Why do you need a forex trading plan?

[Rambo35]

Trading forex without a trading plan is one of the biggest mistakes new traders are making. Before you start trading you should know that having a forex trading plan is one of the most important pieces of the puzzle for becoming a consistently successful forex trader. Many of the forex traders who are new in the forex market are trading without forex trading plan which is leading them to losing the account.

 

[Afzal_TP]

Trading plan is very important in Forex so its important that trading should always be done with proper trading plan and strategies. Trader can achieve their targets through proper trading plans.

 

[tradeboy]

I agree with your post, most of the traders that even have a good strategy fail to cope with it as they don't have this necessary ingrediant which is necessary for regular and consistent profit.

 

[Aby123]

Before you start trading you should know that having a forex trading plan is one of the most important pieces of the puzzle for becoming a consistently successful forex trader.

I definitely agree thus you could develop a trading plan and strategy not before but after you start trading, is it?

 

[bablogfx]

You can trade without detailed plan, it called carry trading. But you have to have big deposit and trustful broker for that.

 

[Aby123]

You can trade without detailed plan, it called carry trading. But you have to have big deposit and trustful broker for that.

I see. HOwever, It's just so risky.. And for starters/beginners, they should try first a smaller deposits, isn't it?

 

[Rambo35]

I definitely agree thus you could develop a trading plan and strategy not before but after you start trading, is it?

Not really, you should have your trading plan before you start trading and after you get in trading you can adjust it if it's not working good for you.

 

[Exness Support]

Trading without a trading plan is like going on a road without knowing destination. A trading plan is a must to trade.

 

[tobeone]

Trading plan and trading journal give you something to do instead of being attached to emotions and emotionalizing every single trade.

 

[davidblack]

Having a good plan is very important in Forex. If you have good plan then you can manage Forex well. So you need to make good plan and also a good knowldge about Forex.

 

[brokenheart]

"Fail to plan and you plan to fail"
Having a trading plan in Forex is not guarantee for your success, but for sure it's one step ahead. People often tend to be greedy, so lack of discipline, could lead to some bad results: not to follow your plan and eventually failure to make profit.
I can say which one is on first place of important thinks that you must follow in Forex: having a trading plan or good money management?

 

[davidblack]

Yes trading plan is very necessary in Forex trading. Without trading plan and sufficient knowldge ,it is hard to trade Forex successfully. So we should have a good plan to make good progress in Forex.

 

[safitri]

I think that its so useless question. All business must need planning and it must.

 

[david100]

Plan about trade is very important factor of Forex. Without plan and strategy you can not succeed in Forex. So you should plan a strategy and start trading.

 

[mactou]

A trading plan is a list that contain each logical step you will take which act as a guide to trading in the market. A trading plan provides you with clear check list of your goal and how to achieve them. A trading plan is also beneficial in forex by helping you not to base your emotion on your trade which can lead to lose of money. A trading plan will aid you on when to enter a trade and when to exit.

 

[angle13]

when we have plan we will sure about when we entry or exit market. how much can we lose or win. when we have plan we will trade easier .

 

[evaa.soraya]

All move need plan, each business need plan too...
If we want to be success, we must use plan for reach the goal.
While i trade and make money online with liteforex, I always use plans.

 

[davidblack]

Forex trading can not be done without proper planning. So every trader must a good and working to be successful in Forex. If you have no plan then it will be very difficult for you to trade successfully.

 

[nence]

A successful trading strategy = fully elaborated trading plan + emotions turned OFF
according to me

 

[martha]

To do anything plan is very important. So Forex trading plan is very much important for becoming a profitable forex trader.