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Have a plan and stick to it

Apr 10, 2016 at 18:42
3,245 Views
78 Replies
Member Since Mar 11, 2022   22 posts
Mar 24, 2022 at 08:14
You never know how the market will move in the next moment. You can’t even control the performance of your trades. But with a trading plan, you can be prepared for all that can happen.
Member Since Mar 11, 2022   51 posts
Mar 25, 2022 at 05:38
For traders, making a plan is easy, but it is difficult to follow one. Breaking your own trading rules is irresistible when you begin trading. However, it should be avoided because it will not make you profitable.
Member Since Mar 21, 2022   47 posts
Mar 29, 2022 at 08:08
Distracting from your trading plan is probably the biggest mistake that you will ever make. The market is so lucrative that you will want to take advantage of all its moves. But your trading plan will tell you which ones are worth taking risks with and which ones you should avoid.
Member Since Mar 22, 2022   25 posts
Mar 31, 2022 at 07:42
Your trading plan doesn’t only show you the road in the market but also makes trading easier for you. As your trading decisions are solely based on your market analysis, you are able to manage risks and money properly.
Member Since Mar 23, 2022   26 posts
Apr 05, 2022 at 06:19
Trading plan provides the ability to the traders to monitor the performance and refine the approach.
Member Since Feb 07, 2022   24 posts
Apr 12, 2022 at 10:26
Sticking to the plan is tough but not impossible. And no matter what, in the end, we all have to follow our plan.
Member Since Mar 24, 2022   56 posts
Apr 15, 2022 at 05:52
Sticking to a good plan is something that can benefit new traders as well as experienced traders. However, you should be flexible and open to make any changes in your strategy so that you don’t get stuck with a strategy that does not optimise your profits. So start with a good plan and make sure that you have a plan b in case your strategy isn’t working in your favour. But be patient, and don’t jump from one strategy to another without giving it time to work.
Member Since Feb 20, 2021   78 posts
Apr 20, 2022 at 05:43
It is important to stick to your plan. Without a solid trading plan, you're far more likely to get caught up in the hype of the market. When you're able to get a firm grip on your goals and plan of action, it's far easier to stay focused and make realistic decisions as you're trading. If your plan has been proven to work, then you'll have a higher chance of making decisions based on your plan rather than reacting to the market.
Member Since Mar 28, 2021   617 posts
Apr 20, 2022 at 07:31

Of course, it’s very important to follow my trading strategy so keenly! But the problem is, which traders are trading with a low trading skill, they lose their confident so early! That’s why when they face consistent SL’s! Then, they change their game plan immediately!
Member Since Aug 05, 2021   401 posts
Apr 24, 2022 at 15:08
I think having a plan, only risking a certain percentage of your account, using a SL, etc. are all extremely important for success.
Member Since Apr 14, 2022   34 posts
Apr 27, 2022 at 07:35
The importance of a trading plan in forex cannot be emphasised. It simply helps you in holding trading discipline, trading consistently, managing your emotions, and even improving your trading strategy.

Member Since Apr 14, 2022   24 posts
Apr 28, 2022 at 07:18
Yes. but it is absolutely necessary in trading to craft a plan and follow it. I follow trend trading strategies and it has worked for me so far.
Member Since Oct 27, 2020   18 posts
May 02, 2022 at 09:06
Imo, no matter how good your trading strategy or your risk management strategy is, if you do not have a trading plan or you don’t stick to it, you’ll eventually fail.
Member Since Oct 27, 2020   16 posts
May 04, 2022 at 07:25
Yes, sticking to your plan consistently is very important for trading. However, the market is very unpredictable and volatile and you cannot predict the market accurately, so you also have to be versatile and you must make changes in your plans whenever necessary.
Member Since Sep 02, 2022   15 posts
Sep 03, 2022 at 07:10
Having a plan is essential, but sticking to it is the most important yet attainable goal.


Member Since Aug 17, 2022   45 posts
Sep 05, 2022 at 11:55
When it comes to trading, it is important to stick to your plan. Before trading, always study and plan. Sticking to a plan can assist a trader in developing discipline.
Member Since Aug 17, 2022   39 posts
Sep 06, 2022 at 05:56
Planning a strategy is easy but sticking to it all time (in both high earnings and low earnings) is important and quite challenging too as this is one of the essential things to do wonders in your trading.

Member Since Sep 21, 2022   11 posts
Sep 23, 2022 at 11:58
Snorkel posted:
I think sticking to your plan is important but you should also be flexible enough to make some changes to your plan as and when needed. Because the forex market is ever changing and we must plan our moves based on the market condition. If things are not going as per our plan we should be well prepared with a backup plan to deal with the situation.

Well said! A trader needs to be flexible to change their plan as per the market conditions. So I always keep a backup plan as well.
Member Since Sep 02, 2022   75 posts
Sep 26, 2022 at 09:55
Yes, satisfaction of work is important but this satisfaction comes when a trader can derive good amount of profit from the market. But you have make sure one thing that you are satisfied with the amount you are earning. Otherwise, you won’t find satisfaction even if you earn millions of dollar.
Member Since Sep 21, 2022   6 posts
Sep 27, 2022 at 06:00
Whether you are learning or trading, you can’t achieve your goals without a plan. Therefore, before taking risks, plan everything. A good planner knows when to enter a trade and exit a trader. This comes with practice. Hence, do not avoid demo trading.
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