You are right success is easy when we are able to make a trading plan. this plan helps to manage trading as well as our risk taking decisions. plan is never strict in forex trading it should be flexible but work on rules that help you in loss minimization ans profit maximization
Forex is a market where we trade money with money in a live account. Thus it is very possible to get your head swayed around with emotions when prices are moving quickly on your chart. Thus, you need a trading plan to be more stable and rational.
Without a strategy it’s like running in a new city without a route, you’re gonna get lost
It is definitely necessary to have a plan when trading but before that you need a bit of experience in order to make that plan. Of course you can make all kinds of research however without any experience, perhaps it would be more difficult to follow it and execute it. With more experience comes the more effective plan.
Definitely we need plan trading, I think if we making plan trading hence if getting loss also still on consideration, but indeed we as trader also need positif thinking and having believe if we will making money in trading
If you planned on being successful as a trader, then you need a concrete plan to achieve that. What more? Stick to the plan and don’t quit until the goal is reached.
Rightly said, I use to compare it with a map. As you cannot go on a journey without a map how could you trade in forex market without a plan!!
Making money through forex trading is not something you decide to trade and start earning. First you need to have a trader mindset and without a proper trading plan you can only throw a shot in the dark. There can be Hugh losses if no trading plan is being followed by the trader. You need to be well-verse with the forex market, learn basics of technical analysis, fundamental analysis. Calculate the risk- reward ratio and formulate an appropriate trading strategy according to your trading style. Also before implementing the plan, back testing is very essential.
Proper trading plan is very important! In addition, which traders change their trading plan randomly according to their instant observation, they may suffer a lot in their trading! Traders need to follow their trading plan so honestly! On the other hand, which traders don’t use specific trading plan, they also face thousands of problems as they don’t know, when they stop out!
Of course you need a trading plan. Making impulsive decisions and then not knowing how to mitigate the consequences is one of the worst things a trader can do.
not to sound too sarcastic, but for anything to work in this world, dont we all need a plan for it, and forex is just one of them, the question might be what is the right plan for forex, thats a bit complicated though happy holidays
Forex is all about careful working and having trading plan can give the fruitful result and trading without planning will be suicide as we trading with our own real money, so ever trade with a proper planning and strategy in order to get the benefit from forex trading, never trade blindly.
You are right, for a good trader it is very important to have a good trading plan. Without a trading plan you cannot become a consistently profitable trader.