Continuing with my theme from last week, I decided to expound upon the trading plan. In last week’s article I mentioned being able to diagnose problems with your trading in order to repair it. To be able to identify the problem, it is critical that you have consistent trading so that you can see what is or isn’t working. You can only become consistent by following a detailed plan.
A trading plan is a necessity for traders. Many people feel that they can trade without one or that it is too tedious to write one. Those are the people who usually struggle to become successful traders. One of the biggest barriers to trading success is a person’s emotions. It is natural to experience fear and greed while putting your capital at risk. However, by following a written plan, you are more likely to minimize those emotional effects on your trading and can remain… Continue Reading
