Why Do Forex Traders Need A Rock Solid Trading Plan?
A trading plan will make trading simpler than it would be if you traded without one.
Think of when you use a GPS device. You enter where you want to go. It then figures out where you currently are and then shows you how to get to where you want to go. You’re able to constantly check on your GPS to see if you’re still on the right track. When you make a wrong turn, it knows to make adjustments, and it points you back in the right direction.
A trading plan is your trading GPS. It will show you where you currently are as a trader and help you get to your destination: consistent profitability.
Trading plan is like a GPS device
Traveling without a GPS wouldn’t be smart idea. You wouldn’t know how to get to your destination and it’s highly likely that you’ll drive around lost like a chicken with its head chopped off. You’re probably thinking that one could use an ancient object called “maps” instead, but we have no clue what that is. Please don’t make such absurd suggestions again.
Trading without a trading plan would be the same thing as driving without a GPS–a bad idea. You’re trying to get to this Promised Land called “Consistent Profits,” but since you have no way of knowing whether you’re headed in the right direction, you’ll most likely end up blowing out your account. read more…