How Visible is your trading plan

[sana54210]

Trading plan is one thing that cannot be neglected and for better result it best when it is visible. It is the vision a trader runs with. If a trader fails to plan such trader eventually plans to fail. When the heat of the market sets in we often forget our plans and trade from what ever our instinct suggests.

Pro traders never deviate from their trading plans which shows the power of experience. People who still listen to instinct, should trade only in demo environment or should trade with least enough capital to gain that "experiences". Setting up a plan is easier but bring up results out of those plans is harder than anything else; so, if you find yourself unable to stick within your own plans, then I guess that must be the right point to quit trading.

Another option for those who never accept quitting as a right solution, hodling. We cannot have this alternate in most other markets but bitcoin spot trading provides such a wonderful thing.

Execute your trading plans; if results are not in your favour then become a BTC hodler. Peace .

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[Flexystar]

Interesting thought but never thought about anything like this. I mean who writes a plan about the trading if it is based on practical approach and it is always changing and lively with the time? I could not think about any plan or something which I could build as solid way to make a trade. That's just impossible since everyday I wake up and see the graph, the candles would go very far from the flag line, the market would be unreal by that time and what I might have imagined as my next step. I think I would love to trade just normally with the market situation and after studying it thoroughly.

As standard practice it's always good to learn the trading patterns, which can give us ideas about the market in TA. Well, I think I can print those patterns and have them on my sticky board, but having a whole plot about our next move in the trading seems little off track for me.

[South Park]

Interesting thought but never thought about anything like this. I mean who writes a plan about the trading if it is based on practical approach and it is always changing and lively with the time? I could not think about any plan or something which I could build as solid way to make a trade. That's just impossible since everyday I wake up and see the graph, the candles would go very far from the flag line, the market would be unreal by that time and what I might have imagined as my next step. I think I would love to trade just normally with the market situation and after studying it thoroughly.

As standard practice it's always good to learn the trading patterns, which can give us ideas about the market in TA. Well, I think I can print those patterns and have them on my sticky board, but having a whole plot about our next move in the trading seems little off track for me.

If you cannot describe your strategy with words can you really say you have a trading strategy? Not everything can be done by instinct, you need to have some sort of way to determine the size of each one of your trades, your stop loss, the leverage you will use, if you use any, how long you will keep that position open and many other factors which are indispensable to become a profitable trader, if this cannot be put in writing form then I find it difficult to believe such trader will become profitable

[ShowOff]

Having notes on trading plan is probably not what I need, and so far I haven't. Trading is an attempt to make a profit that should not be planned or written down in note, you may be able to take advantage of the market situation to make a profit, that is for something that is not written down.

So far I'm not planning trade, but I'm planning an investment which has been in good progress so far. My portfolio is expected to continue to grow over time and I'm starting to focus on becoming long term holder. I tend to think about how I can get extra money to accumulate assets, this is much more important to me than planning trades by writing notes.

[wxa7115]

Having notes on trading plan is probably not what I need, and so far I haven't. Trading is an attempt to make a profit that should not be planned or written down in note, you may be able to take advantage of the market situation to make a profit, that is for something that is not written down.

So far I'm not planning trade, but I'm planning an investment which has been in good progress so far. My portfolio is expected to continue to grow over time and I'm starting to focus on becoming long term holder. I tend to think about how I can get extra money to accumulate assets, this is much more important to me than planning trades by writing notes.

It surprises me a little bit to see so many comments against the idea of documenting your strategy and even your trades, when it is such a basic thing to do when it comes to learning.

In fact the whole idea of documenting the events which have already happened is to not forget them and to have a precise idea of what happened as a way to avoid making the same mistakes again and again, and this is not only true with trading but with everything else, as it is why we keep record of the major events around the world so we can avoid the negative ones and it is the reason scientists keep detailed records of their experiments as a way to demonstrate their theories.

[Mr.right85]

Having notes on trading plan is probably not what I need, and so far I haven't. Trading is an attempt to make a profit that should not be planned or written down in note, you may be able to take advantage of the market situation to make a profit, that is for something that is not written down.

It surprises me a little bit to see so many comments against the idea of documenting your strategy and even your trades, when it is such a basic thing to do when it comes to learning.

Am in agreement with you on this. I realy really think trading plans should be laid out with proper documentation. Its simply doing your analysis and defining possible occurances in the market with how to take advantage of it should it be positive or how to exit when negative. It helps in ways like;

1. Keeping you in check and on track
2. It helps you to get confidence in your analysis when right and the opposite when wrong.
3. It serves historical purposes on what to expect. Perhaps the platforms used in trading might have some data to this regard but, your pre analysis before it actually plays out is more valuable and builds confidence.
4. It defines the level of risk your taking repaired to take in the market.
5. It also prevents you from unnecessary loses by not being too greedy in the market.

Having a trading plan documented is a good step for me.
It depends on the individual surely but, whatever goes is the way to go.

[GeorgeJohn]

I do not need to have my trading plan (strategies) written anywhere when I have it within myself, gotten from experience. I do not write anything down about trading learning process, I know what to avoid, I know what to do, I know how to risk little, I know indicators can fail etc.

Do you know that to be good teacher you most have a qualified Note of lesson, so it's applicable to someone that have the record or strategies of trading in it's documents and especially the risk condition or measure that is involve. so it's important to have a record of trading steps it's should Incase of reference or remembrance purpose, so it's needful that to have the necessary steps of making well through trading as a working documents.

[Fondarchand]

Actually in all fileds specific steps are necessary to achieve certain aims and goals. Traders needs to adopt specific strategies but a single strategy never work all the times. Some people do trading but have zero knowledge about trading so I think that realize about the rules and regulations then take part in trading.

A person should plan that which amount of cash should be invested but the lower amount should be used for the Initiation of trading so the benefit will be that if unfortunately the price decreases so there will be less loss.

A person  should always be careful when he trades, active mind also aids to get the profitable results.

[Gladitorcomeback]

Now a days every single person wants to trade and multiply their revenue but at starts everyone passess through difficulties. Some people win and some people loss their hopes and leave cryptocurrency trading. A person can be a profitable trader if he first judge the trading marketplace then try to understand all the information which are related to the trading.

If a person wants to overcome the loss percentage then setting of stop loss can help to reduce the percentage of losing revenue. Some real crypto groups provide signals if a person follow these signals then the percentage of winning income can also be increased. But first get information about the group, it admin and participants if they are not scam then surely follow these signals.

Always focus on price prediction and do not get rid of your coin at lower price just wait until the price goes up once more.

[crzy]

I do not need to have my trading plan (strategies) written anywhere when I have it within myself, gotten from experience. I do not write anything down about trading learning process, I know what to avoid, I know what to do, I know how to risk little, I know indicators can fail etc.

This is the result of having a good knowledge about trading, you can understand the trend and act accordingly based on your target plan and based on your strategy. Writing done you strategies might be a big help but to some its hassle so they created their strategy like this. Though I believe monitoring your transactions are still ideal, personally I have my track record of my trades and it motivates me to be more productive.

[AmoreJaz]

I do not need to have my trading plan (strategies) written anywhere when I have it within myself, gotten from experience. I do not write anything down about trading learning process, I know what to avoid, I know what to do, I know how to risk little, I know indicators can fail etc.

This is the result of having a good knowledge about trading, you can understand the trend and act accordingly based on your target plan and based on your strategy. Writing done you strategies might be a big help but to some its hassle so they created their strategy like this. Though I believe monitoring your transactions are still ideal, personally I have my track record of my trades and it motivates me to be more productive.

maybe you can jot down your major strategies but i can understand that most will trade on the spot based on their acquired skills and experience. which is also true for me. with so many things that we need to write down, we prefer to use our stored knowledge to act on certain situation.

[kamvreto]

The plan in trading in general is a rather imaginary thing. It should be understood that you need to be universal, but at the same time, the main task of the plan, in fact, is to understand in general what you should look at while working.

Whether it's imaginary or not, the most important thing is how to implement a trading plan in real trading. Because the trading plan must be in accordance with the current market conditions. We have to look at the available data in order to have a good trading plan. If there is no good data source then no trading plan can be applied.
The trading plan is only limited to carrying out several plans that will be carried out when trading, but it will not be fully used when the market is not what we expect. There must be a backup plan. In the trading plan, there are several management that must be done to support the trading plan to be successful.

[bettercrypto]

 Because when I see the trading chart that is needed to trade, I will do it immediately, as if it can be done at any time, it depends on each one of us. I do this as a part-time source of income.

   Now, when I get a good handle on it, that's when I'll decide to do it full-time, it's just that simple to do as an individual community in this industry.