PMT Forum
Do you want to make money today? :)

Simple Reasons Why You Need A Good Trading Plan

okpinoy · 4 · 7680

okpinoy

  • Forum Tambay 200
  • ***
    • Posts: 245
    • Likes Received: +0/-0


Simple reasons...



1) Entry Plan - there's only 1 good reason for having a working entry plan, which is to make the profit faster. If you have a good entry plan with more than 50% winning rate but not more than 60% (to tell you the truth it is very rare to have an entry plan that hits more than 60% rate in the long-term) that will make your profit more than 50% faster. When the price moves in favor with your open positions, there's no problem with that. You will simply profit. But there's another side of the story when your trade goes south. This is really the point where you need a good trading plan. How you will handle the floating negative profit.



2) Money Management Plan / Lotsizing - this helps a lot. but MM is not only about the calculation of the risk to have a good lotsize then you use stop loss, or hedging or grid. It is a plan about the logic of the mathematics of lotsizing that will make you able to escape a losing trade. So MM is somehow a part of the exit plan.



3) Escape Plan - all your plans above are all useless if you don't know or you can not imagine how to end the losing trades. So before entering a trade, it should be clear to you how to escape if the trade is losing. If your exit plan is just a guessing game to you, then you are gambling no matter how good the analysis that you use on your entry plan and MM plan. There are many tricks available to exit a losing trade. You can actually find them on the internet but how to exactly use them is another story. No one really tells how. In my upcoming book (or ebook, I haven't decided yet on this) I will tell you secrets (yes contrary to what people are saying that there's no such thing as secret strategies. they really exist but they are not magic wands. they just make the direction of your trades clearer than before) or high-probability-rate principles so you will know your escape plan. The book (or ebook) will be released in the 4th quarter of 2019. PRE-ORDER IS CLOSED.



Bonus: I will conduct a one huge webinar FREE to all who pre-ordered the book. It is not free for those who didn't pre-order the book. But you can pay if you want to attend this webinar. I will be discussing one important part of the book. A complete working trading plan and the logic behind the GABot Expert Advisor that my inner circle has been using for almost 2 years now. The webinar is called DEFENSE TRADING PLAYBOOK. The schedule is on June10, 2019.



Click here to register: https://www.facebook.com/groups/FXFledgling/permalink/2102833039825582/



Source: https://fxfledgling.blogspot.com/2019/05/simple-reasons-why-you-need-good.html


Spellstalker

  • Senior Member
  • **
    • Posts: 62
    • Likes Received: +0/-0
This is very important. Every trader should consider having a comprehensive trading plan before embarking into the business. Actually, all the trading plans that you've mentioned here are quite necessary, especially the escape plan. Many traders forget to have an escape plan and end up losing everything 


Coidor

  • Junior Member
  • **
    • Posts: 39
    • Likes Received: +0/-0
Very true. It's important that every trader comes up with a detailed trading plan. The ones listed by OP here are very useful, I believe everyone else will find this thread as useful as I have. I also find the escape plan to be very crucial, since forex trading is very risky. Thanks for sharing.


Femath

  • Newbie
  • *
    • Posts: 4
    • Likes Received: +0/-0
A trading plan is mandatory for every trader's success. Without a proper trading plan, it is like one who is planning to fail. A risk management plan is very crucial, especially when it comes to the use of stop loss. From my point of view, failure to use stop loss is like committing trading suicide. Many people who do not use stop loss do so because of ego problems or greed for more money, which only end up turning against them. Trading is very risky, so stop loss is one of the effective ways of managing your risks


 


PMT Shoutbox

Refresh History
  • Post only questions or comments here. Advertisements NOT ALLOWED.
  • Doni_megaworld: Good Morning! who's online?
    Yesterday at 07:34 AM
  • Doni_megaworld: Hi Guys, who's online?
    May 29, 2020, 03:08 PM
  • Doni_megaworld: good morning! who's online?
    May 28, 2020, 08:47 AM
  • Doni_megaworld: good morning guys!
    May 27, 2020, 09:47 AM
  • Doni_megaworld: work work
    May 26, 2020, 02:47 PM
  • Niel Jhacoubs: What's good in this afternoon?
    May 26, 2020, 02:01 PM
  • Doni_megaworld: agreed
    May 25, 2020, 03:30 PM
  • Niel Jhacoubs: @lyndrey depende siguro sa seller, so kung mag order kayo online much better na kilala niyo at trusted
    May 25, 2020, 02:29 PM
  • Doni_megaworld: kumusta? sino mga online?
    May 24, 2020, 03:24 PM
  • lyndrey: Do not buy PPE online. Either expensive overpriced or totally damaged or cannot be used
    May 24, 2020, 01:37 PM
  • lyndrey: Online Scammers/online shopping cheats are active with stay at home regimen.
    May 24, 2020, 01:34 PM
  • Niel Jhacoubs: @razee22 Parang di na po nacoconvert into money ang load po.
    May 12, 2020, 04:07 PM
  • razee22: any advised or recommendation?
    May 12, 2020, 11:16 AM
  • razee22: Paano po ba iconvert ang load into money like Paypal, Paymaya or Gcash?
    May 12, 2020, 11:15 AM
  • razee22: paano po ba iconvert ang load into money? Paypal or Gcash
    May 12, 2020, 11:14 AM
  • Niel Jhacoubs: Hellooooo, okay lang ba kayo dyannnn?
    May 11, 2020, 11:40 AM
  • theimprobableone: hi
    May 05, 2020, 11:37 AM
  • freelance_treasure_hunter: hello all...
    Apr 28, 2020, 04:26 PM
  • Niel Jhacoubs: Can someone save me?
    Mar 24, 2020, 01:39 PM
  • Niel Jhacoubs: I'm tired.
    Mar 24, 2020, 01:39 PM
  • Victorvargas: Hello sa lahat po new lang po dito. Hope na marami matutunan ako about business.
    Mar 21, 2020, 09:43 PM
  • Niel Jhacoubs: Yoh, its been a while.
    Mar 17, 2020, 10:33 AM
  • demi07: Hello everyone! New in pinoymoneytalk :)
    Mar 14, 2020, 01:24 PM
  • theappswitch: Hi!
    Feb 25, 2020, 03:14 PM
  • mike2020: hi po sa inyo lahat
    Feb 23, 2020, 11:52 PM
  • Jayjayqwe: hi po
    Feb 19, 2020, 11:27 PM
  • tirs d pip: hello
    Feb 18, 2020, 02:32 PM
  • Ace1105: Hello sa lahat...  :hello:
    Feb 07, 2020, 09:46 AM
  • FREYAHYARA: Anyone knows where Ig shops like styledom.ph, thriftme, instashoppeavenu and the likes get their items for selling. Would like to venture in the same business but would like to know where and who the suppliers are
    Jan 28, 2020, 09:38 PM
  • Niel Jhacoubs: To bpc85 kung nakalagay ang inyong names sa beneficiary list ng iyong ama kay may makukuha po kayo.
    Nov 28, 2019, 02:18 PM
  • Niel Jhacoubs: Hellooooo, its been a while. :)
    Nov 28, 2019, 02:16 PM
  • miakashidou31: hi , meron po ba ditong nagta transfer sa paypal?
    Nov 05, 2019, 01:46 PM
  • whennedy: good noon po
    Oct 18, 2019, 12:04 PM
  • edzlpdac: goood day po sa lahat!
    Oct 12, 2019, 03:37 PM
  • bpc85: ask lng sana ako kung may makukuha ba kami ng Mama ko at ako or mga kapatid ko sa benepisyo ng aming Ama bilang membro ng AFPSLAI. thank you po.
    Sep 27, 2019, 12:52 PM
  • bpc85: Hi guys, im new here,.
    Sep 27, 2019, 12:52 PM
  • Anaperdi: Hi just want to know if meron dito who is into boundary hulog ng motorcycle? For mga riders ng courier. Pwede ba magpashare how it works? Naisip ko lang baka pwede ko ibusiness, meron na pala mga posts online pero di pa clear ang system sa akin. thank  you sa makakapansin
    Sep 21, 2019, 11:32 AM
  • Anaperdi: Hi newbie here..
    Sep 21, 2019, 11:19 AM
  • jprios: May contact ba kayo kung sakali?
    Sep 18, 2019, 06:11 PM
  • jprios: Sino pwedeng mahiraman dito?
    Sep 18, 2019, 06:09 PM
  • kfg52: Present!
    Sep 15, 2019, 07:26 PM
  • juju31: san po ba may nag papahiram dito
    Sep 14, 2019, 07:18 PM
  • juju31: hello
    Sep 14, 2019, 07:18 PM
  • FutureGizmo: Thanks julz! Medyo ganun nga trabaho namin ngayon, to monitor spam posts kasi ang daming spam bots. But thanks for reporting. Auto-ban agad ang spammers sa amin haha
    Sep 07, 2019, 12:17 PM
  • julz: @FutureGizmo si @nikkikv18 just posted more than 10 posts about porn sites. hay, spam.
    Sep 03, 2019, 01:05 PM
  • Cid_brent: sino po dyan pwede magbigay send ng paypal funds and I will pay you using gcash?
    Aug 25, 2019, 08:58 PM
  • Meghan91811: Sino po may alam about Rice Farming...
    Aug 25, 2019, 07:44 AM
  • roselove: hello po sa inyo... newbie here
    Aug 06, 2019, 03:31 PM
  • Niel Jhacoubs: Sino palaging active dito?
    Jul 30, 2019, 04:15 PM