why have a plan
It is a well known fact that failing to plan is planning to fail; every trader needs a trading plan. Trading plans are a lot like insurance: People don’t usually want it until they’ve already faced a catastrophe. But after that catastrophe; maybe it was a big loss on a single position, or perhaps even worse, a margin call from one bad trade, the trader will often recognize that something needs to be done. This largely entails of the manner in which trader wants to enter and manage positions.
A plan is just like a guide or compass to help you while trading; it should contain your trading strategy, indication, entry point into the market and your exit point, trading goals for the week or month and for a plan.
"..failing to plan is planning to fail.."
Great expression to imagine the true of forex trading. More than 100%, we need "PLAN" to be success in forex trading.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
It is important to have a plan while trading because it serve as a guide. Having a plan helps your emotion not to influence your trade due to the fact that a plan describe in terms what you will do in any given market situation. It help as a guide tha keep you on discipline trading path and help as a physical reminder of what is the best thing for your trading at any given time.