Have a plan and stick to it

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.

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.

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.

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.

Trading plan provides the ability to the traders to monitor the performance and refine the approach.

Sticking to the plan is tough but not impossible. And no matter what, in the end, we all have to follow our plan.

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.

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.

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!

I think having a plan, only risking a certain percentage of your account, using a SL, etc. are all extremely important for success.

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.

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.

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.

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.

Having a plan is essential, but sticking to it is the most important yet attainable goal.

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.

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.

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.

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.