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It’s important for every trader to have a trading plan in place which outlines various facets to trading; from type of analysis used to identify trades to trade execution to risk management to ensuring you have protocol in place for handling tough periods of trading, as well as periods of success. It doesn’t need to be a manual, but at least a general outline which you can lean on to stay guided and confident. The overarching theme discussed when thinking about how to design your trading plan was this – K.I.S.S. (Keep It Simple Stupid).
There is no right or wrong way to make money in the markets; each trader has their own way which works best for them, and will greatly vary from one trader to the next. For the newer trader, your plan will evolve as you grow towards establishing how you best operate in the market, and for the experienced trader putting together a plan should be relatively straight-forward. It’s just a function of doing it.
No one ever said trading is easy (if they have, they haven’t traded), but flying blind without a plan of attack will only make it significantly more difficult to achieve success.
Check out the video above for the full discussion.
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---Written by Paul Robinson, Market Analyst
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