I believe having a trading plan before starting to trade is much like having a map before starting to travel. Nobody will take a trip without knowing how to reach where they are going? Trading without a plan, even if you have explored a demo account can be challenging once real money is on the line.
Discipline and the well led out plan is the basis on which trading is executed. One should be in complete control of his emotions and confident about trading decisions. I personally feel, all of this can be achieved with wide knowledge on the market and the trading instruments.
A well constructed trading plan is essential for trading. Basically a plan will guide you how to become a successful trader from a newbie. Make a good trading plan and follow it strictly.
Itâs absolutely true that a well constructed plan is a must in forex trading. A great plan leads to great profits.
Agreed with the person above me. A proper sounding plan is a constructed plan which helps in your trading which can lead to good profits. But not just that, also in trading aspect.
I always say trade randomly, expect random results.
Can you please clarify how randomness will cover your losses, apart from positive returns?
It wonât and that is the point and why a well constructed plan is essential. You canât just go into the markets and make random choices and then wonder why itâs not working. Even if you were somehow correct 50% of the time the fees would cause long term degredation of your capital.
I surely believe that a well constructed elaborate plan always increses the chances of better trading but I also feel that some what of improvisation is absolutely essential, with all the market volatality, fluctuations come handy.
Being able to think on your feet is essential but for me within the parameters of your plan
You need to have a plan in order to set your goals and have a vision. Planning doesnât guarantee 100% success since it is uncertain but it will take you a long way
I think that a well constructed plan can be extremely useful but is should have the potential of bearing with the volatalities and the fluctuations that market conditions tend to offer.
Itâs true that a well-constructed plan is a necessity when you want to make profits in the forex market. Without proper planning, you might not know what you must do. Every trade comes with a different lesson. So stay open to learning whenever you enter a new one.
It is important to control your emotions by taking breaks when you are too emotional, always being aware of the uncertainty in the Forex market and practicing wise risk management
Been there and worked on it too.
Agree, although it is very important to have a goal in mind so that you can get to know what you are looking for in trading, else the whole thing is just a waste of time
Yes, a trader is to be very disciplined. In fact, he is to have a machine approach. Once he has a proven strategy, he should stick with that and trade when he finds the trade setup. However, it often does not work like that. Traders get emotional with their past or recent past performance. With that sometimes they get over confident and sometimes less confident.
I agree, it is vital to stick to your trading plan and to stay disciplined.
Rightly said, Andrew. Setting goals in forex trading is very important as it will help you to be consistent and give you a basis to implement your strategies.
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