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The importance of having a trading plan
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[QUOTE="Knowlopedia, post: 303743, member: 91868"] Trading without a plan is like driving without a map. It may seem exciting and adventurous, but it’s also risky and can lead to costly mistakes. A trading plan is an essential tool for any trader who wants to succeed in the markets, as it helps you stay disciplined and organized when making decisions about your trades. Having a trading plan allows you to develop specific strategies that are tailored to your individual goals and risk tolerance levels. By having clear objectives in mind before entering into any trade, you can ensure that all of your decisions are based on sound logic rather than emotion or impulse. This will help reduce the chances of making rash decisions which could end up costing you money in the long run. Your trading plan should include detailed information such as entry points, exit points, stop losses, profit targets and position sizing rules so that there is no ambiguity when executing trades. Having this information laid out clearly will allow you to make informed decisions quickly while still being able to remain flexible if market conditions change unexpectedly. Additionally, having a written record of all your past trades can be invaluable for analyzing performance over time so that adjustments can be made accordingly if needed . Overall, having a well-thought-out trading plan is essential for anyone looking to become successful at investing or day-trading in the financial markets; not only does it provide structure but also discipline which are both key components necessary for success in these volatile environments [/QUOTE]
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