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Trading plan is the key to success
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[QUOTE="Holicent, post: 307024, member: 76163"] If you want to succeed in the financial markets, you need to have a trading strategy. An investor's strategy is outlined in a trading plan, along with their objectives, risk tolerance, and entry and exit points. There are a number of important reasons to have a trading plan: aids in emotion control: Emotions like fear and greed can make bad decisions about investments. Investors may be able to maintain discipline and make sound decisions based on their strategy with the assistance of a trading plan. demonstrates clarity: An investor's strategy is laid out in a trading plan, including the securities they intend to trade, the amount of capital they intend to invest in each trade, and their desired returns. An investor can be assured that they are consistently working toward their objectives thanks to this clarity. reduces danger: Investors can use a trading plan to identify potential risks and put risk management strategies into action, such as placing stop-loss orders and restricting their exposure to particular sectors or securities. [/QUOTE]
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