The importance of a trading plan

[Agbe]

It's a good step to maximize and verify if you are building a good practice for trading. I think the mindset also has an important aspect that you need to consider because it's going to be hard to see if it's all red, like how the market has recently. Imagine checking it continuously; it's not healthy.

Trading plan is a systematic way of carrying out and achieving your trading goals without necessarily losing but the fact is even the best trading plan is is well cut out fails so while it is good for one to be following a trading plan it's not reliable as even the best traders with their trading plans can lose on trade sometimes

[nakmantu99]

It's a good step to maximize and verify if you are building a good practice for trading. I think the mindset also has an important aspect that you need to consider because it's going to be hard to see if it's all red, like how the market has recently. Imagine checking it continuously; it's not healthy.

Trading plan is a systematic way of carrying out and achieving your trading goals without necessarily losing but the fact is even the best trading plan is is well cut out fails so while it is good for one to be following a trading plan it's not reliable as even the best traders with their trading plans can lose on trade sometimes

Trading is not easy and even though we have made a mature plan with the right analysis, sometimes the crypto market changes not according to our predictions. In trading, we always make analysis, read charts and see the current trend. but sometimes our analysis and predictions do not go according to the plan we have made because suddenly the market changes, especially if suddenly there is bad news and finally there is a deep correction. Trading requires good knowledge and experience and it takes a long process to get it, even people who have been trading for more than 5 years are not necessarily professional traders. Because maybe they are not focused enough on learning and not practicing their skills.

[dekafee79]

It's a good step to maximize and verify if you are building a good practice for trading. I think the mindset also has an important aspect that you need to consider because it's going to be hard to see if it's all red, like how the market has recently. Imagine checking it continuously; it's not healthy.

Trading plan is a systematic way of carrying out and achieving your trading goals without necessarily losing but the fact is even the best trading plan is is well cut out fails so while it is good for one to be following a trading plan it's not reliable as even the best traders with their trading plans can lose on trade sometimes

Every person who does trading has their own plan and strategy. Some have the right analysis and strategy so that they get profit but sometimes there are also those who make mistakes and suffer losses. Profit or loss in trading is a common thing, but if we diversify in trading it can increase our chances of getting profit.

[enwi]

It's a good step to maximize and verify if you are building a good practice for trading. I think the mindset also has an important aspect that you need to consider because it's going to be hard to see if it's all red, like how the market has recently. Imagine checking it continuously; it's not healthy.

Trading plan is a systematic way of carrying out and achieving your trading goals without necessarily losing but the fact is even the best trading plan is is well cut out fails so while it is good for one to be following a trading plan it's not reliable as even the best traders with their trading plans can lose on trade sometimes

Every person who does trading has their own plan and strategy. Some have the right analysis and strategy so that they get profit but sometimes there are also those who make mistakes and suffer losses. Profit or loss in trading is a common thing, but if we diversify in trading it can increase our chances of getting profit.

Well, Trading does require a mature plan and I have to admit not every decision can be successful all the time. Losses are a lesson to enhance a strategy, but profits a lesson that one should remain disciplined with proven method. In this manner, each and every experience is bringing the better result in future definitely.

Slicing up a portfolio also allows for wider losses as well as leveraging different forms of assets in portfolio. The key here is to continue to be as consistent as possible and to always be learning so that when a decision is made, it will be even more targeted towards what is best.

[Celph]

Without a trading plan, you are risking your assets and uncalculated risks usually lead to losses, so your trading plan must include a strategy for determining risks and entering and exiting trades. Preparing a good trading plan does not mean making profits, but without an actual trading plan, you will most likely make losses.

Basically,every investment must involve an investment plan likewise trading in cryptocurrency also involves you making your trading plans.
While the major aim of investors is to analyse profits,trading plans make this vision clear.When to trade,when not to trade,awhen to Hodl and the rest.All this basically influence how your outcome would be lkke.Whether positively or negatively,trading plans determines all this.
 I think when talking about trading plans,ww shoukd also talk about people who alllow other investors to make their plans for them,maybe through telegram channels or the rest.
Is this advisable?  Because personally,i aslo watchout for signals dropped by some channels,but it doesn't end there.I make my own research and analyse the market myself,whether that particular id(investment decision) should be made.People have their own preferences though but i think this is what investors too should also do.

[dekafee79]

Well, Trading does require a mature plan and I have to admit not every decision can be successful all the time. Losses are a lesson to enhance a strategy, but profits a lesson that one should remain disciplined with proven method. In this manner, each and every experience is bringing the better result in future definitely.

Slicing up a portfolio also allows for wider losses as well as leveraging different forms of assets in portfolio. The key here is to continue to be as consistent as possible and to always be learning so that when a decision is made, it will be even more targeted towards what is best.

Planning is always needed in investing, not only in trading because as a holder we also need a plan and target that we must set at the beginning.
and as a trader we must prepare a plan and strategy at the beginning, unfortunately sometimes it changes because market movements sometimes do not match our analysis.

[Blaze]

Well, Trading does require a mature plan and I have to admit not every decision can be successful all the time. Losses are a lesson to enhance a strategy, but profits a lesson that one should remain disciplined with proven method. In this manner, each and every experience is bringing the better result in future definitely.

Slicing up a portfolio also allows for wider losses as well as leveraging different forms of assets in portfolio. The key here is to continue to be as consistent as possible and to always be learning so that when a decision is made, it will be even more targeted towards what is best.

Planning is always needed in investing, not only in trading because as a holder we also need a plan and target that we must set at the beginning.
and as a trader we must prepare a plan and strategy at the beginning, unfortunately sometimes it changes because market movements sometimes do not match our analysis.

It really is a very valuable first step in investing, whether we are holders or traders, to be putting in the time to design goals and strategies. If we set targets at the start, then we’ll have a better idea of what steps we need to take. But market conditions always change and often the plans that we make have to be adjusted. It’s not weakness, it’s just part of staying relevant to the circumstances.

That means that we can respond to these changes, and then not lose sight of the main goal. A backup plan can help us keep the rails in the unexpected market situation. Another very helpful tool for regular evaluation of the strategy is done so that all the decisions it takes are in line with the current conditions. That way we never get off track if the market goes faster than expected.

[milewilda]

Well, Trading does require a mature plan and I have to admit not every decision can be successful all the time. Losses are a lesson to enhance a strategy, but profits a lesson that one should remain disciplined with proven method. In this manner, each and every experience is bringing the better result in future definitely.

Slicing up a portfolio also allows for wider losses as well as leveraging different forms of assets in portfolio. The key here is to continue to be as consistent as possible and to always be learning so that when a decision is made, it will be even more targeted towards what is best.

Planning is always needed in investing, not only in trading because as a holder we also need a plan and target that we must set at the beginning.
and as a trader we must prepare a plan and strategy at the beginning, unfortunately sometimes it changes because market movements sometimes do not match our analysis.

Doesnt matter on what you are dealing into as long it do involves money or something that pertains about investment or business, then it will really be just that standard that you would really be needing up to set up some plans or those strategies on which it will really be able to have that kind of increase when it comes into your profit chances because the main thing that we do target out is to make money and that would really be just that needing up some strategy and proper planning if you do really that wanted to have that at least good odds on making good trades.

[laijsica]

Well, Trading does require a mature plan and I have to admit not every decision can be successful all the time. Losses are a lesson to enhance a strategy, but profits a lesson that one should remain disciplined with proven method. In this manner, each and every experience is bringing the better result in future definitely.

Slicing up a portfolio also allows for wider losses as well as leveraging different forms of assets in portfolio. The key here is to continue to be as consistent as possible and to always be learning so that when a decision is made, it will be even more targeted towards what is best.

Planning is always needed in investing, not only in trading because as a holder we also need a plan and target that we must set at the beginning.
and as a trader we must prepare a plan and strategy at the beginning, unfortunately sometimes it changes because market movements sometimes do not match our analysis.

The target trend may change slightly but you should focus on the main target i.e. whether the market will pump or dump and you should set your plan accordingly. Limiting buying during price uptrend and buying more during dumping trend can help you increase your holdings but choosing the right currency is most important. Your tolerance at every stage of trading can ensure positive investment potential with short term trading risk and high profit potential.

[Gurujebs]

Every person who does trading has their own plan and strategy. Some have the right analysis and strategy so that they get profit but sometimes there are also those who make mistakes and suffer losses. Profit or loss in trading is a common thing, but if we diversify in trading it can increase our chances of getting profit.

A person that fails to plan on their trade is definitely opening door for reckless gambling, I wouldn't want to call it gambling because a serious gambler plan before they wager any amount into gambling, so trader ttat failed to plan is a person that is just chasing profit without any strategy, just make money and exist.

The funny thing about recklessly trading without plan is that you might be lucky making all that money doing it but you might it be lucky all the time, you can lose everything in a day or lose everything in a singke trade.

[KingsDen]

A person that fails to plan on their trade is definitely opening door for reckless gambling, I wouldn't want to call it gambling because a serious gambler plan before they wager any amount into gambling, so trader ttat failed to plan is a person that is just chasing profit without any strategy, just make money and exist.

The funny thing about recklessly trading without plan is that you might be lucky making all that money doing it but you might it be lucky all the time, you can lose everything in a day or lose everything in a singke trade.

This is absolutely true. A trader without a plan is essentially gambling with their money, relying on luck to either make a profit or take a loss. I remember when I first learned about crypto, a friend told me it was simple and all I needed to do was follow signals from expert traders. Over time, I realized that was the worst advice any trader could follow. Obviously to him, trading is one means to get rich quick and easily, But that's wrong. Trading requires learning and proper planning to be successful.

[MrSpasybo]

A person that fails to plan on their trade is definitely opening door for reckless gambling, I wouldn't want to call it gambling because a serious gambler plan before they wager any amount into gambling, so trader ttat failed to plan is a person that is just chasing profit without any strategy, just make money and exist.

The funny thing about recklessly trading without plan is that you might be lucky making all that money doing it but you might it be lucky all the time, you can lose everything in a day or lose everything in a singke trade.

Over time, I believe every trader has an extremely detailed trading plan, whether they store it as a full text document or in their mind. Methods for identifying signals, timeframes, entry criteria, capital used, stop-loss and take-profit methods... will all be implemented in great detail.

Many lazy traders don't create their own trading plans, so they quickly forget the impressions from their successful and failed trades. They waste their experience and costs when they don't learn from their own experiences in the crypto market. However, this is also necessary for them to accept losses and bring profits to more deserving traders ^^

[Gposas]

A person that fails to plan on their trade is definitely opening door for reckless gambling, I wouldn't want to call it gambling because a serious gambler plan before they wager any amount into gambling, so trader ttat failed to plan is a person that is just chasing profit without any strategy, just make money and exist.

The funny thing about recklessly trading without plan is that you might be lucky making all that money doing it but you might it be lucky all the time, you can lose everything in a day or lose everything in a singke trade.

Many lazy traders don't create their own trading plans, so they quickly forget the impressions from their successful and failed trades. They waste their experience and costs when they don't learn from their own experiences in the crypto market. However, this is also necessary for them to accept losses and bring profits to more deserving traders ^^

It is obvious that experience is one of the major determinant of becoming a profiting trader, comprehending those trades that incurred huge losses and those that were very profitable at a specific period of trade.
And I guess every trader that is willing to maximize profits and reduce loss must have the skill of learning from his own experience.

As of those lazy traders your pointing at, I guess they are just gambling with the market, trying luck and not knowing where they stand, just hoping that any trade they place may generate profit for them.
Because no personality wouldn't want to figure out his mistakes from his own experience when it has happened to him at least 3times.
Therefore experience is also a trading skill that can foster a perfect planning before making trades.

[densus88]

A person that fails to plan on their trade is definitely opening door for reckless gambling, I wouldn't want to call it gambling because a serious gambler plan before they wager any amount into gambling, so trader ttat failed to plan is a person that is just chasing profit without any strategy, just make money and exist.

The funny thing about recklessly trading without plan is that you might be lucky making all that money doing it but you might it be lucky all the time, you can lose everything in a day or lose everything in a singke trade.

This is absolutely true. A trader without a plan is essentially gambling with their money, relying on luck to either make a profit or take a loss. I remember when I first learned about crypto, a friend told me it was simple and all I needed to do was follow signals from expert traders. Over time, I realized that was the worst advice any trader could follow. Obviously to him, trading is one means to get rich quick and easily, But that's wrong. Trading requires learning and proper planning to be successful.

I agree with what you said " Trading requires learning and proper planning to be successful. ". Trading requires knowledge and experience to make the right plan and we must always learn to train our skills in trading. because trading is not just following signals from seniors and mentors we must learn by ourselves, make our own analysis to become a professional.
many spend more than 5 years learning trading to become a professional trader.

[LUCKMCFLY]

Slicing up a portfolio also allows for wider losses as well as leveraging different forms of assets in portfolio. The key here is to continue to be as consistent as possible and to always be learning so that when a decision is made, it will be even more targeted towards what is best.

It is very true what you say, although opening or dividing a wallet is a good strategy if the trading scenario looks bad, whatever the currency or stock being traded you can lose, what must be emphasized here is that you always have to see what the best approach is, if you are not clear it is better not to lose, even if you have an opportunity with any currency, you have to know how to make entries, not make entries for the sake of making them, if you lose a lot it is Obvious that you are not seeing the market in the correct way.