WHY DO WE NEED A TRADING PLAN ?

[Roukawa]

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.

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[Coolman4]

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   

[supermine]

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.

[aaaldy]

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

[Ridwan Fauzi]

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.

[deppil]

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

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

[larkinvain]

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.

[MasterJek]

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.

[CodyAlfaridzi]

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.

[JanePorter]

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.

[EXtremeAEX]

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.

[Lorin]

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.

[cryptowolfsu]

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.

[haroldtee]

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.

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.

[coinplus]

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 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.

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

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.

[Lpim01]

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.

[Kez1817]

   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.

[jambul_kribo]

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.

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.

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.

[jamids]

   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.

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.

[Aramazdi]

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. 

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.