WHY DO WE NEED A TRADING PLAN ?

[Vinz1978]

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".

[X-Infinity]

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.

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

[gabmen]

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".

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.

[Oilacris]

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".

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.

[raghovsing34]

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.

[Efiraboy]

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.

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.

[pundit]

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.

[Cliarbikr]

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.

[royaleFlag]

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".

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.

[velive08]

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.

[gurang]

- 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.

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

[mornabo]

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.

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

[metalglowd]

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.

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

[BlackPanda]

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.

[EthereumBAg]

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.

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.

[avarnet]

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

[shursight]

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.

[Brigalabdis]

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.

[Baofeng]

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

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.

[jony35490]

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. 

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.