WHY DO WE NEED A TRADING PLAN ?

[el kaka22]

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.

[romero121]

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.

[Malsetid]

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.

[Finestream]

If you don't have any plan whatsoever on how to trade like when to buy and sell or how to choose the best options for investing you will have a hard time trading right, and emotions involved during trades won't help you either, having some basic knowledge of TA atleast can help you to have some kind of plan for both buying and selling.

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.

[Noa_Amable]

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.

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

[moynul2050]

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.

[kalstarzz]

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.

[MFahad]

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.

[GregH37]

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.

[John46285]

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. 

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.     

[GreatArkansas]

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.

[DoublerHunter]

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 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.

[Mahanton]

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 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.

[Dreamchaser21]

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.

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.

[HatakeKakashi]

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.

[Polar91]

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 dometimed I buy and sell coins depends to the market.

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.

[Lpim01]

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 dometimed I buy and sell coins depends to the market.

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.

[Aivaryamal]

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

[Pattart]

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.

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

[Siren]

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

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

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