WHY DO WE NEED A TRADING PLAN ?

[BigTeeths]

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.

[OrangeII]

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.

[Xising]

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.

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.

[emmybd]

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.

[playboy654]

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.

[Wexnident]

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.

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 .

[pundit]

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.

[mersal]

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

[whirlcoin]

- 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.

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.

[BitcoinTurk]

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.

[boty]

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

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.

[shield132]

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.

[79b79aa8d5047da6d3XX]

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

[dominos]

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.

[StarofBTC]

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.

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.

[MFahad]

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. 

[Thanasis]

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.

[SvonioneFromMangoCoinz]

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.

[sujonali1819]

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

[Bdstar]

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.