The importance of a trading plan

[tottong]

A trading plan is crucial because it provides a structured approach to trading, helping you make informed decisions and avoid emotional reactions. My trading plan outlines my goals, risk tolerance, entry and exit criteria, and strategies. This helps me remain disciplined and focused.

By defining entry and exit criteria, a trading plan has helped me manage risk effectively and maintain consistency in my trading.

Not only in trading because wherever we run a plan is something that is needed.
Especially if involvement in trading and without a good plan we will not achieve the goals of the trading that is done because we do not know what to do. Trading does involve a lot of analysis because it requires the ability to see the movement of coins in the market and this method is a little more difficult to learn without discipline.

With a plan we can create a strategy because we know what to do in trading.
People say strategy is more important than a plan, but for me with a plan it will be much easier to create a strategy. Both are interconnected and need prior knowledge to achieve perfection in trading.

[bitgolden]

Not only in trading because wherever we run a plan is something that is needed.
Especially if involvement in trading and without a good plan we will not achieve the goals of the trading that is done because we do not know what to do. Trading does involve a lot of analysis because it requires the ability to see the movement of coins in the market and this method is a little more difficult to learn without discipline.

With a plan we can create a strategy because we know what to do in trading.
People say strategy is more important than a plan, but for me with a plan it will be much easier to create a strategy. Both are interconnected and need prior knowledge to achieve perfection in trading.

Yeah true, if we are dealing with anything in life, a plan is important and having a plan makes things easier to handle, it makes it a lot more profitable as well in trading. We need to make sure that we know what we are doing, and because of that we are going to make some good adjustments, it needs to be something that will take a while but it can happen.

We are going to cause a lot of trouble with what we have, and in order for us to grow further we are going to end up with some issues, it is going to be very hard.

What we need right now is to make sure that we deal with something that's going to take some time, and because of that we are going to see some changes. Of course it is not that easy to handle it all, but we can make that work somehow.

Planning ahead is what makes us from making mistakes, or more like if we make a plan and stick to that plan is what makes us from keep making mistakes. This is why we need to do a lot better planning and stick to it. If we end up with nothing and no plan, then we are just running around like a headless chicken and in that case the result will of course be a loss, nobody with zero planning could make a profit in this market, not even veteran traders.

[Mahanton]

Not only in trading because wherever we run a plan is something that is needed.
Especially if involvement in trading and without a good plan we will not achieve the goals of the trading that is done because we do not know what to do. Trading does involve a lot of analysis because it requires the ability to see the movement of coins in the market and this method is a little more difficult to learn without discipline.

With a plan we can create a strategy because we know what to do in trading.
People say strategy is more important than a plan, but for me with a plan it will be much easier to create a strategy. Both are interconnected and need prior knowledge to achieve perfection in trading.

Yeah true, if we are dealing with anything in life, a plan is important and having a plan makes things easier to handle, it makes it a lot more profitable as well in trading. We need to make sure that we know what we are doing, and because of that we are going to make some good adjustments, it needs to be something that will take a while but it can happen.

We are going to cause a lot of trouble with what we have, and in order for us to grow further we are going to end up with some issues, it is going to be very hard.

What we need right now is to make sure that we deal with something that's going to take some time, and because of that we are going to see some changes. Of course it is not that easy to handle it all, but we can make that work somehow.

Planning ahead is what makes us from making mistakes, or more like if we make a plan and stick to that plan is what makes us from keep making mistakes. This is why we need to do a lot better planning and stick to it. If we end up with nothing and no plan, then we are just running around like a headless chicken and in that case the result will of course be a loss, nobody with zero planning could make a profit in this market, not even veteran traders.

Yes, it would really be always relevant in speaking about on having a plan because we know that dealing up something without having some good plan will really be leading you to nowhere on which you dont even know
on what you should really be that trying out to achieve. Also, one of the most important thing to consider about that risks management factor on which this thing would really be that important because this one considers on where you would really be that putting up yourself on making such decisions on that particular condition or market movement or behavior. You would really be able to see the importance yet you would really be finding yourself get prepared on dealing up with an unpredictable space. On the time or moment that you have found yourself that dealing with crypto then it would really be that relevant that you should really be that making up some plans so that you wont really be that making yourself getting lost. Trading without any plans or analysis is really just that as good that you are doing gambling because it would really be totally too risky to make out decisions without any basis. Whereas, you could really be able have at least that lesser risks on the time that you would really be applying something based on research.

When you do have plans then of course you would really be also having those back up plans on the time or moment that shit things happen then you do come prepared, which its not like into those who havent
done or consider one because on the moment that you do experience those things on which you hadnt that expecting then this would really be bringing up that kind of emotion on which it would really be causing up for you to have that loss of control specially on the moment that you would be handling your capital. On the time or moment that you do find yourself being that too impulsive then decisions would really be made out
isnt something that would really be good anymore because you had already that becoming that so desperate.

[Baki202]

When their is no plan before starting trading that is what makes trading result not to be successful. The first plan in trading should be financial plans, atleast when one is thinking to trade their must be a plan of of how the trade should be funded, their must be a source of income and not to be expecting to make profit in trading to fund the trading exercise. It is important to also have a plan of learning because trading is not what people can succeed without having a better knowledge about trading. Plans of exhibiting the habit that is required in trading.

Good plans will always make trading easy and successful for traders but beginner's fail to make plans before making plans to start trading. Traders who face challenges in trading is because they hardly make plans.

When you don't plan then trading is not for you because you need to know the amount you are willing to spend on trading and the amount of time, a lot of things have to be done for you to be able to trade well and I usually tell my friends that trading is special and only a few people can access the gift it comes with, yes financial plan should be the first plan because if you want to trade because without money you can not trade. and make sure the money you are trading is your money because I saw a lot of people already thinking of borrowing money to trade and what if you don't get your money back you will still have to pay back the money you borrowed.  and you need to have a good source of income in case you want to do some good trading everything is about your capital, the more capital the more money you have, I will even advise you to go to the extent of drafting your plans out so you don't forget the initial plan and also a way of initiation have to tally with the whole plan, have your plan and make sure you execute them.

[Dzwaafu11]

A trading plan is crucial because it provides a structured approach to trading, helping you make informed decisions and avoid emotional reactions. My trading plan outlines my goals, risk tolerance, entry and exit criteria, and strategies. This helps me remain disciplined and focused.

To me, trading plan and trading strategy are still the same thing you are talking about because all these things you mention here are things that we also use when we want to mention the strategy that has been used in trading as a successful trader, so I think you are talking about strategy. However, plan is very important for anything we are doing; if it lacks a plan, it will later fail. In trading, a plan is very good. Without a plan, the way trading works, a trader will break or always lose if he or she enters the market, but if there is a plan, that will be a guide for such a trader to operate in the market.

[Maslate]

A trading plan is crucial because it provides a structured approach to trading, helping you make informed decisions and avoid emotional reactions. My trading plan outlines my goals, risk tolerance, entry and exit criteria, and strategies. This helps me remain disciplined and focused.

By defining entry and exit criteria, a trading plan has helped me manage risk effectively and maintain consistency in my trading.

Not only in trading because wherever we run a plan is something that is needed.
Especially if involvement in trading and without a good plan we will not achieve the goals of the trading that is done because we do not know what to do. Trading does involve a lot of analysis because it requires the ability to see the movement of coins in the market and this method is a little more difficult to learn without discipline.

With a plan we can create a strategy because we know what to do in trading.
People say strategy is more important than a plan, but for me with a plan it will be much easier to create a strategy. Both are interconnected and need prior knowledge to achieve perfection in trading.

You need strategy to be successful in trading, but in order to be successful, a trading plan should be laid out and is very necessary so you can work out on how you will use your stragey in trading. Otherwise, if you trade without a trading plan, even if you have a powerful strategy, you will find it hard to make it work because you don't have proper guidelines in trading that you should follow in order to end your trades according to your own desired outcome.

[Fara Chan]

Not only in trading because wherever we run a plan is something that is needed.
Especially if involvement in trading and without a good plan we will not achieve the goals of the trading that is done because we do not know what to do. Trading does involve a lot of analysis because it requires the ability to see the movement of coins in the market and this method is a little more difficult to learn without discipline.

This year I see that every trader must use a slightly different method and plan in carrying out their trading activities because current market conditions and trends are still influenced by hot issues from outside so that it can cause traders to use a slightly different method than usual. A close example is like when the decline occurred two days ago where traders and investors must have the ability and willingness to buy at low prices because the average coin has experienced a price drop when Bitcoin experienced this in the market.

[Peanutswar]

Having a proper plan is a must when you will make a trade because once you lose with your trading due to the volatility of the market you might make a wrong decision that causes you to lose more assets, a trading plan is your discipline in trading if you didn't follow this your planning becomes useless and you will now act depends on your emotions. No one would like to make a trade and just lose their money in an instant because of their wrong decision or else you will just giving free money and charge to experience in trade without proper plan.

[Mame89]

Having a proper plan is a must when you will make a trade because once you lose with your trading due to the volatility of the market you might make a wrong decision that causes you to lose more assets, a trading plan is your discipline in trading if you didn't follow this your planning becomes useless and you will now act depends on your emotions. No one would like to make a trade and just lose their money in an instant because of their wrong decision or else you will just giving free money and charge to experience in trade without proper plan.

Yes, that's right. A trading plan is indeed a must for every trader, because without a trading plan he will not be directed. So every trader before deciding to trade is required to make a trading plan. Because with a trading plan, trading has a clear and directed goal, and with a trading plan we become disciplined when trading.

With planning, we can also determine profit targets and risk tolerance according to our wishes. That way, we are not only pursuing profit, but can also accept the risk of trading if we experience losses and of course we can control ourselves to avoid greed. In addition to planning that must be followed and adhered to, planning should not be easily changed so that you do not make the wrong decision in trading. So if asked is a trading plan important? the answer is very important, because trading planning is part of success in trading.

[Farma]

Yes, that's right. A trading plan is indeed a must for every trader, because without a trading plan he will not be directed. So every trader before deciding to trade is required to make a trading plan. Because with a trading plan, trading has a clear and directed goal, and with a trading plan we become disciplined when trading.

With planning, we can also determine profit targets and risk tolerance according to our wishes. That way, we are not only pursuing profit, but can also accept the risk of trading if we experience losses and of course we can control ourselves to avoid greed. In addition to planning that must be followed and adhered to, planning should not be easily changed so that you do not make the wrong decision in trading. So if asked is a trading plan important? the answer is very important, because trading planning is part of success in trading.

Having a plan is certainly very important, but before making a plan for trading, of course we must first analyze the trading that we will do and we must also be able to comply with the plan that we have made in order to get results according to what we have planned before trading, because without being able to carry out the plan that we have made, it will certainly be difficult to achieve success in the trading that we do. Everyone who trades will certainly experience the risk of loss and they must accept this and re-learn the mistakes they made and when they experience failure, do not continue trading with greed that will cause even greater losses, but they must be able to learn from mistakes and re-make better plans before trading.

[justdimin]

Having a proper plan is a must when you will make a trade because once you lose with your trading due to the volatility of the market you might make a wrong decision that causes you to lose more assets, a trading plan is your discipline in trading if you didn't follow this your planning becomes useless and you will now act depends on your emotions. No one would like to make a trade and just lose their money in an instant because of their wrong decision or else you will just giving free money and charge to experience in trade without proper plan.

I know that it is going to take some time and I know that it won't be too important to ignore this, but paper and pen would help with this too. I know many people are a lot more technologically advanced nowadays, and I know that it is not that simple to make that work some other way neither, we need to make sure that we know what we are doing, but that doesn't mean that we are going to end up with a great result that quickly, whereas if we deal with pen and paper, like actually write down our stuff, then the results would be a lot better, it would give us some good results, and would be happy situation.

That's why I try my very best when it comes to this, allows me to have a good result and I end up with checking my notebook all the time to see when and what went wrong, that might be the another reason for my better results.

[doomloop]

I know that it is going to take some time and I know that it won't be too important to ignore this, but paper and pen would help with this too. I know many people are a lot more technologically advanced nowadays, and I know that it is not that simple to make that work some other way neither, we need to make sure that we know what we are doing, but that doesn't mean that we are going to end up with a great result that quickly, whereas if we deal with pen and paper, like actually write down our stuff, then the results would be a lot better, it would give us some good results, and would be happy situation.

That's why I try my very best when it comes to this, allows me to have a good result and I end up with checking my notebook all the time to see when and what went wrong, that might be the another reason for my better results.

Yeah I agree but most people ignore this part, and technology could help you but for some reason keeping it track on something like excel never felt that great for me as well, writing it down makes you see things that you otherwise wouldn't see with a simple copy paste. When you write something down, it is going to allow you to have greater results and the profit would be something that would be memorized on what you should be doing.

Success in trading is all about discipline and when we are caring on each and every aspects which will definitely influence on final results on greater degree.

[CoinFoxs]

Trading plan plays vital role in making you profit from altcoins. If you don’t have a plan with you then you will invest in wrong coins and loose all your investments gradually. But if you have a plan then you will not loose your investment and in days or months you will double that investment. Make a plan in such way:
1. How much you want to invest
2. Make list of coins you want to invest
3.Do market analysis and see trends
4. Divide your investment in portions
5. Buy coins and mark date
6. Daily check the market trend
7. Sell whenever you are in profit

[Natalim]

Having a proper plan is a must when you will make a trade because once you lose with your trading due to the volatility of the market you might make a wrong decision that causes you to lose more assets, a trading plan is your discipline in trading if you didn't follow this your planning becomes useless and you will now act depends on your emotions. No one would like to make a trade and just lose their money in an instant because of their wrong decision or else you will just giving free money and charge to experience in trade without proper plan.

Indeed. A trading plan will make your trading activity easier and more productive, since it includes informed decisions that will help you achieve the right decision making most especially when the market is very uncertain. Without a good and detailed trading plan, aside that you will find it hard to make a successful trading, you will also end up wasting your time and money while trading unknowingly.

[shawonngp]

Trading plan and Trading strategies both of same thing to me, because risk management, good entry time or exit time, trading success ratio, mistakes and market analysis such all of those activities are included in the trading strategies. People's who are able to understand all of those then who's will become a successful traders.

[Yeesha]

I believe that loss is unpredictable in trading, but they are certain things that make it possible for you not to lose unnecessarily, making a good planning is the best decision to the take, there is not an expert in trading, no matter what, it is impossible to prevent lost, but they are things you need to do to prevent frequently lose.

Firstly, you have to understand and have good knowledge and skills on how trading work before you involved in trading and call yourself a trader.

Secondly, decide on the amount you will use to start trading, either higher or lower capital, also focus on the maintenance of leverage to prevent wastage or loss of money, be aware that it is not always "the higher the capital the higher the return" it is not always possible, it is advisable to invest with what you can afford to lose, book keeping is important and always record the transaction made in every daily basis, to prevent any mistake, calculate the profits you make, save it and do not lavish it, so that you should be able to know what you have achieved at the end of the month.

[retreat]

It's like you build a house, everything needs to be planned, from buying building materials, drawing building plans, etc., all of those things need to be planned - just imagine when everything is not planned and calculated, then the building might take a long time to be built / messy. Likewise with trading, a trader needs to plan their trades and calculate what to avoid or what to do before, after, or when a situation occurs. When a trader has planned his trading, it means he is one step closer to succeeding in his trading.

[CageMabok]

Trading plan and Trading strategies both of same thing to me, because risk management, good entry time or exit time, trading success ratio, mistakes and market analysis such all of those activities are included in the trading strategies. People's who are able to understand all of those then who's will become a successful traders.

From all that you said I see that what is more suitable to be said into the initial strategy is knowing when to enter the market and knowing when to exit the market and another one is knowing when to do nothing in the market except just monitoring it. Because every time it must happen in a different trend so traders who can read the market trend correctly will definitely not experience more losses in their own trading. While for other things such as mistakes and also risk management are additional points that must be understood correctly before trading.

[Webetcoins]

It's like you build a house, everything needs to be planned, from buying building materials, drawing building plans, etc., all of those things need to be planned - just imagine when everything is not planned and calculated, then the building might take a long time to be built / messy. Likewise with trading, a trader needs to plan their trades and calculate what to avoid or what to do before, after, or when a situation occurs. When a trader has planned his trading, it means he is one step closer to succeeding in his trading.

In last few years, we are having many changes just because of technology because now we are having more depended on this just because of these things are not going as they were going few years back with mostly peoples spend more time on strategy or planning then they go ahead with their work this was giving them good success even peoples were spending too much time on this and then having work because they were feeling strategy or planning is mother of the success but recently this all is having nothing to do with because mostly peoples depending on technology.

For trading, if we do some proper work and then have started our journey this will give us better success because this will give us better way of having profit then we can understand about market fundamentals as well because these are main points for the success.

[Krishna1942]

Yes you are correct, I think most traders loose due to emotional trading, lack of money management, proper trading plan. It takes time to understand markets and setting proper trading plan.