Do you stick to your trading plans

[Dilerium90]

My bitter and difficult four years of trading experience has shown that you need to be flexible, but at the same time stick to the plan at all costs. Because I could earn for months, but after moving away from the plan i could lose a large amount of earned money in one deal.

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[ice098]

Being a trader for me is not a good thing job, in my experience I've encountered many things I earned several times, and loss as well, but unfortunately at the moment, I still survive for a couple of years since 2015. That is because of the belief I have in doing trade here in cryptocurrency, although sometimes I'm not sticking on the plans I have for it.

Well the essence of trading was incomplete if a trader only experienced winning right. Winning and lossing are the two main categories of essence when it come to trading, investment or even in the real businesses. For me it is hard to stick on your own trading strategies and techniques because the crypto market trend are keep on varrying. We should have to cope up whats the trend right but at some point there are certain trading plans and strategies that works only for you and works through time.

[tvplus006]

Being a trader for me is not a good thing job, in my experience I've encountered many things I earned several times, and loss as well, but unfortunately at the moment, I still survive for a couple of years since 2015. That is because of the belief I have in doing trade here in cryptocurrency, although sometimes I'm not sticking on the plans I have for it.

Well the essence of trading was incomplete if a trader only experienced winning right. Winning and lossing are the two main categories of essence when it come to trading, investment or even in the real businesses. For me it is hard to stick on your own trading strategies and techniques because the crypto market trend are keep on varrying. We should have to cope up whats the trend right but at some point there are certain trading plans and strategies that works only for you and works through time.

I think that everyone has violated their trading strategies in the past, and this could be caused or influenced by strong emotions, or it was a conscious risk when the upcoming profit exceeds the possible losses. Perhaps this is the main difference between a trader and trading bots)

[Obito]

My bitter and difficult four years of trading experience has shown that you need to be flexible, but at the same time stick to the plan at all costs. Because I could earn for months, but after moving away from the plan i could lose a large amount of earned money in one deal.

Have it bore any fruits now though since you are still trading even after four years. You are right about the one deal that could waste months of effort, I have story about it although it isn't about trading, there was this dude in my neighborhood who was known miser and saved a lot of money and one silver-tongued devil was the reason for the loss of all his savings, dude got caught in a pyramiding scheme.

[Viscore]

My bitter and difficult four years of trading experience has shown that you need to be flexible, but at the same time stick to the plan at all costs. Because I could earn for months, but after moving away from the plan i could lose a large amount of earned money in one deal.

For some reason that we need to change our plan if we notice that it is not really effective and not working efficiently. And that also because of the market volatility. But if we think that we are already good at our first plan, then there is no reason to change it. Maybe trying for our plan B is a sort of testing to find which one could give the best results and find no wrong with that.

But in your case, I think you know already. It looks like your first plan works great and you don't need to find another, only you need now is to continue what you are doing.

[Yatsan]

Most of the time I do stick into my plan when it comes to trading. But since we are working with a highly volatile market, there will be instances that things do happen that is unfavorable or out of the plan which needs to stick out of it and think of the best approach that will suit the situation. I somewhat having back up plans as well based on the possible assessment I have in my mind but if still things do not work out, I need to hang up a bit to strategize on the spot or take a rest for a while to assess what I am supposed to do.

[YOSHIE]

Every true trader has a target he/she wishes to hit a day for day/week depending on the kind of trader such person is.

What you are talking about is very much determined by your own trading capital, where everyone has their own character to determine crypto trading be it daily, monthly and long term.

Very simple, large capital daily trading is very convincing and small capital long-term trading is also a positive thing, many people have their own methods in this regard, if I depend on the capital I bet to determine the daily and monthly trades.

[sana54210]

I somewhat having back up plans as well based on the possible assessment I have in my mind but if still things do not work out, I need to hang up a bit to strategize on the spot or take a rest for a while to assess what I am supposed to do.

Backup plan is something, I'm not working on right now but it is in my plan for a very long period of time. This is because of I am confident about my primary plan because I have tested it for multiple times and only after many trail run, I am entering into a real market so it is obvious for me to be having only one trading plan.

After lots of experience in crypto trading for years, nowadays I am simply following all my plans as I never deviate any of my predetermined steps. Still I need to admit that I have breached all my trading plans in my beginning days but over the experience sticking with plans become a practice.

[abel1337]

I somewhat having back up plans as well based on the possible assessment I have in my mind but if still things do not work out, I need to hang up a bit to strategize on the spot or take a rest for a while to assess what I am supposed to do.

Backup plan is something, I'm not working on right now but it is in my plan for a very long period of time. This is because of I am confident about my primary plan because I have tested it for multiple times and only after many trail run, I am entering into a real market so it is obvious for me to be having only one trading plan.

After lots of experience in crypto trading for years, nowadays I am simply following all my plans as I never deviate any of my predetermined steps. Still I need to admit that I have breached all my trading plans in my beginning days but over the experience sticking with plans become a practice.

You should have at least an idea of what you need to do or to react if you experience such situations. A backup plan could be the one that can save your primary plan if it failed but it doesn't necessarily mean you need one on every trade, there is someone who can do something on the spot. But it is always better to be ready when the situation comes.

[Fredomago]

I somewhat having back up plans as well based on the possible assessment I have in my mind but if still things do not work out, I need to hang up a bit to strategize on the spot or take a rest for a while to assess what I am supposed to do.

Backup plan is something, I'm not working on right now but it is in my plan for a very long period of time. This is because of I am confident about my primary plan because I have tested it for multiple times and only after many trail run, I am entering into a real market so it is obvious for me to be having only one trading plan.

After lots of experience in crypto trading for years, nowadays I am simply following all my plans as I never deviate any of my predetermined steps. Still I need to admit that I have breached all my trading plans in my beginning days but over the experience sticking with plans become a practice.

You should have at least an idea of what you need to do or to react if you experience such situations. A backup plan could be the one that can save your primary plan if it failed but it doesn't necessarily mean you need one on every trade, there is someone who can do something on the spot. But it is always better to be ready when the situation comes.

Adjustment when it's needed back up plans might save you to lose a lot from your initial investment,
 having one is really important towards your journey to this business.
Even you have good knowledge and you already performed everything that you know about the market,
there's still situation where you needed to decide.

With good back up plan you'll able to recover much quicker or able to grab decent profits whatever market brings to your way..

[beerlover]

You should have at least an idea of what you need to do or to react if you experience such situations. A backup plan could be the one that can save your primary plan if it failed but it doesn't necessarily mean you need one on every trade, there is someone who can do something on the spot. But it is always better to be ready when the situation comes.

I am seeing a lot of traders are not at all aware of secondary trading plan; they are simply trading only with one plan and when there is something unexpected happening then they are not having any other option rather than being stuck. It is completely not making any sense when our trading plan will be working all the days; we must expect something to happen unexpectedly and then we must have another plan to tackle that situation.

It is kind of having stoploss for our trades because we are not expecting all the time target to be achieved; but we must expect stop loss also could be reached at any time. Same applies to secondary plan as well.

[Silberman]

That's right, you must learn on your own and now relying on your friend even though you trusted your friend.
I guess it takes months for you to study and research technical or even fundamental analysis before you learn on your own in trading but at least you are not relying upon your friend's work.

A trading plan is very important to stick with to avoid possible huge losses, it will I guess mislead you if there is a distraction and it will miss the opportunity that supposedly you can gain profit on it.

Learning how to trade is hard but having a friend there trying to teach you how to do it makes all the difference of the world, after all most people here in the forum had to learn how to trade the hard way and they had no one to guide them and they had to decide which methods actually worked and which did not, but if you have a friend that knows how to trade and it is willing to guide you then this becomes way easier and you could become profitable a lot sooner.

[Sinjokubhi]

You should have at least an idea of what you need to do or to react if you experience such situations. A backup plan could be the one that can save your primary plan if it failed but it doesn't necessarily mean you need one on every trade, there is someone who can do something on the spot. But it is always better to be ready when the situation comes.

I am seeing a lot of traders are not at all aware of secondary trading plan; they are simply trading only with one plan and when there is something unexpected happening then they are not having any other option rather than being stuck. It is completely not making any sense when our trading plan will be working all the days; we must expect something to happen unexpectedly and then we must have another plan to tackle that situation.

It is kind of having stoploss for our trades because we are not expecting all the time target to be achieved; but we must expect stop loss also could be reached at any time. Same applies to secondary plan as well.

Yups, trading without a trading plan is the same as traveling without knowing the direction and location of your destination. Your goal in trading is to achieve consistent profit, but that's complete nonsense if you don't know how to achieve that goal. With a trading plan, you will know what you have to do. You'll also find out quickly that you are going in the wrong direction. You will have a standard against which to measure your trading performance and will always know what to do if you go wrong. A trading plan will also help reduce the potential stress and emotion when you trade.

Actually you can, trade without a trading plan, but your trading style will be messy or chaotic. Buy and sell based solely on instinct or unclear signals. That's not trading. It's the same as gambling. Having a trading plan does not absolutely guarantee that you will be successful. But at the very least, by having a trading plan you will be able to evaluate what went wrong with your trading if you failed. In fact, failure in trading is caused by not having a trading plan or not carrying out a trading plan properly.

[kolbalish]

Trading requires a lot of patience. Many ups and downs are traded. Occasionally a very good situation and sometimes a very bad situation has to be confronted. It is desirable to endorse everything normally. You should not beat back from trading after a bad condition or during a bad condition. Above all, you have to operate from the stick in your trading plan.

[Xinarae*]

It is also important to have a good friend when it comes to trading with your skills. I learn something new from them you need to come up with a plan that will allow you to achieve your goals once it’s ready just follow it to the best of your ability remembering that even if you do you can still occasionally lose trading plan especially for novice traders it takes real skill to be able to make a substantial percentage of profit through trading. For successful traders their wins can be attributed to a combination of skilled some luck and a good trading plan to rely on.

[darewaller]

It is also important to have a good friend when it comes to trading with your skills. I learn something new from them you need to come up with a plan that will allow you to achieve your goals once it’s ready just follow it to the best of your ability

You refer trading in groups? I am also seeing there are lots of benefit we can enjoy when we are trading in groups. Because it will be easier for sharing knowledge and other trading related things when we are having friends around while trading. At the same time there are chances for getting deviated just because of fun, friends usually make.

For successful traders their wins can be attributed to a combination of skilled some luck and a good trading plan to rely on.

That list must be very big and we cannot simply remember all of them at any required times and this is the reason just making all of those requirements of trading as the habits will help us not to forget any of them to follow.

[fullhdpixel]

I am also seeing there are lots of benefit we can enjoy when we are trading in groups. Because it will be easier for sharing knowledge and other trading related things when we are having friends around while trading. At the same time there are chances for getting deviated just because of fun, friends usually make.

But, trading in groups might lead to deviate you from sticking within your trading plans. I mean when you are trading alone then you might get chances to be sticking with your all tested trading plans more consciously but when you are interacting with your friends then that may lead to distractions which may push you to take ad-hoc decisions.

I never tried trading in groups. I will not attend phone calls when I am into my technical analysis. Because, I need very calm environment to make my financial decisions accurate. I guess this alone helped me to be sticking with my trading plans all the times.

[Peanutswar]

If you want to trade without having a plan you are not trading instead you are just wasting some time and money it's better to always set a plan to your self avoid getting to a fight without a sword always checks the possibilities to earn or to lose sometimes the eager too hard to control so always take back on the plan if you feel lose back to the plan always stick to the plan if you won't follow your plan you will suffer next for your decisions this is the common mistakes of the newcomer trader they wanted to earn immediately and not taking a step for each milestone.

[Questat]

If you want to trade without having a plan you are not trading instead you are just wasting some time and money it's better to always set a plan to your self avoid getting to a fight without a sword always checks the possibilities to earn or to lose sometimes the eager too hard to control so always take back on the plan if you feel lose back to the plan always stick to the plan if you won't follow your plan you will suffer next for your decisions this is the common mistakes of the newcomer trader they wanted to earn immediately and not taking a step for each milestone.

Plan A and Plan B...all of these must be present before trading. What set of plans we follow is depending on the market situation. We sometimes skip our plans as we notice that it will never work, maybe it was an unpredictable change but we can't avoid this in trading especially when we are dealing with a volatile market.
Trading couldn't just be a set of plans, but this was also on how we respond to the market changes. It needs more on the analytical decision and it finds so hard when don't have experience.

[geegaw]

If you want to trade without having a plan you are not trading instead you are just wasting some time and money it's better to always set a plan to your self avoid getting to a fight without a sword always checks the possibilities to earn or to lose sometimes the eager too hard to control so always take back on the plan if you feel lose back to the plan always stick to the plan if you won't follow your plan you will suffer next for your decisions this is the common mistakes of the newcomer trader they wanted to earn immediately and not taking a step for each milestone.

Indeed, a hero always needs a good strategy to win battles, otherwise, their actions to participate in battle will be relatively suicidal, trading is a battlefield where there is no benevolence among everyone, we are making each other's money to become the strongest, so not planning would be bad and too dangerous. The plan is a protective wall of our moves in trading, sticking to it will increase our chances but a certain plan will not be enough, we need to put together more plans to cover every situation