A trading plan is for the purpose of putting into motion “a trade idea” by mapping out scenarios where it becomes a loss and where it becomes a win.
To be safe and protect yourself when you are wrong and to be as profitable as it can be when you are right.
The act of having a plan clearly mapped out in details (and not just rough ideas) increases the trader’s ability to manage his trade well than not having a plan mapped out clearly in details.
A few reasons why traders lose and one of them is because they do not even have a trading plan clearly mapped out in details when they trade.
Traders lose consistently, not because they don’t do their trading plan.
But because they do not believe in the trading plan they just did and therefore did not follow through with their trading plan.
Traders should always ask themselves these questions to instill discipline in following through.
And that is “What is the point of planning and not following through with the plan?” and “Why plan in the first place when you do not follow the plan after trading?”
And for those who want to get more profits or learn more, you can check out
https://www.onlinegurutrader.com/trades-alerts/ where I send out trades real-time to you whenever I trade my own account (with every details of the trade given)
or https://www.onlinegurutrader.com/workshop/ where I give a free complimentary mentorship session and share with you more on how to be profitable consistently trading the markets.