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Have a plan and stick to it
forex_trader_3036016
Member Since Sep 29, 2022
15 posts
Oct 06, 2022 at 11:18
A trading plan gives you a direction to achieve your goals. It includes pointers like stop loss, T/P profits, time-frame, and other things that traders should consider while executing a trade. A well-constructed plan also prevents you from getting distracted.
Member Since Oct 04, 2022
15 posts
Oct 14, 2022 at 10:21
Creating a trading plan is simple, but acting upon it isn't. So, make sure you hold on to your emotions and follow the plan properly to avoid risks.
Member Since Sep 13, 2022
6 posts
Oct 27, 2022 at 11:32
A proper trading plan assists in maintaining discipline and will also help you to move in the right direction. Without a trading plan it will be difficult to strategize your trades. Of course, a trading plan does not guarantee success, but sticking to it will help you sustain in the market.
Member Since Sep 13, 2022
16 posts
Nov 09, 2022 at 07:45
A good trading plan includes risk-reward ratio, money management, risk management, and so on. Aspiring traders should develop and strictly adhere to a trading plan. It will ensure a profitable trading career with no unneeded losses.
Dec 01, 2022 at 10:11
idimitrov posted:
unfortunately not many traders have a journal
Which sucks, Journaling and tracking your progress as a trader helps you a lot because it shows you exactly what you're doing wrong or where you need to improve. Personally when I test something out and it doesn't work I write it in my journal.
What do you do in your trading plan?
We are always WINNING!
Dec 03, 2022 at 11:59
GeorgeBischof posted:
Yes, you are right. i always try to do that. One plan, one strategy. Though it doesnt work all the time, it helps to earn money most of the time.
I used to do that, Now the best option is yes stick to one plan, one strategy. But try to swap things out that doesn't work and if the plan and strategy isn't giving you the results you desire. Then you get a new plan and strategy you stick too and improve on. It is one plan, one strategy, but you also improve on that plan and strategy so it becomes full proof.
What other things do you do to prepare yourself for trading so you can get the most profit?
We are always WINNING!
Member Since Nov 29, 2022
40 posts
Dec 06, 2022 at 05:49
Many traders find it difficult to stick to a plan and make things work due to stress and low morale. They don’t have the confidence needed to make the right moves. So practising on a demo account can build that confidence and make them understand the market in a better perspective.
Dec 16, 2022 at 10:17
binarysumo22 posted:
Many traders find it difficult to stick to a plan and make things work due to stress and low morale. They don’t have the confidence needed to make the right moves. So practising on a demo account can build that confidence and make them understand the market in a better perspective.
Indeed, following a trading plan is one of the most integral parts of trading. When you stick to your plan, it gets easier to find out the loopholes you’ve been missing out on and you can easily track your progress. I know trading often gets tedious at times but if you let emotions play, you’ll pay the price!
Dec 20, 2022 at 11:42
Sublimes posted:
Sticking to a plan can be difficult for beginners but with time and patience, learning through loss, they can build an understanding of market psychology and try to earn more profit.
Yes, it can be challenging at first. But if beginners are determined enough to trade according to their plan and are consistent in their approach, they will profit.
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