Plan your goals and Stick to the plan!

Ary Barroso

Active Trader
Jul 9, 2017
907
67
39
33
You are absolutely right . A trade without a plan is surely going to take you nowhere. I spend a good amount of time making a trading plan for myself . A plan helps me decide when to enter or exit a position. Also ,when i have a plan i remain more disciplined and emotionless as a trader than when i am without it.

When you are trading with a plan A, plan B then surely you’ll be able to recover your losses! Because, only one trading plan isn’t enough, since it’s a decentralized market!
 
  • Like
Reactions: hakuna matata

Baazex

Trader
Oct 28, 2019
53
2
14
22
Don't just buy and sale based on price only , plus too much focusing on win rate may also lead you towards trouble trading without proper plan may also discourage you Focus , Patience and yes Risk management will lead you towards desired goals just plan and be constant :)
 
  • Like
Reactions: james_5

Ary Barroso

Active Trader
Jul 9, 2017
907
67
39
33
Don't just buy and sale based on price only , plus too much focusing on win rate may also lead you towards trouble trading without proper plan may also discourage you Focus , Patience and yes Risk management will lead you towards desired goals just plan and be constant :)
I think traders need to focus on their trading process mainly; instead of focusing profit and loss!
 
  • Like
Reactions: mark_t

Feswyn

Trader
Nov 22, 2019
10
3
8
49
Your point of view is true. One side. But what if a newbie doesn't fit the plan? Then he will begin to get nervous and lose confidence. And it is very dangerous. Constant planning puts pressure on traders morally. And forex is already so very much affects the psyche. When trading, we are constantly afraid to screw up. And with the plan, the trader is afraid not only of losing money, but also not being in time for the plan. This will be an additional moral pressure, which will leads to rash conclusions. Of course, the questions "What are you striving for?" is important before starting any career. But set the time frame isn't worth it. Someone can become a successful trader in a month, and someone in 5 years. But in the end, both will be equally successful. Should 5 years later, the one who was going to the same success longer worrybecause of this? I think not. But if he was guided by the plan, then he would be worried.
 
  • Like
Reactions: james_5

james_5

Newbie
Oct 19, 2019
13
2
4
36
I understand beginners have a hard time managing their trades as well as plans. But planning is indispensable for successful trading.

It might not be possible for traders to actually follow the plan they have built.. but with time and experience traders will be able to manage all of it. So no need to worry, experience teaches a lot.

 

e_abrams

Trader
Dec 11, 2020
319
24
19
38
I agree. Depending on robots without fully understanding how they work and how the strategy they use operates does more harm than good.
 

Resolve

Master Trader
Dec 7, 2013
476
7
54
I agree. Depending on robots without fully understanding how they work and how the strategy they use operates does more harm than good.
I would like to say that if we are doing our trades with the help of the Trading Robots then we will need to be careful so that we do not g et much losses.
 

vicjon1995

Active Trader
Sep 29, 2020
219
30
29
26
Trading with the help of robots will only be successful when you know how the market works, otherwise stay away from them. There are a lot of scammers out there.
 

Resolve

Master Trader
Dec 7, 2013
476
7
54
Trading with the help of robots will only be successful when you know how the market works, otherwise stay away from them. There are a lot of scammers out there.
We have to understand that if we are doing our trades with the Robots then we will have eventually no control over it anymore.
 

hk_09

Banned
Oct 30, 2020
90
12
19
38
Do you think robots can be fully substituted with humans in Trading?
I personally do not think so, at the end it is we humans only who programme robots. I prefer manual trades any day, having good control over what we do if there's any sudden change.
 

Zeenat shein

Banned
Apr 11, 2020
56
12
24
24
Yes, planning is one of the most important criteria for a forex trader. If you don't plan according to the market then you will definitely face deprecation badly.
 

forexking

Newbie
Feb 15, 2021
28
4
3
31
Planning is vital and even more important is to stick to your plans. Results would turn out to be favourable only when we devote good time in understanding the importance of planning in trading.
 

reecerispoli1

Trader
Sep 22, 2020
39
4
19
28
Once you know what you want from trading, you must systematically define a time frame and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the time frame for the trial and error process that will inevitably be an important part of your learning? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risk/return analysis precludes a profitable outcome.
Couldn’t agree more
 
Aug 5, 2021
100
9
24
26
It’s important to set realistic goals and I think beginners should focus on self-improvement based goals and should aim to simply make more than their losing as a first goal. It isn’t a good idea to enter the market telling yourself that you’re going to make x amount of profit in so many days, because you might be setting an unreachable goal and you’ll feel like you’ve failed when you don’t reach it. Instead, focus on small victories and your profits will increase as you work on fixing your problems and expanding your knowledge and experience as a trader.