What Should be in Your Trading Plan?

There is an old saying in business: "Fail to plan and you plan to fail." It may sound strange somehow, but those who are serious about being successful in trading and aware of gaining many profits, including traders, should follow these words as if they were written in stone
If you have a written trading or investment plan, congratulations! You are in the minority. While it is still no absolute guarantee of success. If your plan uses flawed techniques or lacks preparation, your success won't come immediately, but at least you are in a position to chart and modify your course. By documenting the process, you learn how to avoid repeating costly mistakes and to learn from your mistakes in order to make profit.
If you want to succeed you need to learn well how to manage your trading plan, because the plan is the base of a well trading, if you don't follow a well trading plan, you will receive a disaster every time you enter the market.
Trading in the markets is a battle of give and take. The real pro's are prepared and they take their profits from the rest of the crowd who are lacking a plan or from those who don’t stick to their plans, give their money away through costly mistakes.
All good traders are also good record keepers. If they win a trade, they want to know exactly why and how. More importantly, and also the same when they lose their money they want to know why and how as well , so they don't repeat unnecessary mistakes and learn from their mistakes . Write down details such as targets, the entry and exit of each trade, the time, support and resistance levels, daily opening range, market open and close for the day and record comments about why you made the trade and lessons learned as draft for the trader to get much better at the second time.
After each trading day, adding up the profit or loss is secondary to knowing the why and how. Write down your conclusions in your trading journal so that you can reference them again later and learn from it’s mistakes in order not to do it again .
Remember, you are starting a business, and if you want your business to succeed, you need to have a PLAN! And stick to it .
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