Education

Why Do You Need a Trading Plan?📝

Updated

If you want to become a consistently profitable trader you have two choices:
1️⃣strictly follow your trading plan
or
2️⃣fail.

Trading plan is essential for achieving your financial goals.
It is a set of actions to follow for making trading decisions
guiding you on how to react to certain events.
It reflects your personality and characteristics.
Moreover, its entire structure and content are primarily based on them.

Your way to success will be full of obstacles.
A lot of things will come in your way:
losses, drawdowns, and losing streaks;
mistakes, scams, and emotional decisions.

Only your trading plan will show you a correct path, it ensures you will stay on track on your journey to your desired destination.
When you make a wrong turn, it knows to make adjustments, and it points you back in the right direction.
It is your guard from making any hurried decisions you could later regret.

Trading without a trading plan wouldn’t be a smart idea. You wouldn’t know how to get to your destination and it’s highly likely that you get lost.

Most importantly, if you suck at trading (and you certainly will in the beginning), you will know it is down to one of only two reasons: either there’s a problem in your trading plan or you are not sticking to your trading plan.

Stick to your plan traders. "If you fail to plan, you plan to fail".

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