WHY DO WE NEED A TRADING PLAN ?

[Vaculin]

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.

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.

[Cherylstar86]

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.

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.

  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.

[bhabygrim]

- 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.

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.

[senyorito123]

- 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.

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.

[btc78]

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. 

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

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.

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.

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

[gabbie2010]

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.

[nasipadang]

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.

[Aivaryamal]

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

[btcyoda]

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.

[Vaskiy]

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.

[Kasabus]

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.

[noormcs5]

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.

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.

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.

[Wintersoldier]

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.

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.

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.

[Dr.Osh]

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.

[LimLims]

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.

[arpon11]

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.

[AjithBtc]

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.

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.

[hahay]

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.

[Ailmand]

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.

[miningguru]

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.