Learn how to build and implement a profitable trading strategy. You'll have advice on which market to trade when to take profits, when to cut losses, and where more possibilities may arise if you have a sensible plan.
A trading plan is an all-encompassing instrument for making trading decisions. It assists you in determining what to trade when to trade, and how much to trade. A trading plan should be unique to you; you can use someone else's plan as a guide, but keep in mind that their attitude toward risk and available cash may be very different from yours.
WHY DO YOU NEED A TRADING PLAN?
A trading plan is necessary since it may assist you in making rational trading decisions and defining the criteria of your ideal trade. A smart trading strategy will aid you in avoiding rash decisions made in the heat of the moment. A trading plan has the following advantages:
(1) Easier trading: All of the preparation has been completed ahead of time, allowing you to trade according to your pre-determined parameters.
(2) More objective decisions: You already know when to take profits and when to cut losses, so you can remove emotions from your decision-making process.
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