Key Performance
What Makes Effective Trading Plans
Every successful business needs a business plan. In the same way, every trader to be successful must have trading plans. Having a trading plan removes the emotions from decisions made during trading. It defines what your responses are going to be at any point during a trade.
Why have McDonald’s been such a huge success? It is because from the time of the purchase of a piece of land to build a new outlet to the delivery of a burger to a customer, everything has been written down, and this written down plan has been followed to the last detail. The box of fries delivered to a customer in Delhi is the same as the box of fries delivered to a customer in Darwin.
You would never consider starting a business such as a restaurant or a gardening business and spending $50,000 to $100,000 to establish it, without first completing a thorough business plan. Yet somehow, people see trading as being different. It is not. You are going to invest a significant amount into your trading. Treat it with the same respect you would any other business, and draw up detailed trading plans.
So without a doubt the key to a successful trading career is through a well established trading plan and that plan should be thought out and written by you. Why? It is because you are the best person to fully understand the way you work as a trader. A good approach to this is to write your own trading plan and then ask another trader to read it for you and see if he can fully understand it.
When you write your own plan you must remember that everything that is written there and that happens are all your responsibility. This is because of the volatile nature of of the stock market or whatever market you may be trading.
There are three major aspects in creating a trading plan: one is that the entry rules are clearly stated, two is that there should be rules that a tradable instrument must pass through, and three is that these rules must be very easy to understand.
Do you have your exit rules clearly defined in your plan? If you have entry rules it is therefore also important that you know when to exit a trade. This is because it does not make sense that you know when to enter a trade and yet you do not know what are the criteria you should be looking out for to know that you have achieved all that you can from that trade, whether it is a winning or losing situation. If it is a losing situation then at least the goal is to minimize your losses. Do not let it bleed as they always say.
Lastly, and perhaps most importantly, you must have strict money management rules. Your ability as a trader to manage risk is very important. You must be able to manage risk through adherence to a strict set of money management rules.
When it comes to formulating the best trading system, the factors presented above should be incorporated. Take time when creating your own trading plans as these are one of the best parts of any successful trading activity.
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