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#1
20th October 2007, 12:01 PM
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Do you have a Trading Plan ? Read it.
The Importance of a Trading Plan
Trying to win in the stock market without a trading plan is like trying to build a house without blueprints - costly mistakes are inevitable. Why do you need a Trading Plan? 1 - During trading hours, emotions will turn smart people into idiots. Therefore, you have to avoid having to make decisions during those hours. For every action you take during trading hours, the reason should not be greed or fear. The reason should be because it is in the plan. With a good plan, your task becomes one of patience and discipline. 2 - Consistent results require consistent actions - consistent actions can only be achieved through a detailed plan. What should be in your trading plan? 1 - Your strategy to enter and exit trades You have to describe the conditions that have to be met before you enter a trade. You also have to describe the conditions under which you will close a position. These conditions may include technical analysis, fundamental analysis, or a combination of both. They may also include market conditions, public sentiment, etc... 2 - Your Money management rules to keep losses small - the goal of money management is to ensure your survival by avoiding risks that could take you out of business. Your money management rules should include the following: - Maximum amount at risk for each trade. - Maximum amount at risk for all your opened positions. - Maximum daily and weekly amount lost before you stop trading 3 - Your daily routine - after the market closes, before it opens, etc... 4 - Activities you carry out during the weekend. 5 - I also like to include reminders that I read every day I will follow a trading plan to guide my trading - therefore my job will be one of patience and discipline. - I will always keep my trading plan simple. - I will take actions according to my trading plan, not because of greed, fear, or hope. - I will not deceive myself when I deviate from my trading plan. Instead I will admit the error and correct it. I will have a winning attitude. - Take responsibility for all your actions – don’t blame the market or world events. - Trade to trade well and for the love of trading, not to trade often and not for the money. - Don’t be influenced by the opinions of others. - Never think that taking money from the market is easy. - Don’t try to guess the future – trading is a game of probabilities. - Use your head and stay calm – don’t get excited or depressed. - Handle trading as a serious intellectual pursuit. - Don’t count how much money you have made or lost while you are in a trade - focus on trading well. A trading plan will not guarantee you success in the stock market but not having one will pretty much guarantee failure. Last edited by RadhikaSona : 20th October 2007 at 08:09 PM. 
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#2
20th October 2007, 06:44 PM
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Re: Do you have a Trading Plan ? Read it.
Thank you for exposing your trade plan. I highly appreciate it.
Keep up the good work of posting out information which will be more beneficial than drowning oneself in indicators. As I read in one book A bad stock picker with good discipline will outperform a trader with the best t.a. in the world - this will happen always. Discipline comes with a trade plan and a determination to follow it. Bye!!
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#3
20th October 2007, 08:12 PM
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Re: Do you have a Trading Plan ? Read it.
Quote:
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#6
22nd October 2007, 12:12 AM
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Re: Do you have a Trading Plan ? Read it.
i have got two negative points..that was disappointing....
Every one knows that this is not my theory... ijust tried to put everthing at one place..and as per forum rule ...giving some otherforum link is apmming ... i m disappointed and leaving this forum
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#7
8th November 2007, 09:07 PM
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Re: Do you have a Trading Plan ? Read it.
Dont worry about negative points.In every where in the world there are always someone will blame somebody for something.If it is not legitimate reason just skip it.Don't waste your time to think that.
Anyway nice one for begineers.I am attaching the pdf files of all the 20 topice which you post here.Hope someonle will find good. Good Job +KPR+
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#8
9th November 2007, 12:37 PM
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Re: Do you have a Trading Plan ? Read it.
Dear All,
Please find attached PDF on Trading Plan Template. Unable to upload file due to size. Kindly downloaded the same from http://www.trade2win.com/knowledge/a...plan-template/ Hope will be useful to members. Regards Hitesh
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#9
9th November 2007, 01:40 PM
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Re: Do you have a Trading Plan ? Read it.
Hi........
What is call - put ratio ? how is importance ? and where should i get everyday data for NSE ? Any one can help me ?? Regards
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