timsk
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On the 'General Trading Chat' forum there is a thread started by sun123 entitled 'Lost Trading'. In it, dbphoenix stressed the importance of having a trading plan. A quick search doesn't throw up any threads devoted to this important topic, so I thought I'd start one. (If it is covered elsewhere, apologies - and could someone please post a link).
dbphoenix' post on the above mentioned thread reads:
. . ."I rarely find beginners who have trading plans. And by "trading plan", I mean something that's detailed, specific, tested, and profitable. Instead, they have what is at best a collection of ideas that seem good and which they try out, often with real money, in order to see what happens. This is not a plan.
Anyone who trades with a plan is leagues ahead of those who don't, which is nearly everybody. I suppose no one bothers with it because it's work. But plan beats no plan every time".
So, the objective of the thread is to provide a template by which all traders - regardless of instruments traded, time frames, brokers etc. - can create a professional trading plan which can form the very bedrock of their trading business. Contributions from any traders who have a 'detailed, specific, tested, and profitable' trading plan would, IMO, be a huge help to those of us who haven't!
Tim.
dbphoenix' post on the above mentioned thread reads:
. . ."I rarely find beginners who have trading plans. And by "trading plan", I mean something that's detailed, specific, tested, and profitable. Instead, they have what is at best a collection of ideas that seem good and which they try out, often with real money, in order to see what happens. This is not a plan.
Anyone who trades with a plan is leagues ahead of those who don't, which is nearly everybody. I suppose no one bothers with it because it's work. But plan beats no plan every time".
So, the objective of the thread is to provide a template by which all traders - regardless of instruments traded, time frames, brokers etc. - can create a professional trading plan which can form the very bedrock of their trading business. Contributions from any traders who have a 'detailed, specific, tested, and profitable' trading plan would, IMO, be a huge help to those of us who haven't!
Tim.
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