and is not easy to predict.
sometimes plans are made very fast because the market faces a big issue. Trade is an instinct and a combination of skills and experience.
A trader's plan is an advantage.

This takes time and more trading discipline to get rid of. Not just removing the emotions of drifting from your plans but also to formulate a solid system that can be proven in many back testings and actual trading as well (ofcourse in the minimum as possible). We can always try if we have that skill or talent in TA however all trading analysis really required to be patient. TA also tests patience not just the typical hodl funda type thing.

Plan are important to start doing anything people they want to adopt in their life
In trading plan are also helpful depends on the traders strategy
I think plan is useful for the long term trade and for me plan aren't advisable for the day tarde
Because day trade are need quick decision making which coins are potentially to grow in an hour so on

I agree.Trading plan is more needed in long term trading because it will be your guide when to take trading to avoid more losses and gain more profits.But sometimes trading plan is hard to follow because the market is not always in a good condition just like what we are experiencing right now.So wait for the right timing in trading so you will not end up losing your capital.

A plan seems to be important but it become useless if you don't follow and apply in real life. It is good enough to have a single plane so you'll be focus in just one thing and go through the path. Analyze the chart and market behavior so we can have a good and effective plan in the incoming days.

Having a trading plan is very important to minimize the risk. We have to define the profit we want to achieve
and determine the  exit strategy. We have to monitor the market movements and stick to the plan accordingly.

Of course it will be very important. the plan can contain many things such as strategy, what you do when the price is beyond your expectations, then the target price that you will achieve, and so on. it is included in your plan. make your plan so you know what you will do. so you are not confused when something happens on the market

It is even just an easy explanation when it comes to needing a trading plan. If you fail to plan, then you plan to fail! Plans are there to guide you on your market decisions which if you end up not having them, it always will not end up turning out well in most cases.

Also, there is no plan without discipline. It is one thing to have a plan and it is another thing to have the basic necessary skills in place to be able to execute them without emotions. A lot of people may have plans but they still fails because they lack the discipline to execute them properly.

I agree that having a trading plan will help you in crypto trading but for me as a trader, I don't use any trading plans or whatever.

Every time I buy or sell, I'm thinking of 2 - 3 situations that may happen. For ex. If I buy at x sats and get filled: 1. I will wait for 1% -2% rise before I sell.  2. If in case the price of the coin will go down into my buying price, I will wait for it to go up again or will buy again in a lower price to average down.

I always think of situations that may happen in trading. In this fast moving market, plans are not that helpful for me.

because the plan will determine the fate of our trade later. We must prepare a good and correct plan so that we do not experience losses when trading. emotional control and staying calm will further enhance our trade.

Plan will serves as a guide for a compilation of a certain goal.  We've been looking for a better a opportunity in trading fields but it won't work if you didn't have even a  simple that will help you. More people get lost and mislead due lack of knowledge and don't have plan, though.

trading plan one of key success in crypto trading.many important note in our trading plan that said our plan in market.even worst condition plan must written in our trading plan.

everything that is planned will certainly run very regularly and directed because in a plan we have made our own theories to achieve success, even though sometimes the plans do not fit reality, but at least all trade work is more directed.
in a plan, we will prepare to start, do and get results. if we don't have a plan, then everything feels unclear.
this may be a bit of my thinking.

If you have defined your trading plan with clear goals and set limitis for funds you can trade it's more certain that you have also diminished the risk of losses (at least big ones) and that you will not make some random and fullish decisions.
And in any moment you can make some changes and adjust your plan according to your needs, profit or losses you have made or anything else. Anyway, it's good to know what you want to achieve and how will you do it.

Trading plan help in saving a trader from the loss in many ways, Every trader wants to get huge profit in one day or two which can be dangerous most of the time so if there is a plan for trading then trader know that he should invest only the amount which he has written in a plan. And when he lost his money then he should stop trading on time and don't waste or loose some more amount in recovering the previous one. It also helps in getting good profit by investing only in potential currencies.

That's a normal to know all traders have a trading plan to start in trading because getting into a trading is not easy like playing games because tradinh is like a gambling.

I agree.Trading plan is very important for traders like us because it will serve as a clear guidelines on what to do in trading,their do's and dont's.Trading will be likely to end up being profitable if we have set our target goals and it will only be succeeded once we have followed correctly our trading plan.

Simply just because we could have a guideline for our move not just doing anything you like without analyzing the situatiom like we have now. Plan is one of the most important in this field because without it we can make worse decision that we don't want to handle in the future. Besides, planning is a best strategies to lessen the risk we have.

Good advice, but in practice it is very difficult for a person to describe it all. Even if the trader describes all this and draws up a plan, but the situations develop differently each time, so I consider it impossible to fulfill the previously set plan (plan in the sense in which you describe).
I would suggest simplifying the whole plan. Of course, a trader should know himself well and understand his weaknesses. I suggest that traders, after analyzing the price of a coin and its purchases, immediately place a stop loss order and take profit order. This should discipline the trader and will provide him with a stable income and minimal losses. If there are no such orders on the exchange where the trader works, then trader need to constantly monitor the price and, if necessary, manually activate the plan.

We certainly need a trading plan when we want to become a good trader, trading plan could help us to analyse the strategy that we used, so it can help us to create more effective strategy for the next trade, in trading financial management is very important, with trading plan we could set a better financial management

everything should have been carefully planned including trading because this is not gambling that relies on luck, successful trading is clear planing, discipline of all rules that have been made, minimizing decision making with emotions, analysis and support from news will give you multiple profits double in trading

We need a plan before doing things. Because without plan, we may fail or lose. If there is no plan, we have no direction of where we go. Maybe we will straight upward today but tomorrow we will stop. If there is a plan, there is a guidance with us. It is important not just in trading but in every piece of our life. We need to plan first before doin things because we might not accomplish because of failure. If our plans failed then come up with plan B.

trading plan is what makes us to implement what we have prepared implementation is what necessary no matter what research we do . without trading plan our mind will go towards gambling for sure   

When we don't have any plan about what we are doing then we can't be successful in that for longer period so when someone interested to do crypto trading as their primary job they need to do it with perfection and also they need to learn all the skills required for the trading.

Thanks for sharing.
I think trading without plan just like gambling.

Plans are the most important factor to get profit when trading and prevent/minimize the loss that will be faced. Someone who trades with the plan he has then he is ready with everything that will happen, for intance, he knows when to put up a buy and decides to sell and then he know when he has to get out of trading after earning a profit. I guess everyone who starts trading without planning what he will do next then he has sacrificed himself to lose the money he has.

Thats absolutely right. This is not a gamble that can win without any plan. trading requires a strategy and plan. when you have to sell, how much you could receive for afford to losses, and many more. that is included in the plan. you have to make it so that your trade is more directed

Without setting up a decent plan no one can be the gainer in trading. There is a lot of things has to maintain if someone wants to make good profits. A planless trader cannot archive his minimum requirement it means a ship moving without an experienced sailor. So trading plan must take you the right way.

trading plan can minimize the risks and increase the profit. No one trader possible to make profit by consistenly without any trading plan. Also you need to track your trade experience.

I look at trading plan as a tool to minimize emotion while trading. You know, sometimes we make an irrational decision when we're too happy or too sad. This is how a trading plan could help. A trading plan should be made when we are in an ideal state, fully focused to make the plan. Fully rational, no emotion included, no rush.

By sticking to your trading plan during unexpected turns of event, you could potentially save your money from losing. An example: You made a long position, but it turns out the market is going down. The plan is to cut losses when you've down by 10%. If you execute the plan properly, you will minimize the loss. Instead, if you don't stick to the plan and hold the position because you don't want to actualize losses, you may get margin called.

To bring more profit in the day trading. I think you should have the best strategy depending on the altcoin you invest. If you want to make big profits, you have to have big capital to make the most profit in the day. I think you should focus on investing in top altcoin on  great coinmarketcap for day trading. The market is going down so do not choose to invest in altcoin with small oscillation fluctuations, hard to earn big profits.
I am afraid to invest the large amounts in cryptos. There are a lot of scum projects, the crypto's price is low and ± stable, the market is frozen and I don't expect the sharp fluctuations of the course .. I set up the Trade Santa bot that trades for me.

In your plan there are a lot of nuances and in my opinion most people who read it will not be able to implement it (for various reasons).
Although the plan itself is worthy of attention.
I think that for the majority it would be more convenient not to have such a voluminous plan. For example:
1. To analyze the price of the selected coin.
2. Determine the purpose of the coin purchase.
3. Determine the purchase price of the coin.
4. Determine the selling price of the coin at a future price increase.
5. Determine the selling price with a possible price drop.
6. Determine the reasons for which the plan may be violated and the coins will be sold or not sold on time.
In reality, such a plan can be drawn up in the shortest possible time and its preparation will not require a thorough self-examination. And the result of this plan will be great.

Trading plan is helpful if you really want to earn a good profit and  to accomodate a emotional looses. The best strategy that you can make may avoid you looses  of your money. We all know that trading is risky  so it can be more chances of winning a good profit if you ma ke a good plan on a trading.

There is not guarantee that you will make money by trading but having a trading plan is crucial if you want to be
constantly successful and survive the trading game. It is like a flight plan (defined ):  you have to prepare yourself for trading,
define the risk level, set your profit goals, set entry and exit rules, keep records and make conclusions.

It is even pretty simple! If you fail to plan, then you plan to fail. Trading is more like trying to run a project, and then having some objectives and indicators in place, to at least use that to monitor and evaluate how you are doing over time to achieving those objectives and in the case of trading, we are talking about;

- Where to buy the market
- Where you intend to sell
- Where you are placing your stop loss
- The reward to risk ratio based on where you are doing the three above, which in every case, the reward must be higher than the risk.

These are things you want to have planned out before even making any attempt to enter a position. If you approach trade without having these things sorted out first, then you have no strategy and you are just gambling.

When you want to do something, there is always every need to draft out a plan, isn't it? Otherwise, you will realize that without a good well thought out plan, your chances of failing will be more than winning. That is exactly how trading is, it is a profession, it is a project, it is an investment, and you can call it whatever you think, and in things like this, the necessity to have a plan is something you will always need to have in mind so that you can make good calls based on those plans and have your strategy well executed. If you fail to do that, you will most definitely be ushering yourself into the road of failure in the long run.

When you have a plan, you will always be able to make good decisions based on those plans and this is the main reason why plans are always very important. A lot of people today tend to approach trading as if they are gambling, but we are talking about a market here in which you will have to be making a lot of decisions, and without a good plan and strategy, there is no way you will be able to make solid decisions without having to put emotion based on the level at which the market can operate at times with respect to its volatility.

Any battle do winning just because they have an effective plan and properly executed. It gonna be the same in crypto trading,  we need such plan in order to win the market competition but it gonna be more skeptical due to its volatility. Even it comes with that,  we still to be strong and stick on the plan until we find it ineffective, and do different way.

   In order to win and avoid losses we need to set a trading plan. Trading is not easy to understand,if you don't have a trading plan i think you will fall into a lot of losses.

trading plan make us get better result in our trading.even didnt atleast we learn from our mistake that before planned.each mistake already planned by if then scenario.

Yes, it is more likely that you will have more losses than profits because the trading plan is there so that you can maximize your profits and minimize your losses. People have a tendency to be more greedy when they don't have a plan or just go with the flow and we know that cryptocurrency market is very volatile, one minute you're at a profit, the next minute you're at a loss that's why having a trading plan is important so that you can have risk management.

monitoring prices first and recording price movements for some time, this might provide a better picture for us to predict future prices, indeed it cannot be a benchmark for us to start trading but at least it can make us more confident, because the price of bitcoin is very easy to move up and down.

Trading plan is basically your strategy. In every plan, back plans for unexpected incidents should also be considered such as contingency plan. Taking note of the market distinct characteristics such as unpredictability and volatility. No fixed strategy for daily trading, it is always "it depends on the situation".

Keep in mind that that even in the absence of emotional trading, loss can very possibly happen.  :-\

Right. Be flexible. As long as you know what you're doing then any plan would be okay. Having a plan beforehand lessens your tendency of being emotionally drawn, which is one of the reasons why traders get frustrated.

Stick with the trading plan which should really be always part as a trader or investor even simple decision makings in life does really need some plan.
Not having any plans or methods on how to achieve your goal would really able to mess up along the way. Troubles and problems cant be avoided and as you said
we should be flexible on all possible sorts of problems.

We certainly need to plan on trading. Because through this we can create a good strategy. We can be benefited by using that strategy.  Also we can control our losses in trading my making good plan.

Every single trader must take some steps to cater loss. You can’t hide yourself from loss rather you make strong moves and prepare your strategy so determined that risks are minored.

Thanks for bringing all these trading plan words on the board, if a trader does not trade with a plan he cannot be successful and this is my real experience, I have spent around 10 years for studying charts, candles, money management etc, I was able to analyze market and take trade as per chart but I was not able to control emotions as I did not have any trading plan, due to which I lost the trades many times, later I realized, its very difficult to win the market w/o a prior trading plan, now prior planning has improved my trading, I am able to control my emotions and let my trading goes as per plan.

In trading, you need to follow the basic rules if you want to make money. The plan will help you comply with certain rules in order not to succumb to trading emotions.

This is attribute of a good planner that you must adjust ins and outs as well. He doesn’t only consider happy scenarios, rather the don’ts is optimized and well planned beforehand.

in trading everything must be planned and thought through, now in trading is not only done without seeing the situation suddenly. this must be planned because it is related to one's profit.

we need that to think what is good for us to know our future soon so therefore we know  what's goin on

Just a monitor is not enough to make a choice, but at least it can give you a little view, you can make plans in trade like what percentage of profits you will make, and what percentage of losses you can afford, so when technical analysis is done you know when to sell it

I agree but it is only to deal with a bearish market like the last few days. we also have to be more careful in managing trading assets, if we do not make a trading plan, at least we must use asset management to avoid large losses. because generally, those who are trying for long-term trading do not need this, the result is if the bearish market decline in assets is felt

Of course that plan is something that is very necessary in trading. Without a plan, we can certainly fail.
Trading has many aspects that must be taken into account and we also have to analyze the coins that we are going to trade.
Strategies and plans are needed to produce a satisfying thing.

Because without trading plan in cryptocurrencies you just lose all you money, that's 100%, especially if you a more trader than a investor. For long term trading you need to keep your crypto safe, centralized exchange can't guarantee you that, so use DEX like ethermium.com where trade 100%  anonymous, safe and without limit.

because with us using a good strategy, our trade will always succeed and run smoothly, because there is a lot of evidence of trade without a strategy of losing due to lack of trading experience

Otherwise, how are you going to make your trades? there is no point to trade if you do not know how to do it.

Also, take in consideration that trading is not something easy to do, and you can easily lose your funds if you are not smart enough.

Be careful, do not be a dumb while you trade.

Well we must have a trading plan since i started trading i have plans for it so that it can somehow lessen the fact of being loss at the end of the day, and even so that trading has a lot of risks in spite of that i usually take it so there would be no regrets and for me it's one of the reason why we need a trading plan to somehow reduce and an act of being wise.

Not exactly. Because trading is very hard so it will not be always successful. There are trading days that you're completely off, because the market is very volatile and there are times that you're trading are spot on. But definitely a good laid out trading plan, specially your entry and exit strategy is very important because it makes a lot of difference and it separates those who trade based on emotions and who trades based on logic and well executed plan.

Yeah dude trading plan is most essential for our success in trdaing. If we can make a good strategy for short or long term trade then we will get much profits without losses.

maybe trading one of key success in our trading result.in this plan, we write some important information about why how about our trading.so this is why we really need it.

I agree, technical analysis is more important than just merely monitoring the prices. Analyzing the whole scheme you are going to do is going to give you best results unlike just depending on the prices buy low sell high is not always a thing to do more likely applicable on just bitcoin and high priced coin in the market. Technicalities on the market will never fail you if you are knowing what the processes are.

trading has a high risk and if we are wrong in making a decision it will make us lose, so we must have a good plan and have a good strategy to be able to get a profit

Probably, when you have a plan, you are more concentrated on the business. You do not pay attention to the insignificant details. You work for your goal and do everything to achieve it.

For trading, we need to plan before investing into any coin because without planning and researching it is impossible to make profits. So before purchasing anything we need to have plans ready for it whether to hold it for long term or short term.

Yes, this is an important component of trading. In any case, a certain sequence of actions is required to achieve the goals. The plan helps us to trade successfully in the market.

Right.Trading plan is very much important because it will serve as a format on how to make trading a successful one.Of course with the monitoring of the price market,it will be easier for us to trade once we have correct guidelines to take.Though this is not 100% percent successful,but this can minimize losses in a way.

Its applies to everything. If you fail to create a plan, then you plan to fail. You need a plan in everything that you do. Plan when you Buy and plan when you Sell. you cant just hold on to what you bought forever, you need to sell it to earn and move on. You need an exit plan in case the price goes down, you dont want to hold a coin that price already reduced to 50%.

of course the plan will determine your win, in price market can drift and drop at any time. and if you don't make a plan such as how much profit you have to take and how much loss you can receive, so when you analyze it you won't be confused what you will do afterwards..

Having a plan will help you in good times and bad times, but above all you will be forced to set a goal, and for me that is the biggest factor adjacent to the plan.

trading plan is necessary for review and evaluation of all that we have done in trading, a good trading plan will have a significant increase in profitability for users, if we do not implement this then we are just the same as crypto gambling

For trading, we need to have our plans in order to implement them in the market according to the market situation because without plans it is impossible to make money through trading. Planning is the most important thing we need to consider while when are into the trading sector.

Before you get into trading try as much as possible to have a trading plan. Without trading plan, you will always find yourself at loss all the time. A trading plan will serve as a guide to, when to enter a trade and when to exit it. It's very important.

At this moment we need a trading plan by the market fluctuating constantly and not stable.The trading will help us to compensate for losses when buying coins at high prices before and this is a good profit form when Bitcoin and Altcoins go down.

Lol. I chuckled a little with a plan removing losses. You can't remove having losses from the equation since you will lose money one way or another. Having a plan makes you flexible on what to do if that happens. In the course of making plans you'll become more aware of what you're getting yourself into and that is already beneficial.

It is only common sense, there is no way anyone can be successful without learning well. It’s obvious that knowledge and experience is the key aspect for success. I have found it all relatively easier with support of FreshForex, who not only provides awesome trading services but also have some amazing features to make someone gain money consistently. It is kind of IDEAL creation, so that makes the working so smoothly.

You really need a plan, because without a plan you won't be successful in that field. You will be lossing for most of the time if you will rely on your luck. Never heard of trader without a plan, even weak hands has a plan it's just their estimate is wrong. LOL. I guess it doesn't matter detailed or not as long as you are doing great, that will do.

We should always have a trading plan whenever we do some trades. Setting an entry and exit point is also important. Past data can also be significant to distinguish any possible bullish or bearish trend. You can always achieve target profit if you have strong self discipline and when you follow all your trading plan.

Most of the people will have a different plan when it comes to trading, the Trading platform is a completely different platform which we need to plan before investing in any coin in the market. After planning we have to follow it strictly otherwise, you need to face a lot of problems because market fluctuation will make you change your mind, so always stick to your plans before buying or selling.

Good planning means planning success. and failure in planning is planning failure. that's probably the proverb that I read from various books.
in trading also requires planning and strategy, otherwise you might only get loss.

I really realized my mistake through your article. I seem to have let my emotions control my portfolio. I was greedy and did not place a sell order at the target I wanted, I also did not place a stop loss to avoid risk.
thank you, seems like i will become a professional investor after reading your article. ;D

Because in trading, what happens on the market will not always be in accordance with your expectations. Thats why the plan is needed so you can face any price changes and any conditions that will occur. sometimes you can be greedy when certain conditions, too brave to wait, and so on. a plan is made so that you can follow the analysis you have done

Bravo, in crypto market you need to expect unexpected. You can have only one long term plan and that`s holding, day trading plan is something you need to be able to change in a second if situation demands that. In long and short term trading you need to be able to avoid making emotional decisions, in long term every drop will hurts more than it should, in day trading you will miss good timing for selling or buying cause you had feeling that price can go higher or lower.

Each and every people experience different kinds of things in every trading moment so making the one plan will give the exact thing that you have to decide previously so don't follow any other strategies or any other plants because it will not suitable for you if you are not fixing to it that's why I am saying this making own plan will be successful.

Exactly, sometimes the market will not follow what we want and of course, an unexpected situation will make us take wrong actions but if we have a plan and are ready for it, we just need to follow the plan, we will not need to be confused and try to find ways to solve the problem because the answer has been set, applied to complete the job. In addition, the plan will always be a good way to prevent greed because our emotions cannot penetrate our thoughts when we have a plan, the plan as a rule to suppress greed

With the plans and strategies that we build ourselves, naturally we will get a sense of what we do - the plans can unite with our minds. So that we will understand in dealing with situations that might arise when we trade, both in bad situations and in the good one. Without a plan, of course we will oscillate and tend to act reactively to everything that happens which for sure will give us an uncertain destination.

when they experience important moments at the exchange they should be able to make it an important lesson because we know experience is the best teacher who can help you to become a successful person.

Your owned personal experienced will gives you a good hint whether to what position you'll going to take, strategy will be effective if you already have a good glimpse to its possible results, sometimes making a lots of combinations and feel yourself the actual scene inside the market will give you much precise decisions to make.

Pre planned trading shows the smartness of the traders, as those traders who has no idea what they are doing and how long they will have to hold then this kind of trading leads to lose so better if we have plan to become a trader try to make plan and then enter the market on right time, as at low price and hold for long term trading.

Do not be too hard on yourself mate lol, those mistakes are what will eventually make you to be a good trader, when it comes to greed, it really takes time and determination to fight it off, I have read so many articles on greed in trading a lot of times and sometimes, I still get caught up in it a little, some greedy actions of mine has actually helped me while some failed me totally but I don’t want to keep gambling with my emotions.

So right now, I go into trading, use my analysis to place my order and sell it immediately my analysis tells me to do so no matter how little the profit is and I have learnt to quickly take my eyes of it so that I don’t end up regretting my action when I eventually see how much I would have gained if I had not taken that step of selling it.

I do go with my analyzes as well. At times yes as you said, i decide to end up with little profits. This yes, seriously makes me satisfied the value goes down the moment i sell, but feel bit worse when the value goes up more. This was my learning. Since then, i just went about appreciating me for taking a decision on the right time even though the profit was less. Hence, be ready to accept the loss and start learning from it. Do not get away. Fight and become strong.

sometimes you dont need to use any analysis at all for so many altcoins.
 short lived coins such as pnd or mn coins dont need a meticulous trading plan..you just need to know the right moment when to enter and when to exit their market. and guess what? if you failed to sell your coins, you will end up bag hodler. but if you hit the right spot you will get a lot of profit. trading technical analysis doesnt work on them. it is how well do you know the market and the coin.

Very interesting information. I agree with you. Any study should be structured. And trade must be carried out according to the plan.

Because without a trading plan profit will hard to come by. Trading is more of skills/strategies than investment, so, haven the skills and strategies guarantee a trader awesome profits. Although some trading plans could need to lose but in a minimize form than when trading plans are not in place.

I believe that you have sound reason why one will need trading plan for you to be successful in trading crypto currency but the most difficult aspect of these plans is proper execution of the plan that is the major problem.

Exactly.Trading plan can be a big help in making our own trading a successful one but since the condition of the market varies from time to time so most of the things that are inside the plan cannot be followed.But as long as you know what you are doing and have enough knowledge on trading,then you will still gain profits with your own strategies in trading.

I agree with your opinion. like we want to fight, we need the right strategy if we don't want to lose the war, so careful preparation and market dominance is very important, one of which is to make regular observations and want to learn from our seniors and ask for guidance if we feel we cannot enter trade, the value of crypto currencies is strongly influenced by the world economic situation, so our predictions must be right in our time to sell and buy.

Cryptos are volatile and having a plan for each case can solve a lot of problems causes by traders without any plan. Plan your trades and trade your plans. Just my 2 cents.

...and don't forget to always stick to your plans. This is common problem of newbies when they see a sudden spike of price if BTC, they assume that it will continue and keep holding until the price drops like a fly, end of the story they are holding a priced coin or token which will take time again to recover. Stick to the plan.

This is a risky venture and therefore it needs to be carefully plan.
When trading, you are predicting the price movement so you can buy and sell successfully, and that requires a plan and continues improvement
of your strategy. You cannot just trade directly, there's a timing for everything and that says it requires a plan.

Because everyone needs it. But I find it so funny when I remember not having my trading plan and just play along with all the hype on the forums, trolls in chatboxes and social media sites. It was working because there's a huge FOMO going on and all I do is win. But in this situation, trading plan is really a must.

if you don't have a plan, of course trading can be like gambling. however, with a good strategy, you can optimize the income you will get. well, many things need to be considered before trading.

I agree. Having a good trading plan or at least a concept on what coins and leads to follow would give your trades and transactions the direction it needs to push forward rather than just trading aimlessly. I think, for most people in the market, the end point of all trades is to convert whatever altcoins they have into Bitcoin or, at least, into altcoins that they see would have a most prosperous and stable growth. Certainly, there should be a good plan that would govern such actions to ultimately lead to one's objective, without it, I think it would be really difficult, especially since the trading market is such as treacherous one.

I don't think that we need any specific trading plan for crypto trading, as the market has been constantly changing, so we have to plan our strategy according to the market situation.

Yes, the previous plan will helpful for doing very easy attractive because 50 percentage of work will be ended before entering into trading and executing will be the next work at that time I don't have any confusion about trading because the pre plan will definitely helpful.

Absoulutely, if ever you prepare a plan it should be just an initial plan because of market's volatility, a rapid changes within a short time interval. What i am doing is that i don't set up a plan for a trade, if i want to trader and got an instinct that i would gain from it i will go for it. But most of my trades has been researched .

Good post, trading plan is must before jumping into any trade. A proper homework should be done before looking for opportunities to take a trade. A good trading system is always your backbone of the plan. Trading system must have higher win ratio. Without proper trading plan any trader may close trades at wrong point. Most of people get emotional once they have loss trades and in emotion they take another wrong trades which further lead to more loss. If a proper trading plan is made and it is followed properly success rate will be high, it avoids to take emotional trades.

I think without any plan we cannot be success in trading if we get entered into trading we will definitely need to be more preplanned with power trading otherwise it will end up with only going to loss and for being on experience letter trader you will definitely need to be made this type of single things properly

I agree every points without any type of trading plans will not been successful it is the thing that I have to follow lots of time when I was trading it was very helpful for me to get the profit very quickly and possibly.

There is only one rule that everyone should apply when trading, and that is to have a trade plan. Any unplanned process will be harmful and will cause damage to your portfolio. In addition, under a plan, unmanaged capitals will undoubtedly receive negative feedback after a point. In addition, having a plan while you are trading will also give you a roadmap for managing your money and will make you not to make bad decisions quickly. The return of planned and consciously done transactions will surely satisfy the investor.

it is true that being able to make success with what has been planned requires good planning, there are some people who do not need to prepare a good and right plan they can succeed but it would be nice when you become a planned successful person.

Can we look trading as an economy? Maybe yeah because it causes rise/fall of currencies which directly affects price of products, wages and overally our wealth. According go Adam Smith, you can't plan economy because it's impossible, planned economy can never siccess, you have to give it freedom and let it develop on it's own. So for this reason, since I look trading as a part of economy and also since we can't accurately predict further price, I would say big no to trading planning.

Just like normal day to day plans its expedient that you also plan your trade very well so you can know when to enter and leave a trade. Failure to do this might lead to serious loss in capital

We need a trading plan because we need some rules which we are going to stick with. After all, we would have advantage on other traders which are only making decisions on their feelings about something.

You have just supported trading plan too, lol. Look at your last few words; you said “so we have to plan our strategy according to the market situation.” So, how do you intend planning out your strategy if you don’t put your plans down, it is when you have your trading plan that you will successfully evaluate your transactions, remember the strategies you once used that made a particular trade successful and also have the past data of all your plans.

So, trading plan is not really that bad though it can be quite stressful at the initial stage before we finally get used to it.

Of course, we need a plan to trade. Planning wise our success will be sure, and incomplete plan wise we always feel doubt and we can't do it whatever we want to do. So in trading its need more that do everything with planning. Trading is risk, whenever we trade we take a risk so if we do every trade with planning wise and then definitely in the end we will be in profit. 

When we don't know what we are doing it means then how can we make benefits from it so for that we actually need plan about how we are going to make and it is not necessary you have to be technical analyst to be a trader,sll you need to do is where you want to buy and where you have to sell.

This article is very true about the truths of investors not investing as planned. I have also invested freely and it seems that I feel more anxious and indecisive in making decisions in the portfolio.
The price is very expensive if you do not follow the plan and rules you have set out. trust me. :)

Yes obviously we need a plan for profitable trade.   There is a proverb " A man without a goal/plan is like a ship without a rudder." Thomas Carlyle
So if We think trade as a life then plan works like as rudder. Mainly need a plan in trading that when you enter in a trade and how ℅ you will take profit from the trade. If you can not make your plan perfectly will be failed in trade or life both. So we should think about plan before enter any trade. Thanks

Your article will definitely help beginners.Trading is unpredictable and you really need a bit of luck.But the most important thing about trading is skill and experience. I have a lot of friends who does trading.They often gave me advices and I have been told to make a long plan for trading.Because long plan will make your trading easy and there will be more chances of getting profits.  

Without really having a "plan" in anything in life how do you really plan to be successful anyway ?

I mean you need to have a plan on how you trade and you can perfect it, it doesn't really have to be a good plan. Have a plan that sucks and even loses you money, than find what made you lose money than fix a bit of it, maybe it still won't be good at all but than you find the next mistake, maybe sometimes what you think you "fixed" is just changing a mistake with another mistake.

Nonetheless, if you continue improving your plan and system constantly and tweaking the trading plan the best way possible than in the end after a while you will be good. Think of it like practice, you may not lift too much weight today if you start, you may even injure yourself and have a setback but in the end if you consistently keep at it one day you will be lifting huge weights.

Cryptocurrency is all about risk, trading and gambling are the one that provide with the highest earning based on the investment made. As the market volatile any form of change can happen in no time. To be successful with trading the prediction need to coincide with the real time price move. In my experience I have diversified altcoins in my portfolio, when my prediction is not met the true market I just keep the assets safe and go with the alternate plan which is being kept prepared prior itself.

You're right. And it's easier to make adjustments if you already have a plan and the market suddenly fluctuates. Having contingencies are plart of making plans and strategies and one thing you can't overlook in trading is if something unexpected happens. You don't really need an extremely elaborate plan for trading but something to keep you in line especially in a very volatile market.

Right.Trading with a plan is very essential because this will guide you when is the best entry and the best exit.But most of us here failed to follow our trading plan because there are really some inevitable things that might occur at the middle of our trading like price fluctuation.With this,we should always be prepared of some circumstances so that we will still end up profitable.

well, sometimes not having a plan is also a plan - looking for opportunities. it's not bad though

with good planning we will not be rushed to buy or panic to sell, because you have planned the trade that you will do.
therefore I strongly agree if real planning is needed before we trade.

it is very important for a trader to have a trading plan, because with that it will be able to determine the rules and how to play we trade. if there is no trading plan, it will cause us to walk in no direction.

Exactly, plan is important to achieve our goal, without planing we are walking on a way without thinking. Planning, information and capital, these are our needs to get profit from trading. Altcoin Trading is best platform where we make money easily, if we know the rules of trading.

Planning applies to everything we do. There’s nothing you do that doesn’t require planning. It is the same thing as having a business plan on how you’re going to run your business. If you don’t have a plan on how to trade and how to manage your capital in trading, you’re hardly going to benefit from trading, and you will be losing most of the times.

Having trading plan has it’s ways of benefiting a trader. By creating a trading plan you’re creating rules that you will adhere to and also how you’re going to implement those rules in trading . With your trading plan you make your market analysis better, before applying them to your strategy in trading.

Exactly you are right mate that we must need to build our-self for a trading plan. Without trading strategy we can't get much profits by making any trade.     

Trading is just like a building a house, you need your blueprint for your house, blueprint will serve as your trading plan in trading.
Blueprint contains different information such as information about your walls, posts, ceiling, flooring. Just like in trading, your trading plan contains different information such as your buying zone, target price, stop-loss price and also the risk management should be in your trading plan.

I like your point of view, that is one on a thousand examples that in every step ahead we must have a plan. Planning is very important not only in family planning ;D but also in every sector, we must do that planning. Okay, here is also my example, even a military combat attack they have to plan first a better move before facing into the fight that you must wear a full battle gear. In trading is the same as that, you must have a full battle gear before to engage in the battle/competition in trading. Full knowledge and skills is a must.

Good example!

Going to a fight without proper battle gears will just leave you dead on the field so easily but if you are prepared on all the stuffs you need then chances of survival is high
and this same goes on trading too, equipping yourself with proper knowledge and skills will surely help you out.

Traders are failed because they don’t have trading plan at all and its too risky for them because they are dealing with their hard earned money and yet they are just wasting that money. Trading should be play according to your analysis and plan, don’t just buy and sell because it can lose everything.

Trading plan will be your guide to know what step you do. I have plan and I follow it but sometimes Im not following it because sometimes I buy and sell coins depends to the market. Planning is the best in every decision you make.  Planning is preparing to your profit to the coin you buy and sell and the date when you hold if it's in the shorterm or longterm keeping the cryptocoins.

It can be also the blueprint of your strategy wherein you are thinking how to make profit with the help of your indciators and trading pattern which you've learned wether from other people or basically just by yourself. It's also very important to avoid the interference of your emotion.

That's very helpful if we just stick into our plan and not being controlled by our emotions which is the 1st enemy we have in trading.
It is the most reason why many traders  got fails because they belong into the cage of their feeling which they gone so far from their actual plan.
It doesn't work well if will be like these and possible we end up of losing.

I agree that in trade you need a plan and certain goals, otherwise you will not feel the results of your work, it is important to periodically fix the profit and review the portfolio

Yeah that's the function of the plan too, so that when what happens on the market doesn't match what your expectation,
you still have other plans to run, plans are very important to make, so you don't get confused later

Planning is part of our living and in each way of our life we need proper planning for everything will go in right way,same as in our trading works,i totally agreed in all points you have mentioned Op specially the number 2

Ofcourse you can feel the result but the problem is the the totality,and you might misuse each profit since you dont periodically tallied every amount you gain

That's true because most are the problem in trading is not only a losses but also the emotions. If we want really want to trade we need a plan to how we can manage well our assets and also how to hold our emotions.

Trading plan is just a plan, your emotion is separate because that's how you manage yourself in trading.
That plan will only be useful if you can effectively do it, provided you have a working plan, if you are not good in managing your emotion, that plan would be useless.

it's important like you said, from my experience it's more good for my mental state to have a certain rule, like selling at loss, avg down etc. You don't know for sure the price will go up or down so making a rule will make your plan keep in order.

All of the things that included on your post are really good to remember every day that we are dealing with trading especially for the beginners 'cause most of the time they often forget or they actually don't have a trading plan that its leading them to a bad outcome of their trades. Having a trading plan is part of our discipline which can really help us to become a good and successful trader.

I think it's the other way around. Having a solid plan can help reduce the influence of your emotions since there's something you can follow. Regardless of what the market movement is, if you have a plan and is resolved to follow it, it's easy to make rational decisions.

Having a good plan sometimes is too hard to implement because of that emotion, after having a good trading plan you must know when to execute it well. Trading without plan is really useless, better for you to invest and hold until you satisfy yourself to take the profit. Planning is very important, same thing with investments and any businesses. 

If you don't have a plan and especialy a back up plan you might face some issues that you wouldn't be able to deal with. It's important to set some goal as well as plan how you will get there but with predictions of possible difficulties and how will you challenge them.
We all know that trading is risky and sooner or later you will face the loss too. So you have to have a plan how will you recover and how much loss you can take without major consequences.

It's must need to become a successful trader. Trading plan help us to make our trade success for which we can get much profits from trading. So we should make trading strategy.

Yeah right before doing anything we really need to have a plan as when we went out for holidays we will have to make plan and before going somewhere we will have to make plan take suggestions then we take step, them trading is very important thing and it is making our life really good so we will have to make good plat and before that make sure you have proper knowledge about trading.

I have a very simple trading plan.I take a few coins with a small capitalization. I choose according to the schedule those tokens that are at the bottom of the price and buy them.Then put a sell order 20-40% higher. Within a month or two, the order is triggered. There are exceptions when the token goes into minus for a few months, but since 80-90% of orders are triggered, I still earn.

I would estimate that 95% of the people I’ve coached in the last 15 years have not had anything closely resembling a trading plan. My first trading plan consisted of buying pullbacks above or below a 100 period moving average and exiting after an average daily or weekly movement was seen.

Yeah it is important to have trading plan and that 5 percent of people who are not using any plan to trade well are not the real traders, they needs to know it is our benefit if we move step by step in trading and fix everything pre planned, it reduced the chance of lose and you will be aware of what will happen you will be able to go through any bad situation patiently.

Trading plan is not only needed by crypto currency trading but whatever you do in life require proper planning for you to succeed. I love the all the point you present above in relation to trading plan for a successful crypto currency trading career.

It definitely having a big role in trading, this  actually serves us a guide of where to to go and sticking into the plane will give us chances to succeed of what we aiming for. Many traders fails because they don't have a plan or never used it, but of course we need to have some adjustment as we never know the market flows which could affect our plans.

Totally agree with you it is easy to plan something but doing what you plan and as you plan it isn't easy.
What's the point in planning if you couldn't even do what you plan?
We need a plan to help us , to be our guide to know what should we do next.

You will not go to war without any plans on how to win unless you wan to suicide. Same as in trading when you should always have plans on every action or decision youve made. With this you can increase the probability of making the right desicions because you even have a plan B for failing.

If you don't want to fail big then having great plan is always good. In life, we make plan everyday just like celebrating our own birthday we make plan on that. Same thing with trading, having your specific plan will make you effective on trading. Don't just go for a war without having any plan how to beat your enemy. Its very rare to see people who have no plan with their lives.

- Of course, planning is always a necessity from business to life, we cannot operate without a plan because if we work without a plan, it's that we're just working on emotions, agreeing that emotions will sometimes be accurate but most of the time, it will lead us in the wrong direction, wrong direction in life will be a waste of time but when in the wrong direction in business, wasting time is normal but wasting a lot of money is very serious. Therefore, always create a plan before participating in trading, which will help us limit loss, increase winning rate, emotions will not affect us

The plan is so important that you can move and move on track. Right, like when prices fall, while you have a plan to survive and sell at
the price target you made, the plan will keep you calm and make a panic decision..

well, in this matter of course we need a plan to avoid big losses. besides, without a plan, we can get a big loss. some people don't know what they should do when prices become unstable. it certainly makes them a loss.

Right. Of course we should always have a trading plan as this will be a great aid to attain success in the end and minimize losses. Especially that the market is very much volatile so having a trading plan can be very helpful to resort into good alternatives when sudden fluctuations happen while you are trading.

  Making a plan is a best strategy we can comply to every decision we make and to utilize the possible outcome. Even professional trader used particular plan to evade loses and aim much profits. And in order to become a good trader it is valuable to used a specific plan because it can lead a way to avoid from loses and gives more kbowledge to act as professional by deliberating a liable outcome.

Most of the time traders loss due to being reckless or due to their emotions taking over them ,
And here is when the trading plans take over, We should make a plan first before doing something in order to make it great or successful.
We have to make sure that the plan is being followed so we wouldn't make any mistake.

Trading plan is a must if you're an intensively serious trader. Without a trading plan we would be the same thing as driving and not knowing if we're headed in the right direction. It will help us show where we currently are as a trader and help us get to our destination towards profitability. It allows us to trade with less stress and emotion. A trading plan, with trading routine serves as an effective platform in capturing important observations and map out possible trades. Most importantly, it does not only rely on the set trading plan, it's also translating plans into actions, implementing, and putting them into reality and be more open to changes and to never be afraid to fail.

This cannot totally remove the losses but atleast will be lessen the opportunity

Plans are required in each action we do,and most speci specially if this includes our hard earned money so we must be ready to increase the chance of profits by creating a plans

Readiness is a product of having plans,i myself has Plan A to Plan D for more awareness of what may future bring

All my executed trades is based on a well defined and strategic plan having convinced of pulling the trigger of buying or selling I don't allow emotion to set in because I only trade with amount of money I can afford to lose.       
What is important is I strictly adhered to my trading strategy coupled with a sound money management so as to have an edge over the market, I analyze my trading charts using 4 hour and timeframe this give room for adequate time to plan and execute my trade at the appropriate time.

In the management, planning is important, for some activities are the planning always made because planning is the main foundation for achieving goals. From what is written op, that's why you need planning in this case to trade, but planning must be made with information and facts or market conditions that are correct according to the analysis.

In trading, you definitely need the exact value of the price at which you want to fix the profit, otherwise you can play

In every aspect of life, planning is always important because without planning it is impossible for us to make some decent profit. I know we should try plan before trading because without researching about the coin it is not possible for us to make some decent profit, so it is always good to plan before trading any coin in the market.

As the crypto market is completely unpredictable, it is hard to predict and get the best profit. To this it is good to have an alternate plan so that one can try making some profit if the primary prediction didn't coincide with the real time market variation. We need to be prepared, without which profit is just a dream in trading.

It's the norm of crypto, who predicted that from cents it will reached to thousands of value for bitcoin?
I believe majority did not see that, that's why only few got rich with investing in crypto, and these people who invested
are not sure if they will profit, but they are willing to take this high risk and accept if they loss.
It's finding the opportunity and they find it at the right timing.

Trading plan is extremely important if you want to be a successful trader. If you go without plan, you will surely be stuck in trades or be in a loss. The market these days is not very good and it requires a lot of planing if you want to make successful trades.

Not certainly; there are some scenarios which you wouldn't be able to plan. These scenarios usually knock only once and happen in very short time;  it can be considered as jockpot for a trader. A plan is just a guide, thus it won't decide your winnings.

but still it can reduce the risk compared to trading without a plan. we know that before trading, gathering useful information is very necessary, and making restrictions so that we avoid the risk of loss. when you don't make a plan, of course you will only hold back and wait for the price to return to normal, when the price has fallen.

I am somehow agree with your points but also will like to add a few from my sides.
A well trained trader always have a trading plan. Without it no one really can be saved from facing loses.
If you want to make money by becoming a serious trader or investor then you do really need to have a trading  plan.
Moreover the plan can be really beneficial in order to make yourself strong in order to bear loses.
I would really advice all the traders to make a plan and this will surely help to make you rich.

We do need a trading plan mostly in other not to over trade or cut profits when it is not due for that.  Many traders are cut in between because they have decided not to analyze the market and invest outside the trading plans they have in place.  I could remember when I was Trading forex and during one of the training we were told to follow our plans for consistency purposes and that is what op has mentioned again and that means it is much important for us as traders and investors.  It is you plan that lead you in the right direction in your business and that is to said our plans is our investments foundations.

A trading plan is a simple data that is recorded by observation and from the respective growth of the asset. Here the same pattern of growth won't happen when we get into buying or selling, we just move on some calculated predictions. This prediction needs to coincide with real growth. This won't happen every time as planned for every trader. By this time some experience loss and this can be eliminated with the help of trading plans.

Because by having a mature plan we will be more consistent to deal with everything well because it has a strong plan. Having good knowledge and skills is a plus for you to have a much better plan according to the conditions and trends at that time. So, by having a plan, at least we are not easily panicked when we find out about negative issues or falling prices and will remain at a strong stance to continue the struggle further.

It's an advantage for us to have a better plan to make right decisions and to have a certain guide for us to perform trading well. Is it simply done by observing some technical analysis. We can all make reliable plans on our own. It could make us trade confidently without any doubt.

For trading, we should always need to have different plans because without planning it is impossible for us to make profits. I have failed many times without any proper planning because it may fluctuate our mind whether the price will go down and this makes us think of panic selling.

We need plan in order to calcluate the risks we take on trading. We should plan if the coins we buy is for longterm or short term and we must know when we cut loses.It's important for us to know the basic rules on trading too. We should also know how to control our emotions as well.

You fail to plan, you plan to fail, is an expression that should answer the OP on the need for a trading plan. Trading is tedious even with a trading plan let alone when there isn't a plan. With plans mapped out, it should give the trader the parameters to check and help them control their emotions while trading.

Trading is like a battle, so you need plans to win this fierce battle. The Crypto market is constantly fluctuating, and you can make a lot of money in a few hours but you can lose the opportunity if there is no perfect plan.

I dont see any reason why a crypto traders need a trading plan since the crypto market is full of opportunities and it can leap to any directions any time but I think it most important for trading is seeking knowledge and the study of previous market trend because there some certain trend in the market which usually reoccur.

Trading plan is necessary, it's like a game plan and you follow that when you are trading.
You cannot make a working trading plan if you don't have the knowledge about crypto, so you need to educate yourself first.

it's true that there's a lot of opportunities, but it cannot be denied that it's full of risk here as well.

We need a trading plan for us to lessen our risk to get a low profit because we cannot say when will the market will go up and down, that is why we should always have a back up plan for us not to have any regrets. Right now, I am interested to use a a good trading platform which is Darb (https://darbfinance.com/?=crowd) finance that it is a wallet and an exchange of fiat and cryptocurrencies, you can easily convert all of your fiat into cryptocurrencies here and vice versa. Finding a good trading exchange is also a good trading plan for you to be secure and be confident to do trading.

I really read too many of these rules. but for the crypto market, you cannot apply most of the above rules. because the decentralized market always has very absurd things and we need to follow it if we don't want to die. In my opinion, new traders should try to invest in small amounts, they will learn faster instead of reading too much.

This is truly a real experience from an experienced trader. I really realized my mistakes when trading recently. I need to note this article again to read it every day. repetition will definitely help us remember it very well.

Yes, of course, we need a plan for trading. Because no work can be done without planning. And trading is a very complex and risky topic, so before trading, you need to have a good plan. The right plan makes the job easy. So I think planning is a must to succeed in trading. Not just trading, planning is necessary for all purposes. So we need trading. According to the plan, there will be a success in trading.

Thank you

There is no perfect plan in trading as well,just use the current state of cryptos into your side by buying or selling.Plan can be defined as our goal too in trading without having proper target to achieve we can't aim anything so set a prior target and march towards it.

You're right. Also, the trading plan will be a good way of self-motivation and will help to make your trading more consistent and structured. Having a trading plan is very useful.

I don't think a well-designed trading plan works for pump and dump coins. You don't need any of that sort to gain profit from those crap coins. Just know the right time when to enter and exit. But you will be unfortunate if you are late for the party, you will be a bag holder instead.

I believe something carefully planned can give maximum results compared to doing something without a plan. This also applies to crypto trading which is very draining because the price often changes so that in making that decision it must be correct.
In crypto trading, you cannot rely on mere feelings, but must be in a smart way of thinking and a strong level of emotional control, so that decisions are made when the trade is profitable.

I don't know whether or not a person can get a maximum results with a plan, but working with a plan will help us do everything in order and may get rid of confused. For me, working without a plan is like working without a purpose, you will quickly lose your way. Not only in crypto market, but also in all kinds of jobs in life. In addition, when you make a plan, you even save lot of time. Anyway, making plan is a virtue in doing anything, so we'd better form and maintain this virtue.

Trading plan helps us to accurately gain from out trades. Without planning, we might end up lossing on our trades which is not a healthy indication for a business.

maybe we can become less confident with the plan we have made. well, I always do that before starting my business. the strategy is also able to help us in setting goals, and avoid the risks that can destroy someone.

This should not be ask in the first place, it's already understand, when you are trading you need planning, it's a basic thing every trader has to do.
Even newbie needs to have a trading plan, that's our guide in what we do, that's very simple to understand that it's necessary.

Actually not even in trading plans are needed,in our daily life we also need this so from this point of time everything that involves our life needs to be planned
And its not also for newbie or old times,because this is a obligatory if you need to profit here

Indeed, the plan will create accuracy for our work when we know how to handle situations in the market, we will not need to be too hasty or anxious when faced with special or unexpected situations because it has always been in our plan. In addition, with such a clear set up, our work achieves good results and doesn't waste too much time, limiting a lot of losses because when we don't have a trading plan, we are often very pressured and difficult to make decisions, which creates many wrong decisions and creates damage.

Great article! We really need it all, especially concerning market analyzing

It is so important for altering ur perspective on trading, i follow only exchanges who provide such material base

Anything specific on ur mind? I wouldn’t mind following such ones

Without proper plan in place you cannot succeed in trading.  It is your plan that do expose you to trading opportunity that will not milk your funds.  Many people and traders jump from one strategies to another because of lack of trading plan and as such lose money.

I'm not a kind of person who just stick to one strategy, I used to think what should be the best strategies in a certain situation. We need to be an effective trader and this may help me to be not out of the race and so my plans will subject to change at any time (plan A and B). This is very important and to know which one is effective and applicable to the current situation.

In trading, the plan is necessary, as it helps not to depart from the goals and it is always convenient to see how many percent of the profits you need to get to earn a certain amount, otherwise a person will not feel the results of their activities and carefully dissipates

I simply needs the plan to learn my investments progress if i am earning or not,i also need a plan for every steps of my investments journey in every profiteering i engaging and so far all i can say is good and better than nothing at all.
I also use this same planning for my daily living and putting plans from a to d for much appreciated future

well, it's like planning what to do. when you don't plan what you are going to do, it makes the possibility of risk getting bigger. it's not different from trying or gambling. therefore, the strategy is very important.

We are investing our precious money into trading, so we need to have a plan for trading because before investing we need to some rules otherwise, we might sell them for low prices. Even sometimes we might lose our patients due to the market situation, so in these cases, we have to be very strong.

Working without plan is not good as you said we will have to make plans even for our daily routine life, as there are so many things comes across our trading journey so we can change our decision accordingly, but it is very important to have plan for trading, make sure you are gonna trade for long term and never sell in hurry or at panic, holding until it rise higher.

I have made some trading plans before but because the market is always unpredicted, I stopped doing it and just adapt accordingly. I have plans like buy this or buy than for only this amount but I end buying again because it dip a little more. And another one on selling is you can  miss more profits if you sell or you'll just miss the profits if you hold more so my plan can be useless anytime.

Which is most of the time  effective for traders who value their money, following all of those plans and maintaining your sets of goals will let you lessen the risk, it's giving you hint when market is favoring you or it's against your position, you need to be precise and concretely following all your goals to maximize everything according to the plans.

Trading plan could provide us a desired guide on how to manage an asset, whether the price dumped or pump a better price. If you're holding a long term asset you needed to wait for several months in order to gain a profitable value in order to sustain in the long run. Don't apply day trading using buy and sell method when you find that asset has no progress at all. Planned investments could have positive impact on each and every milestone of your trading career. If you're doing every strategy in accordance to your will and perseverance, one day you'll be one of the successful person full of skills that cannot be stolen. Because being a trader isn't just a trial and error but a serious task that involved money.

Yes if we will have plan about what we are doing we will reduce the risk, we will know what will have to do at the movement of the market, we will have to make plan that how long we are going to hold and how long we can take it as saving, and trading is good for long term trading saves our money from suffering lose, we should know when buy and when to sell.

Yes that is right. You just cannot start trading at once without have prior information and experience about the market. It needs you to be consistent and patient and you could only make big if you speculate for long term. I say that because in the short term, the decision making power of many people who are new in the market is very down and they loose the money by deciding the wrong thing. So little money for trading makes you good at it. Try big afterwards.

Everything within trading should be done after a planning for it. It means we should not make a decision on the spot. We must take time to analyze so that we may study its pros and cons and only when pros is having more weight then we may start implementing/executing it. Yes, we always need trading plan for every action of trading.

We need a trading plan because without a trading plan we cannot achieve success in trading from trading. Everything is needed for proper planning and when there is a question about trading then there is no other way than proper planning. Trading is a very difficult job and it is more difficult to earn with this work. If we do not have the right planning for trading then we have to face financial losses. So, we should take proper planning for trading.

Long term trader doesn't need any trading plan other than how much profits you aiming for but short term and day trader definitely need the strategy  for the current maket condition.Just holding until the price increase isn't for trader they need to pull out profits even when the market is dull and bearish.

Have a look at my trading signal thread where you will find good timely signals .

Thats enough explanation on how Planning might help us,and the main reason of why trading plan is needed in our daily living?because life must be optional because nothing is permanent in this world and specially in cryptocurrency where volatility is always in action so with Plans Incase things go wrong still we can have option to recover.
Always put plan above everything for better future of our investments here in crypto and in our life

It is not good to start anything without proper plan so specially in crypt currency trading we will have to make good plan and then start, now a day price is really good so we can make a plan to invest some money in trading, later on we can make plan to hold according to the price change, if we will have proper plan we will not get worry about the marker changes.

Of course the long term traders are not much hurt by the bear market even if they do not have a plan but it is important to have an insight into the future of a particular coin in the market.

Investing in a coin that does not have any future or has a bad project is more like a suicide and here is why you need to be curious and strategic about the coin selection. Once you have some good coins in your wallet, holding for long could be instrumental in giving back great returns.

We need trading plan in order to maximize profits and minimize risks.
If you are interested in trading and do not know what to start with you can check "Trading Academy" provided by Monfex
There is a lot pf useful information for beginners

It is very important to have a trading trading plan. But in real talk planning is really much differ into actual trading.
Because most of the traders when it comes to actual or manual trading the planning program usually not fulfill 100%,
there might be some of it follows but not all something like that.

We really need a trading plan because trading is not easy money. We need to learn first the basic step on how to deposit and how to withdraw, how to buy and how to sell and etc. Even the professionals in trading will not say it easy but because they have a lot of experiences and ideas, mostly they get much profit in it.

Trading is just like marriage. Yes, you can enter freely and anytime, but you can't out whenever you want. We need to have plan in anything we will do. Because if you will not plan a certain thing, you don't know what will happen along the way. Preparation is a key to success. If you know you are prepared, even you encounter some troubleshoot in trading, you can come up with the good result. Trading needs plan because we are talking here about capital and our income.

I think it's this simple - He who fails to plan, plans to fail. How do you set out on a journey without having a cut clear vision of where you are going to. The bottom line is that most traders think that trading is child's play and shouldn't be taken seriously. Trading is a real business and should be accorded that respect.

They are beginners, what do you expect there?

Plans, strategies, that are needed as a trader since not all of them time, things that you are thinking will go out that smoothly. You should be able to think of a way to minimize your losses and at the same time maximizing your profit. Getting ready to what might happen in the future is great way to deal with losses especially with a volatile investment.

You can count on luck.and random.profit for a while but that will not last long. If you want to be serious trader you need a plan or better to say you need to develope your strategy, define your goals on long term and short term and see how much you can invest to get there. Don't underestimate the importance of planning, it might help you to be more successful.

But in crypto , they are totally unpredictable so even experienced trader can experience losses !

Yes, trading plan is minimalize the losing chance or controlling the trading !
Just want to say for preparing the worst when you decide to keep trading on it

A trading plan is needed despite the fact that the crypto market is volatile. Simply you should make corrections in this plan, and also make it more flexible. In other words, you should work out at least 3-4 possible scenarios of future behavior of the cryptocurrencies, and make a plan for each of them beforehand. Really, this strategy works always, and not only in a crypto world.

Well, yeah. But I'd like to mention that having a plan is not quite about gambling. For example, in cards games you can be saved by following some strategy and "golden gambling rules". But if you deal with slots, it's another story that is full of RNG.

We need a trading plan because we need to learn about the techniques in how to make profit in trading. Its important to know all about trading so that we can profit much more than we expect. In life without a plan is useless, just like a house you have to do a plan first before building a house.