What is a Trading Plan and Should I Have One

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SUMMARY

In this video, you will find out what is a trading plan and should you have one. I was on a live coaching call with our Inner Circle members when I was asked this;

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What’s a trading plan and should you have one?

Firstly, here is my simple definition of a trading plan.

It is a simple document, which details;

1. your mission and purpose for trading and investing,
2. your goals,
3. your daily routine and actions,
4. your risk management criteria and position sizing rules,
5. your trading and investment systems and your market analysis.

For those who want to treat trading like a hobby and something you can do in your spare time after work when you feel like it so you can tell people you are a ‘trader’, please don’t pursue this endeavour.

If you want to learn how to buy stocks when you are just starting click on this link:
https://thefreedomtrad.wpengine.com/how-to-buy-stocks-when-you-are-just-starting/

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Transcription

Hi, It’s Terry Tran here from the FreedomTrader.com, the place to be if you’re looking at creating financial freedom safely for yourself and your family.
I was on a live coaching call with our Inner Circle members when I was asked this;
What’s a trading plan and should you have one?

Firstly, here is my simple definition of a trading plan.

So what is a trading plan?

It is a simple document, which details;

1. your mission and purpose for trading and investing,
2. your goals,
3. your daily routine and actions,
4. your risk management criteria and position sizing rules,
5. your trading and investment systems and your market analysis.

For those who want to treat trading like a hobby and something you can do in your spare time after work when you feel like it so you can tell people you are a ‘trader’, please don’t pursue this endeavour.

It will be costly. Not only will you not get the results you anticipate, your entire account is likely to become nothing.

You are better off getting your excitement elsewhere.

For those who want to treat it as serious business, I am here to help because trading and your trading plan is like running your own business with your own business plan, except there are no bosses to report to, and no employees to manage.

Your trading plan, like everything else in life will evolve over time, as you become a better investor and trader.

Where most go wrong, including me is that they try too hard to perfect their plan thinking this will be the ultimate end document throughout my whole trading career. It will not be.

So don’t get bogged down into all the nitty gritty details, as this will only slow down your progress of actually placing real funds into the market, which is the ultimate teacher of all.

So just to quickly summarise;

It is a simple document, which details;

1. your mission and purpose for trading and investing,
2. your goals,
3. your daily routine and actions,
4. your risk management criteria and position sizing rules,
5. your trading and investment systems and your market analysis
So, what I’d love you to do right now is, to like or share this if you found video this helpful.
And also tell me in the comments sections, What’s been the most useful for you?
If there’s anything I can do for you right now to help you with your investing and trading, please, type it in. I’d love to know.
That’s it for now. Talk to you soon!