In my eight plus years as a Forex trader, I have come across large numbers of traders that, for one reason or another, have not committed to and documented thier trade plan. This is a BIG mistake! You see, a documented trade plan is the foundation of building a long term, profitable trading future. A trade plan objectively details how you qualify your trading setups and mitigate risk exposure, when and where you will enter and exit, and how you will manage your trades. It even tells you what currencies you will trade, when you will and won't enter trades, and what timeframes you will use in your trading. If you don't have these details outlined in your trading plan, or if you are not consistently executing your trade plan, then how will you ever be able to replicate your success? How will you be able to optimize your trading? How will you know when you missed trades? How will you react when you lose a trade? How will you know if you followed your "rules"? Ultimately, how will you hold yourself accountable to your results?
Do you need a trade plan to be successful long term with trading? My short answer is YES! ABSOLUTELY!
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