WHY DO WE NEED A TRADING PLAN ?

[katerina5643]

We need trading plan in order to maximize profits and minimize risks.
If you are interested in trading and do not know what to start with you can check "Trading Academy" provided by Monfex
There is a lot pf useful information for beginners

[1714619754]

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[1714619754]

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[1714619754]

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[Babyrica0226]

It is very important to have a trading trading plan. But in real talk planning is really much differ into actual trading.
Because most of the traders when it comes to actual or manual trading the planning program usually not fulfill 100%,
there might be some of it follows but not all something like that.

[jeraldskie11]

We really need a trading plan because trading is not easy money. We need to learn first the basic step on how to deposit and how to withdraw, how to buy and how to sell and etc. Even the professionals in trading will not say it easy but because they have a lot of experiences and ideas, mostly they get much profit in it.

[Nellayar]

Trading is just like marriage. Yes, you can enter freely and anytime, but you can't out whenever you want. We need to have plan in anything we will do. Because if you will not plan a certain thing, you don't know what will happen along the way. Preparation is a key to success. If you know you are prepared, even you encounter some troubleshoot in trading, you can come up with the good result. Trading needs plan because we are talking here about capital and our income.

[Mpamaegbu]

Trading plan helps us to accurately gain from out trades. Without planning, we might end up lossing on our trades which is not a healthy indication for a business.

I think it's this simple - He who fails to plan, plans to fail. How do you set out on a journey without having a cut clear vision of where you are going to. The bottom line is that most traders think that trading is child's play and shouldn't be taken seriously. Trading is a real business and should be accorded that respect.

[Janation]

a trading plan must be needed, because trading cannot be carried out easily. must have a plan, technique and others. it is useful for making profits and also minimizing the risk of large losses. because many beginner traders who can not control and provide trading plans and they have failed.

They are beginners, what do you expect there?

Plans, strategies, that are needed as a trader since not all of them time, things that you are thinking will go out that smoothly. You should be able to think of a way to minimize your losses and at the same time maximizing your profit. Getting ready to what might happen in the future is great way to deal with losses especially with a volatile investment.

[bitbunnny]

You can count on luck.and random.profit for a while but that will not last long. If you want to be serious trader you need a plan or better to say you need to develope your strategy, define your goals on long term and short term and see how much you can invest to get there. Don't underestimate the importance of planning, it might help you to be more successful.

[izanagi narukami]

But in crypto , they are totally unpredictable so even experienced trader can experience losses !

Yes, trading plan is minimalize the losing chance or controlling the trading !
Just want to say for preparing the worst when you decide to keep trading on it

[trickyriky]

But in crypto , they are totally unpredictable so even experienced trader can experience losses !

Yes, trading plan is minimalize the losing chance or controlling the trading !
Just want to say for preparing the worst when you decide to keep trading on it

A trading plan is needed despite the fact that the crypto market is volatile. Simply you should make corrections in this plan, and also make it more flexible. In other words, you should work out at least 3-4 possible scenarios of future behavior of the cryptocurrencies, and make a plan for each of them beforehand. Really, this strategy works always, and not only in a crypto world.

[bcoinseliot]

Trading without any trading plan will ve the same thing we jump in to gambling, because trading plan possible to minimize the risk and to maximum the profit. No one trader possible to make profit by consistenly without any trading plan.

Well, yeah. But I'd like to mention that having a plan is not quite about gambling. For example, in cards games you can be saved by following some strategy and "golden gambling rules". But if you deal with slots, it's another story that is full of RNG.

[Wonder_woman]

- 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 a trading plan because we need to learn about the techniques in how to make profit in trading. Its important to know all about trading so that we can profit much more than we expect. In life without a plan is useless, just like a house you have to do a plan first before building a house.